Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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The IRS recently issued final regulations that, in the future, will reduce required minimum distributions (RMDs) on IRAs, other qualified retirement plans and annuities. It is a small help for retirement account owners who don’t need all the money they’re required to take from their plans each year. Most owners of IRAs and other qualified […]
One of the unanswered questions in many estate plans is what happens to an IRA after an initial beneficiary passes away. First, let’s clear up some confusion about some IRA terms. A beneficiary is a person who benefits from, or inherits, an IRA after the original owner passes away. A primary beneficiary is named as […]
A year has passed since the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed Congress by a wide margin. Yet, many IRA beneficiaries don’t know about the law or are receiving bad information about it. The SECURE Act made a major change for individual retirement arrangement (IRA) beneficiaries. Previously, someone who inherited an […]
There are only a few instances your heirs aren’t penalized when you name a trust as the beneficiary of your IRA. A recent IRS ruling gives an example, but the ruling also reveals the pitfalls of the strategy. The general rule goes like this… When an IRA beneficiary is not an individual, the IRA must […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
There are only a few instances your heirs aren’t penalized when you name a trust as the beneficiary of your IRA. A recent IRS ruling gives an example, but the ruling also reveals the pitfalls of the strategy. The general rule is when an IRA beneficiary is not an individual, the IRA must be distributed […]
The Roth IRA is one of the most powerful tax and retirement planning tools available, yet it is misunderstood and often misused.The investment income in a Roth IRA compounds tax free, and most Roth IRA distributions are tax free. In addition, there are no required mini-mum distributions (RMDs) during the original owner’s life. Distributions also […]
Significant changes were made in individual retirement account (IRA) rules during the last few years. The IRS recently issued new guidance on some of those changes and how they interact with other rules.The Setting Every Community Up For Retirement Enhancement (SE-CURE) Act repealed the age limit on contributions to traditional IRAs. Previously, contributions couldn’t be […]
Most people know the rules about contributing money to IRAs and 401(k)s, but relatively few know important rules about taking distributions.The result is expensive mistakes, resulting in unnecessary taxes and penalties. This month, I review seven retirement account distribution mistakes that frequently are made and reduce the after-tax value of the accounts. Early distribution blunders. […]