IRS does not have a crystal ball. Its team members don't know how long you are going to live. The life expectancy tables are based on statistics and do not take into account any of your personal information. Read on to discover what life expectancy table you should be using and how each works.
This week's Slott Report Mailbag looks at required minimum distribution (RMD) calculations for primary beneficiaries (depending on who is named) and answers a complex question on RMD issues when inheriting an inherited IRA.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law on December 18, 2015. This bill was commonly known as the “Extenders Bill” because it made several favorable tax provisions permanent that had been temporary, some for many years. Buried way down in the PATH Act was a provision that affected SIMPLE IRAs. We outline what has changed.
This week's Slott Report Mailbag looks at several retirement planning complexities, including required minimum distribution (RMD) responsibilities for a non-spouse beneficiary and Social Security benefits for a divorcee.
There are two things to keep in mind when you are discussing ages and retirement plans. One is the age itself and the other is what does that age mean. For example, when is age 55 not 55? You will understand as you read further into the important ages associated with retirement plans.
This week's Slott Report Mailbag looks at SEP IRAs and answers two questions on how SEPs fit together with Roth conversions and required minimum distributions in the retirement planning puzzle.
This week's Slott Report Mailbag answers a college student's question on qualifying income for a Roth IRA contribution and discusses the still viable "back-door Roth" strategy.
This week's Slott Report Mailbag looks at the complications involved with pre- and after-tax contributions to different retirement plans and the rules involved with conversions and distributions.
Most people are aware by now that Prince, the performer, passed away recently at the age of 57. So far, no one has been able to locate his will. Unlike most of us, Prince had a huge amount of assets held personally, in his own name. That means a long probate process and lots of fees for the lawyers. And that’s without any dissension among his family members. Here are the estate planning lessons to learn from Prince's mistakes.
Are you a 20- or 30-something year old or do you know any of those individuals? You’ve now paid your taxes for 2015, take a deep breath, and start planning for your retirement. You will most likely have no pension other than Social Security, if it is still around. Social Security will not cover all of your living expenses just as Medicare will not cover all of your medical expenses. You need to start saving and planning for your retirement NOW. Here's how.
