Last week, we published a Special Report on the Back-Door Roth IRA. This week, we explore how a simple 401(k)-to-IRA rollover could dramatically change the tax impact of that transaction. Here’s how.
If you have an IRA and you are approaching retirement age, or if you are already in retirement, you are most likely familiar with the term “required minimum distribution (RMD).” But do you know how the rules work and what they mean for you as an IRA owner? Here are 10 facts about RMDs that every IRA owner should know.
Chances are that, by now, you’ve heard of a retirement planning strategy known to many as the “Back-Door Roth.” But what is it? Why is it important? What are the potential traps and how can it benefit clients? In this report, we dive deep into answering each of these questions and more.
There are very few things an IRA cannot invest in. Those are collectibles, life insurance and S Corp stock. An IRA can invest in just about anything else. The key word here is that the IRA can invest in an asset. Here is the story of an investment gone wrong.
Handling the estate and IRA issues of parents after their death is a difficult undertaking, especially when it is done during the normal grieving process. We examine a recent article on this issue, and we look at Ed Slott's recent Financial Planning column on a major IRA pitfall to avoid.
Having a summer job can be a valuable experience for a young person. Whether it is scooping ice cream, lifeguarding, or working as a camp counselor, a summer job can teach life skills and give a first opportunity to manage finances. An important part of managing finances is saving for the future. Why not make contributing to an IRA part of your child or grandchild’s summer job experience? Here's how.
When you encounter tough economic times, you may be tempted to tap your retirement plan. If you are considering this, you will want to proceed carefully. If you are under age 59 ½, any distributions you take may be taxable and also subject to the 10% early distribution penalty. Whether or not there is an exception to the penalty for financial hardship is a common misconception.
“If I roll my 401(k) money to an IRA, how safe will it be from creditors?” This is one of the most common – and in some cases, important – questions people have when they are considering moving their 401(k) money to an IRA. Unfortunately, there’s not just one simple answer.
Everyone thinks they know what a rollover is, but do they really? A rollover is when you move retirement funds from one account to another. Well, that is partially right. We examine the true definition of a rollover in the employer plan and IRA worlds.
Beginning in 2015, individuals are only allowed to do one 60-day rollover in a year. A 60-day rollover is when a distribution is issued payable to the account owner. They can cash the check or they can spend funds that were deposited into a bank or other type of account. In this article, we asses 5 exceptions to the one-per-year 60-day IRA rollover rule and provide three examples.
