What are the Big Takeaways for Social Security in 2023?
2022 has been a tough year for many seniors, but the outlook for 2023 shows some potential ‘silver linings.’
What Happens when You Inherit a Retirement Account?
There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s, and similar accounts that investors fund with pre-tax earnings.
What Penalties Hurt Retirement Accounts?
The following are penalties to avoid at all costs when contributing to or withdrawing from retirement accounts.
Does Potential IRS Change Have an Impact on Estate Plan?
The IRS is weighing a change that could leave your heirs poorer than you might hope.
The Future of Your IRA and How the SECURE Act Changed the Rules
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
RMD Formula Changes for First Time in 20 Years
The IRS has good news for retirees: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs).
How Do Special Needs Trusts Work?
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
Should I Have a Roth IRA?
Roth individual retirement accounts allow you to pay income tax on your retirement savings upfront, so you won’t be stuck with a tax bill in retirement when you can least afford to pay it.
What are the New IRA Distribution Rules?
The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e., 401ks, 403bs, etc.) and individual retirement accounts (IRAs).
Can I Pay Less Taxes on My Retirement Funds?
You don’t get to use all the money in your traditional 401(k) and IRA for retirement because you still have to pay taxes on it.
