What are the potential benefits? What are the drawbacks? If you own a traditional IRA, perhaps you have thought about converting it to a Roth IRA. Going Roth makes sense for some traditional IRA owners, but not all. Why go Roth? There is an assumption behind every...
What beneficiaries need to know and consider. At first glance, the rules surrounding inherited IRAs are complex. Here are some questions (and potential answers) to consider if you have inherited one or may in the future. Who was the original IRA owner? If the original owner was...
What steps could you take to catch up? If life has not allowed you to build substantial retirement savings, what can you do to improve your retirement prospects? Here are some suggestions. Play catch-up. If at all possible, take advantage of the catch-up contributions the IRS allows...
A little inflation means a little adjustment. As the Consumer Price Index is up 1.7% over the last 12 months, the federal government is giving Social Security benefits a 1.7% boost for 2015 and lifting annual contribution limits on key pension plans as well.1 401(k), 403(b),...
A SCOTUS ruling raises eyebrows. On June 12, 2014, the Supreme Court ruled 9-0 that assets held within inherited IRAs by non-spousal beneficiaries do not legally constitute “retirement funds.” Therefore, those assets are not protected from creditors under federal bankruptcy statutes.1,2 This opinion may have you...
What changes should we consider making for next year? 2014 is really not too far away. Fall is the time of year when the financially savvy start to look for ways to reduce their taxes and make year-end moves in pursuit of key financial objectives. What might...
Here are some things to consider. Be sure you understand your options. When the owner of an IRA passes away, his or her heirs must be aware of the rules and regulations affecting the inherited IRA. Ignorance could lead you straight toward a tax disaster. Please note...
Through January, you can still make one for 2012. Presented by: Kevin M. Nast Give & receive a tax break. Schools, hospitals and other non-profit organizations are welcoming the return of the charitable IRA rollover – an opportunity that lets a traditional IRA owner aged 70½...
What are the potential benefits? What are the drawbacks? The Bush-era tax cuts could sunset in 2013, and that possibility has prompted some traditional IRA owners to think about Roth conversions. If tax rates go up, going Roth may be smart. The key word in that...
These are the dates (and deadlines) too often forgotten. IRAs come with complex rules and regulations. As these rules and regulations are occasionally forgotten or misinterpreted by IRA owners, here is a refresher. Age 70½: Required Minimum Distributions (RMDs). Once you reach age 70½, you are required...