Individual Retirement Accounts - IRAs
Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
Found 380 Articles.
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What Happens to an IRA After the Beneficiary Dies?
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 […]
Mistakes IRA Beneficiaries Are Making After the SECURE Act
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 […]
The ‘Look-Through’ Strategy: Making a Living Trust the Beneficiary of Your IRA
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 […]
Should a Living Trust Be Beneficiary of Your IRA?
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 […]
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How to Decide Whether to Convert an IRA and How Much to Convert
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 […]
IRS Sets New Rules on IRAs, QCDs and More
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 […]
7 IRA Distribution Mistakes to Avoid
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. […]
2 New Cases Show Why Your Retirement Account Paperwork Needs to Be Done Right
Many people don’t take their IRA and 401(k) paper-work seriously enough, and that leads to terrible consequences. Here are two recent cases that will surprise and shock a lot of people. The first case involves an IRA owner who failed to notify the custodian that he moved. At least, the IRA owner’s new address didn’t […]
