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M had a Tax Qualified Money Purchase Plan at broker X, and passed away after the RBD was made. No...

Required minimum distributions (RMDs) are fact of life for most retirement account owners once they reach age 70 ½. However, if you fit the definition of “still-working” you catch break and can delay your RMDs. What happens when you finally decide to throw in the towel and begin your well-earned retirement? Well, RMDs must start and that’s when things can get a little complicated. You will want to proceed with caution because a missed RMD is a costly mistake. There is a 50% penalty on an RMD that is not taken. That is not the way you want to start your golden years!

Another historic event for Same Sex Marriages happened on Wednesday, September 14, 2016. That is when the U.S. Department of Treasury and the Internal Revenue Service (IRS) released final regulations amending the definitions of “marriage” and “husband and wife” in the wake of the Supreme Court’s Obergefell v. Hodges decision which legalized same-sex marriage, and the Windsor v. U.S. decision, which struck down Section 3 of the Defense of Marriage Act (DOMA).

My wife has an option for a Pension Lump Sum payment but we do not want to create an issue...

I did a transfer from my 401k to my IRA last year after I turned 59 1/2. However, I left...

When a non spouse Beneficiary (child of decedent) inherits a traditional IRA, is that Beneficiary now considered the owner of...

This week's Slott Report Mailbag looks at taxes associated with converting a Traditional IRA into a Roth; we also have a 2-part question regarding a living trust as the designated beneficiary on a 403b Plan -- that living trust then designated her children as equal beneficiaries.

As many know, you may not need to start taking Social Security at age 62; you can start any time after that until age 70. After 70, there's no point in waiting longer because your Social Security benefits won't increase moving forward. If you don't have an immediate need for the money and you're healthy enough to anticpate a long retirement, waiting will increase the size of the Social Security checks you'll eventually receive. Long-term, you may come out ahead.

I like to ask clients “If what you thought to be true turned out not to be true, when would you want to know? Since the beginning of mankind, people have been told things that turned out not to be true. The World is Flat. Radio has no future (Lord Kelvin 1897). The horse is here to stay, but the automobile is only a novelty – a fad. (Advice from a president of Michigan Savings bank to Henry Ford’s lawyer. Horace Rackham). What if you were told you are not part of an employer retirement plan but you really were? What could be the implications?

Client wishes to take advantage of annual IRA gifting, however their account is a 403b. My question is if the...