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.
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).
What Is a TOD Beneficiary?
A person named as a transfer on death (TOD) beneficiary for an account will receive the assets held in it when the account owner dies.
How Do IRAs and 401(k)s Fit into Estate Planning?
Investing for retirement is one of the most important steps you can take toward building a secure financial future for you and your family. The sooner you can start, the better. Contributing to a retirement account can help you work toward your goals and may provide tax advantages to boost your progress.
Is a Roth Conversion a Good Idea when the Market Is Down?
Soaring inflation, interest rate hikes, and the war in Ukraine have sparked ongoing stock market volatility. However, there may be a bright spot: the chance to save money on a Roth conversion.
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.
What are Penalties When Contributing to or Withdrawing From Retirement Accounts?
Building and living off a nest egg is tough. However, you can make the situation even more difficult if you run afoul of some key laws governing retirement accounts.
