Roth IRA

Slott Report Mailbag: IRA Rollovers and Non-Resident Beneficiaries

This week's Slott Report Mailbag shows that retirement planning involving IRAs can be complicated, and consumers just like you are confused about the rules and concerned they are making fatal, penalty-induced errors.  As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Find one in your area at this link.1.Dear Mr. Slott,I am and have been an avid follower of your programs on public television and have purchased your books as well as CD/DVDs. I respect your opinion very much and badly need your help. I have been disabled since 2008 due to an aortic dissection and will be turning 65 in December 2012.

What Happens When A Beneficiary Does NOT Take RMDs?

You inherited an IRA or a Roth IRA. Since you are not age 70 ½ yet, you did not think you had to take required distributions (RMDs) or maybe your advisor told you that. WRONG!!!A non-spouse beneficiary generally must take his first required distribution in the year after the account owner's death.Here are the rules for a beneficiary that is named on the beneficiary form (or is named through the document default provisions). These rules do NOT apply to beneficiaries who inherit through an estate. They may be the same for a beneficiary who inherits through a trust, but that is a way more complicated situation and you should be working with a knowledgeable advisor to determine how RMDs to the trust will be calculated.We are going to assume that you have set up a properly titled

Roth IRA 5-Year Rules and Beneficiary Planning Options Highlight Slott Report Mailbag

The unofficial end of summer comes with the Labor Day weekend...where did time go? Time does in fact fly, which makes planning for your future today more important. After all, tomorrow will be here before we know it. This week's Slott Report Mailbag includes questions (and our answers) on the Roth IRA 5-year rules and the best ways to leave an inheritance to younger beneficiaries.

Roth IRA Rollover Rule, 10% Penalty Exception and Roth IRA Conversion Questions Highlight Mailbag

Can you believe summer is almost over? Yet, The Slott Report Mailbag was full of pertinent IRA and retirement planning questions from consumers who are trying to make the right decisions as the dog days rapidly turn into fall. This week's installment includes questions (and our answers) on the 60-day deadline on Roth IRA rollovers, 10% penalty exceptions and Roth IRA conversions.

The Retirement Savings “High Life”

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.

Retirement Rescue FAQ: Are You in These Positions?

Ed Slott and Company has a special microsite just for those who pledged to Public Television during Ed Slott's recent special, Ed Slott's Retirement Rescue!. Below are two questions contained in the FAQ section of the microsite.

Questions on Trusts as Beneficiaries, Roth IRA 5-Year Rules and NUA Highlight Mailbag

Retirement planning is all about proper decision-making. In this week's Slott Report Mailbag, we answer your questions about important decisions, including who to name as a beneficiary, how to handle Roth IRA distributions and if a certain key tax break applies to a certain situation. Click to read a Q&A with our IRA Technical Consultant.

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Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.