This is the final part of a two-part article examining six options individuals have for their retirement plan benefits when they leave an employer or become their own boss. In the first part, we covered three options (rolling over to a Traditional IRA, taking a lump sum distribution, leaving it in the plan). We finish our guide with the last three options and provide some closing words of wisdom when considering which choice is best for you.
It is time to examine six options individuals have for their retirement plan benefits when they leave an employer. At some point in their lives, most workers will find themselves in this situation and they need to be as adequately informed as possible in order to make the best choices for themselves and their families. Click to read more about these options.
This week's Slott Report Mailbag includes your questions (and our answers) on IRA contribution limits, Roth IRA distribution rules and using the pro-rata rule.
One of the best ways to legally avoid current income taxes is by contributing to an employer-sponsored retirement plan. While it’s too late to make any contributions to 401(k)s and 403(b)s for last year, you actually have until April 17, 2012 to set up and fund a new IRA or add money to an existing one and have the contribution count for 2011. The last day to contribute for the prior year is generally April 15, but in 2012 the 15th falls on a Sunday and the 16th is Emancipation Day, a holiday in the District of Columbia that affects tax filing deadlines the same way federal holidays do.
This week's Slott Report Mailbag features questions (and our answers) about inherited IRAs, SEP IRAs and Net Unrealized Appreciation. Quick to read a Q&A with our IRA Technical Consultants.
This week's Slott Report Mailbag includes questions on Roth conversion options from a company plan, spousal rollovers, and Roth recharacterizations.
This week's Slott Report Mailbag includes questions on Medicare Part B premiums, required minimum distributions and the 60-day rollover window.
As is our custom at the end of each year, here are 10 questions you MUST ask your financial advisor. This list is a great starting point when questioning your financial advisor (remember, he or she works for you!).
Employees with higher incomes will be eligible for a tax break if they save in a traditional IRA, can contribute to a Roth IRA, or qualify for the saver's credit. That's just one piece of good news from an IRS announcement late last week. Click to read the others.
In a recent case, the US District Court for the Middle District of Louisiana ruled that despite having previously named his three children as beneficiaries of his 401(k) plan, Leonard Kidder's 401(k) balance would pass to his new wife. The Court's ruling illustrates just how difficult it can be to remove a spouse as the beneficiary of an ERISA governed plan, such as a 401(k).
