This special edition of The Slott Report Mailbag answers several of the common Roth conversion questions we receive - from the beginning "conversion conversation" to the actual conversion process. Click to read this week's Q&A with our IRA Technical Expert.
You’ve had "the conversion talk" and have decided that a Roth conversion is in your best interest. Now you have a choice ... should you convert your existing 401(k) money to a Roth 401(k) – your plan must have adopted this voluntary feature in order for you to do so – or should you make a conversion to a Roth IRA? While on the surface these two types of accounts are very similar – they both, for example, offer the prospects of tax-free growth and future distributions – there are a number of subtle, and not so subtle, differences that may make one type of conversion far more beneficial for you than the other. With that in mind, here is a summary of some of the most important factors to consider when making this decision:
This week's Slott Report Mailbag includes questions about the effects from contributions and rules on retirement plans. Click to read a Q&A with our IRA Technical Expert.
One of the most common Roth IRA questions I'm asked is, "Should I make a Roth conversion?" While Roth conversions can make sense at any age, depending on your particular circumstances, generally speaking, the younger you are, the more it makes sense. In this article we go over 3 reasons to wait until you retire to make a Roth conversion.
This week's Slott Report Mailbag includes questions about retirement planning funds on the move, namely withdrawing funds and dealing with its tax consequences. Click to read this week's Q&A with our IRA Technical Expert.
The latest TIAA-CREF survey finds that fewer than 1 in 5 Americas are contributing to an IRA, potentially missing tax and savings benefits. The survey, conducted by an independent research firm between February 13-16, 2014, showed that just 17% of respondents contributed or were contributing to an IRA in 2014 - down from 19% last year and 22% in 2012.
Are the rules different for 401(k) and IRA distributions in the year you turn age 70 1/2? We answer that questions and two others in this week's Slott Report Mailbag.
Let's say that your employer's 401(k) plan allows you to take a loan against part of your 401(k) balance (generally the smaller of half of your vested balance or $50,000). You decided to take a loan and you’ve been repaying it by having it taken out of your paycheck. But now, you no longer work for that employer. Perhaps you retired, or voluntarily switched jobs, or maybe you were laid off. We explain how to navigate this scenario.
This week's Slott Report Mailbag looks at IRA beneficiary language and procedures as well as Roth conversions and recharacterizations, a topic we cover heavily in Ed Slott's 2014 Retirement Decisions Guide. Click to read a Q&A with our IRA Technical Expert.
If you are in the midst of getting a divorce or you're already divorced, you might be awarded some or all of your ex-spouse's company retirement plan funds, such as a 401(k) plan, as part of the property settlement. If so, there are a few things you need to know before you get those funds. We detail these below.
Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.
Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.
