Over $23 trillion sits in various types of retirement accounts across America, according to the Employee Benefit Research Institute. Even that figure may be low. Since 2011 when that figure was calculated, markets have increased and retirement savers have contributed even more to their plans, adding thousands of dollars to the average person’s retirement plan balance. No doubt, trillions more sit in bank accounts, brokerage accounts, mutual funds and other types of “non-qualified” investment accounts.
Tax season is well underway. This is the time when you may be considering contributing to a retirement account. You may be interested in the Roth IRA, which offers the promise of tax-free withdrawals in retirement if you follow the rules. If you are deciding whether a 2016 Roth IRA contribution is the right move for you, here are 6 tips to keep in mind.
This week's Slott Report Mailbag looks into IRA transfers and international transfers.
If you’re like most people, you’ve probably wondered at some point, “Do I need to file an amended return for that?” It is in that spirit that we offer you seven common errors and whether or not you should file an amended return after you discover them.
Did you or your client do a QCD (Qualified Charitable Distribution) last year? Make sure the tax preparer knows about it.
Running out of money while there is still much life to live is frightening. The specific concern is that retirees might spend down their assets at a faster pace than their investment gains accrue. Financial advisors are commonly tasked with helping clients determine if, and under which circumstances, they will have enough money to retire comfortably. This is crucial work.
This week's Slott Report Mailbag looks into beneficiaries, inherited IRAs, RMDs and annuities.
Announcer: And the award for Best Type of Account to Help John Doe in Retirement goes to…
In recent Private Letter Ruling (PLR 201706004) the IRS allowed a widow to do a spousal rollover, but with an interesting twist that also ruled the five-year rule applied because the IRA had no designated beneficiary.
This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and RMDs when you are still working.
