It is becoming more and more evident that in order to have an adequate income in retirement, at least some of your income is going to have to come from your savings. Don’t overlook the ability to make IRA contributions to supplement other retirement savings you might have. You have until April 17, 2012 to make a contribution for 2011. Below are some frequently asked questions and our answers.
Ed Slott's video blog answers a consumer question on naming a minor as an IRA beneficiary. America's IRA Expert discusses the pluses and pitfalls of this approach as well as the possibility of using a trust in this process.
You have just inherited an IRA or employer plan from someone other than your spouse. What now?
It's a New Year, and Ed Slott brings you his 3 New Year's Retirement Planning Resolutions in this week's video blog. We hope you enjoy the video and make sure to share it with friends, family and colleagues as well as view more videos at our YouTube page.
I just read a private letter ruling (PLR) issued by IRS allowing an individual extra time to complete a rollover of his IRA assets so that they would not be treated as a taxable distribution. Here is what happened.
This week's Slott Report Mailbag includes several questions on issues not handled by year-end that have carried over into the first month of 2012. One reader also asks our advice on using an IRA to fund a share in a contracted apartment building.
There are many things to consider when determining how much you must take out of your retirement accounts commencing at age 70 ½. You must know how many different accounts you have and what type they are, such as IRAs, 401(k)s and/or 403(b)s. Most importantly, you’ll want to insure that your required distributions (RMDs) are properly calculated and paid in a timely manner because the tax penalty for not doing so is quite severe.
Time is running out to take required minimum distributions (RMDs) due for this year. Many companies have cut-off dates for distributions, so if you have not yet taken your RMD you need to act now. The penalty for not taking a distribution is 50% of the amount not taken. It must be reported on Form 5329 and if it is not reported, the statute of limitations does not start to run. Following are answers to questions that come up frequently at this time of year.
Here is another video taking you behind the scenes at Ed Slott's NEW upcoming Public Television Special, Ed Slott's Retirement Rescue! This video takes you into the control room during the taping at WMHT in Albany, New York.
This video takes you behind the scenes of Ed Slott's Retirement Rescue!, his NEW upcoming Public Television Special. The special was taped on Tuesday, December 12th at WMHT studios in Albany, New York.
