Category: IRA
If you are Generation X, you are facing some unique circumstances. Members of Generation X, still feeling the impact of the Great Recession, are facing some real challenges in saving for their retirement, according to TheBalance.com in “Retirement Milestones to Hit for the Gen X Years“. According to a 2018 survey from AmeriTrade, 43% of […]
Okay, you have saved for retirement tax free for years. However, now it is time to think about the taxes. You have been fortunate over the years to grow your IRA tax free. However, withdrawals from your traditional IRA are taxable income. You will have to make Required Minimum Distributions starting at age 70½. It is a […]
Retirees may find themselves facing a major federal tax increase fueled by tax-deferred accounts. There are many financial strategies occurring as you save toward your retirement, including maximized annual contributions and compounding interest. This can cause a tremendous tax bite, unless you are careful, according to the Citizen Times in its article “Try this strategy […]
Fees can drain your accounts, so watch them carefully. You have saved for many, many years and are now ready for retirement. You need to accomplish many tasks as you get ready to leave your job but one of the most important things to watch for as you go over your accounts are hidden fees, […]
Companies offer retirement savings plans. However, the challenge can be in both saving and withdrawing. Most employers offer 401(k) plans to employees as a means of encouraging savings for retirement. Some are generous enough to offer matches, although there are fewer of those today than in the past. Even after decades of the existence of […]
Many elderly retirees have forgotten about retirement accounts that accumulated in their younger years. There are many Americans who have a retirement account through an old employer, but they have forgotten about them. It is important to remember that when you leave a job that had a 401(k) plan or other retirement plan, you are […]
What you decide to do with retirement accounts can be a major enhancement to your estate plan. IRA retirement benefits can be used as a way to balance out other bequests and it can be used to support other estate planning goals. There are also tax implications to consider, according to Morningstar in “Who Should […]
The decision is usually made quickly and involves a close relative, but is that always the right answer? People instinctively write down their spouse, their children, parents or siblings when deciding the beneficiary of an IRA. However, it may not be the best decision and should be carefully considered and chosen wisely, according to Morningstar […]
If you inherit an IRA, you need to carefully consider your options and tax consequences. Americans hold a staggering amount of wealth in individual retirement accounts. It is far more wealth than the current account holders could ever possibly spend in their own lifetimes. That means that many people who have IRAs will eventually pass […]
Consider carefully before making your trust the beneficiary of your IRA. For tax purposes, it is not always a good idea to designate a trust as the beneficiary of your IRA, according to the Financial Advisor in “Is Naming A Trust As Beneficiary Of A Client’s IRA A Good Idea?“. The biggest and most important […]
