Tick, tock, tick, tock. 2013 is almost here, and we at The Slott Report want to provide a few more important points to remember if you are still sorting through year-end retirement planning. These are the questions I am getting most frequently as we near the end of the year.
Year-end retirement planning is in full swing. We are less than a week away from Christmas and in two short weeks 2013 will be here. Financial advisors and their clients are working hard to develop a proactive plan to guard against rising taxes. Ed Slott has your answers on gifting, RMDs (required minimum distributions) and QCDs (qualified charitable distributions) in three year-end planning videos found below.
I hear this a lot. "The contribution is to a non-deductible IRA." Or, "I have a non-deductible IRA." There is no such thing as a non-deductible IRA. There are non-deductible contributions made to an IRA. Think about it. Even if a contribution is made to a non-deductible IRA, it will not remain entirely non-deductible for long. There are some sort of earnings on the account – even if it is invested in a money market IRA. Would you make a contribution to an IRA that guaranteed no earnings for as long as you had any funds in the account?
The Slott Report is going on the road this week to Las Vegas, Nevada for Ed Slott's 2-Day IRA Workshop, Instant IRA Success, on Saturday, September 29 and Sunday, September 30 at The Cosmopolitan. There is still time to join us LIVE this weekend in Las Vegas. If you can't make it to Las Vegas this weekend, there are still ways to share in the experience.
In retirement, "you can have your beer and drink it too." Our friends at RothIRA.com have put together a great infograph that details how a little saving today can benefit you in the long run. Believe it or not, if you save $1 a day from the time you are 25 until you are 70, you will have enough money for to pay for a stack of beer twice as high as the world's tallest building (and enough to fill a 2-million-ounce mug). See this infograph below to marvel in the savings majesty.
Welcome! Ed Slott and Company believes retirement planning education is worth celebrating, so we are putting on our party hats, lighting the candles and spending the day educating YOU - offering discounted books and a free download and holding live chats so you can have a better perspective on retirement planning from various points of view.
Ed Slott answered a consumer question about Roth IRA contributions and conversions in this installment of IRAtv. America's IRA Expert details the differences, limits and processes involved with Roth IRA contributions and conversions.
This week's Slott Report Mailbag really strikes at the importance of proactive planning. One concerned consumer is worried his mother won't receive any of her deceased husband's IRA and others are inquiring on taxes, penalties and transfers. Retirement planning, IRAs and the nuances that come with them are so important to all families. We hope you are enjoying the summer and learn something from the questions, answers and situations below.
Two Slott Report Mailbags in one week?! Yes, we are here a day earlier than normal to answer a few consumer questions (they are piling up) on IRA rollovers, IRA beneficiaries and naming minors as IRA beneficiaries.
Welcome to this month's installment of Are You an IRA Expert? Always thought you knew more than the next guy about IRAs and retirement accounts? Well now’s your chance to prove it. Below are three questions, ranging from beginner to expert. Test your IRA skills by trying to get all three right!
