We are all going to die someday. That is pretty much guaranteed. What is not guaranteed is who is going to inherit our “stuff?” We can use a will, a trust, and beneficiary forms. This story is about a man who did not use his beneficiary form.
If you have an IRA and you are approaching retirement age, or if you are already in retirement, you are most likely familiar with the term “required minimum distribution (RMD).” But do you know how the rules work and what they mean for you as an IRA owner? Here are 10 facts about RMDs that every IRA owner should know.
Chances are that, by now, you’ve heard of a retirement planning strategy known to many as the “Back-Door Roth.” But what is it? Why is it important? What are the potential traps and how can it benefit clients? In this report, we dive deep into answering each of these questions and more.
There are very few things an IRA cannot invest in. Those are collectibles, life insurance and S Corp stock. An IRA can invest in just about anything else. The key word here is that the IRA can invest in an asset. Here is the story of an investment gone wrong.
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.
