You may be familiar with Health Savings Accounts (HSAs). You probably know that these tax-advantaged accounts can be used to pay for medical expenses. However, you may not be aware that these accounts can be valuable retirement savings tools.
This week's Slott Report Mailbag looks at the logistics of naming a trust as IRA beneficiary for minor children and strikes down a common mistake made by employer plans when dealing with employer plan distributions rolled over to an IRA.
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.
This week's Slott Report Mailbag, coming to you live from our 2-Day IRA Workshop in Philadelphia, contains questions from consumers screaming (sometimes literally) for help! In several cases, the issues involve the magic age of 59 1/2 and cover a variety of topics, including life insurance issues, 72(t) payments with a divorce and the Roth IRA 5-year rules.
“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.
Your retirement is at risk - but it's not necessarily because of the reasons you might think. Ed Slott sat down with Fox Business Channel's Mornings with Maria to discuss why taxes are your retirement's public enemy No. 1. Some financial advisors don't know the ever-changing tax rules, others make IRA rollover mistakes that can wipe out a client's life savings and even others don't know how to deal with inherited IRAs and the pitfalls that can befall beneficiaries.
This week's Slott Report Mailbag answers a few inquisitive readers on what to do if you just found out you aren't eligible to make a Roth conversion or contribution in a given year and if you can name a trust as an IRA beneficiary.
