Did you set up a SEP or SIMPLE IRA thinking it was a savings account for your retirement? While it is a way to save for retirement, it is NOT a savings account. Our IRA Technical Expert Beverly DeVeny explains why.
Almost all IRA owners named their IRA beneficiary when they first opened the account. In many cases, it was their spouse or parent. However, disaster can strike if that primary beneficiary dies before you do and you don't update the IRA beneficiary form. This horror story provides a valuable lesson.
10,000 Baby Boomers retire every day. IRAs make up the largest single share of the retirement market with an estimated $7.3 trillion in assets. This isn't an imposing challenge for your business. It's an immense opportunity. So, how do you reach these individuals, help them navigate Uncle Sam, live the retirement of their dreams and leave a legacy for their heirs? The answer is this new resource from Ed Slott and Company.
This week's Slott Report Mailbag examines if you can move an employer 401(k) plan to a Roth 401(k) and answers whether or not you can move your required minimum distributions (RMDs) to a Roth IRA.
The 2015 tax season is now in full swing. As you finish preparing your own return for this year, maybe you were too generous with Uncle Sam last year, and he owes you a refund. If that’s the case, here are 5 ways you might consider using this year’s tax refund other than heading off to the Caribbean or buying a new flat-screen TV.
It's tax season. Every year, many people get lost in the numbers, the deductions, the credits, and the refunds. They forget to report rollovers to the IRS, especially tax-free rollovers. We examine the process, where you should be looking for these numbers and how to report them.
Retirement plans are one area of the tax code where you may not be able to do everything the tax code says you can do. IRA custodians and employer plans can sometimes limit your options. One reason they might do this is to make it easier for them to manage and process your transactions. We detail a few examples of IRA custodians limiting your options.
This week's Slott Report Mailbag answers several questions about IRA trust procedures and another (a very popular one) on the timing for taking required minimum distributions (RMDs) once you turn age 70 ½.
According to recent statistics and government reports, retirement assets, and IRA assets in particular, are on the rise. Here are 5 incredible facts about the current retirement market.
If you participate in your employer’s SIMPLE (Savings Incentive Match Plan for Employees), you need to be aware of the “2-year rule” that applies when moving your SIMPLE IRA money to another IRA.
