Matt Smith

How to Make Required Minimum Distributions Work for You

As summer ends and fall approaches, so does the season for taking required minimum distributions (RMDs). There is a 50% penalty for failing to take an RMD, so don't miss one. But don't just take an RMD, plan ahead now to make it work for you. Possibilities...

Rollovers and Roth Conversions: Today’s Slott Report Mailbag

Quick question. Client’s daughter died at age 41. Client is age 71. Can she combo her daughter’s 401k into her current Traditional IRA since she has to take RMD’s on the traditional and a Beneficiary/Inherited IRA would be based on her (Mom’s 71) current age for Beneficiary/Inherited RMD’s, OR does she have to open a Beneficiary/Inherited RMD no matter what and a combo of Traditional IRA and Beneficiary/Inherited IRA is not allowed.

Time to Rollover Your Employer Plan? Know Your Options!

For years we saw and heard the commercials – rollover your 401(k) to an IRA. They suggested that this was the only option – and the best option – for you. But it was not the only option; and it might not be the best option for you.

Be Sure Your IRA Beneficiaries are Designated Beneficiaries

IRAs have beneficiaries and "designated beneficiaries," and it is important to know the difference. If you wish your heirs to have the opportunity to take full advantage of "stretch" IRAs, and to avoid other possibly costly mistakes, be sure your heirs are designated beneficiaries.