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.
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.
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.
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).
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.
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.
Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget.