This IRAtv video from Ed Slott is about a recent Wall Street Journal article on the up-and-down value of gold and how you can recharacterize a Roth IRA conversion if the value of your investments go down. Ed breaks down the recharacterization process and uses gold as an example on the Roth recharacterization decision each investor must make with devalued investments.
The end of May brings the Memorial Day holiday and the start of the summer season. It's also the time that you will receive information about your IRA from your financial institution.
This week's Slott Report Mailbag includes questions on Roth conversions and contributions, the always-confusing Roth IRA 5-year rules and creditor protection for IRAs. Happy a happy, healthy Memorial Day weekend and thank you to the servicemen and women who risk their lives daily to defend and protect us.
Memorial Day is almost here, and it should serve as a reminder that we owe a great deal of thanks to all the members of our armed forces, both past and present. With that in mind, today we chose to highlight a couple of IRA-related tax breaks that are available to certain members of our military and their families.
In many of our writings we refer to the most popular types of qualified retirement plans, such as 403(b)s and 401(k)s. While these are two very distinct plans with many differing rules, they do share several commonalities. In particular, the main purpose of each is to provide participants with an easy venue for saving and investing for retirement on a tax-beneficial basis. Both have taken a more prominent role as employers continue to jettison traditional pension plans.
This week's Slott Report Mailbag includes questions on the IRA rollover rules, making Roth IRA contributions from 457(b) required minimum distributions (RMDs) and the 60-Day rollover rule as it applies to 401(k) plans. We answered the mail this week from the Arizona Biltmore in Phoenix, where we are stationed all week for Ed Slott's Elite and Master Elite IRA Advisor Group Workshop.
The National Council on Aging maintains a web tool at www.BenefitsCheckUp.org that can help adults over age 55 figure out which of the more than 2,000 federal, state and private benefits programs they might qualify for based on their financial situation and location.
Ed Slott answers a question from a consumer in Florida about whether he can move money from his Roth IRA to a company-sponsored Roth 401(k). This video describes the differences between the two accounts and answers the question about transferring funds.
Wait a minute? Isn’t the deadline for making an IRA or Roth IRA contribution the tax filing deadline, not including extensions? You bet your bottom dollar it is! Then how, you might ask, can you possibly make a 2011 IRA contribution on May 9, 2012 – well after the general filing deadline of April 17, 2012? We'll tell you!
We have previously written about a "lack of financial literacy," indicating that many individuals don't know or understand the benefits of IRAs or saving for retirement. Help set up your children and grandchildren for a successful financial future!
