Social Security and Supplementary Security Income (SSI) beneficiaries are receiving a cost of living adjustment (COLA) in 2012, the first time this has happened in several years. While this may sound like a good thing, it’s actually a “mixed bag” for a couple of reasons.
One of the first things you should consider before thinking about selecting a financial advisor is putting together a list of goals you wish to accomplish. This list will provide the basis for establishing your planning objectives.
Employees with higher incomes will be eligible for a tax break if they save in a traditional IRA, can contribute to a Roth IRA, or qualify for the saver's credit. That's just one piece of good news from an IRS announcement late last week. Click to read the others.
October 17th is not the only important date this month for retirement account owners. This past Monday was a date circled on the calendar of many of you. For most of you, that was the final deadline to complete a timely Roth recharacterization of a 2010 Roth IRA conversion (the deadline is now October 31st for certain individuals affected by Hurricanes Irene and Lee, or the wildfires in Texas). Click to read more about why October 31st is also a key deadline to be aware of.
A final, final word on the Roth recharacterization topic. In an article posted here on October 11, 2011, we mentioned that the deadline for recharacterization in certain areas affected by Hurricanes Irene and Lee and the Texas wildfires had been extended to October 31, 2011. Since then, many readers have asked what states and counties were included in this extended deadline. So, as an accommodation to these folks, we’re providing some additional information.
Self-directed IRAs provide some different investing options, but they come with risks. Jeffrey Levine details the dangers in the video below and provides 5 tips you can use to safeguard yourself against fraud in these cases.
There is one final word to add on the Roth recharacterization deadline for Roth IRA conversions completed in 2010. The recharacterization deadline for residents residing in certain counties of states impacted by Hurricanes/Tropical Storms Irene and Lee, as well as the Texas wildfires, has been extended to October 31, 2011. Click for details regarding this relief on the IRS website.
This week's Slott Report Mailbag answers questions about reporting Roth conversion income deferred to 2011 and the process involving annuities, required minimum distributions and IRAs.
We recently informed you that the recharacterization deadline for 2010 Roth IRA conversions is generally October 15th of the year following the year of conversion. This year, the deadline is October 17th because the 15th falls on a Saturday.
This week's video blog highlights the information covered this week at The Slott Report, including an article on the October IRA trust deadline and the final part in the series on the variation in IRA rules state to state.
