Did you set up a SEP or SIMPLE IRA thinking it was a savings account for your retirement? While it is a way to save for retirement, it is NOT a savings account. Our IRA Technical Expert Beverly DeVeny explains why.
Almost all IRA owners named their IRA beneficiary when they first opened the account. In many cases, it was their spouse or parent. However, disaster can strike if that primary beneficiary dies before you do and you don't update the IRA beneficiary form. This horror story provides a valuable lesson.
10,000 Baby Boomers retire every day. IRAs make up the largest single share of the retirement market with an estimated $7.3 trillion in assets. This isn't an imposing challenge for your business. It's an immense opportunity. So, how do you reach these individuals, help them navigate Uncle Sam, live the retirement of their dreams and leave a legacy for their heirs? The answer is this new resource from Ed Slott and Company.
Retirement plans are one area of the tax code where you may not be able to do everything the tax code says you can do. IRA custodians and employer plans can sometimes limit your options. One reason they might do this is to make it easier for them to manage and process your transactions. We detail a few examples of IRA custodians limiting your options.
According to recent statistics and government reports, retirement assets, and IRA assets in particular, are on the rise. Here are 5 incredible facts about the current retirement market.
If you participate in your employer’s SIMPLE (Savings Incentive Match Plan for Employees), you need to be aware of the “2-year rule” that applies when moving your SIMPLE IRA money to another IRA.
In a marriage where one spouse (Annie) has earned income and the other spouse (Bernie) has little or no income, an IRA or Roth IRA contribution can be made for Bernie based on Annie’s income. However, what happens if Bernie makes his contribution early in the year and later in the year he and Annie are divorced or separated?
Ed Slott shows how to take retirement savings on a permanent vacation from taxes and avoid Uncle Sam in his new Public Television Special, Ed Slott's Retirement Road Map! This program is filled with the ingredients that made Ed's previous programs so successful - wisdom, humor and insight, helping viewers navigate the potholes, detours and road blocks to a prosperous and worry-free retirement. Learn how to move your retirement savings from accounts that are forever taxed to accounts that are never taxed.
IRS Publication 970 explains the tax benefits that may be available to individuals who are saving for or paying education costs for themselves or certain family members such as children. It includes information on Coverdell Education Savings Accounts (ESAs), qualified tuition programs (also called “529 plans”), student loan interest deductions, education savings bonds, and the education exception to the IRS 10% penalty for early IRA distributions. Read more to find out how you can use your IRA to pay for higher education.
We are in Las Vegas for our 2-Day IRA Workshop. On my way from the airport to the hotel upon arrival, my cab driver and I got into an interesting discussion on retirement plans. Is there a retirement plan for cab drivers? Does Las Vegas temptation cause many to squander retirement savings?
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