Individual Retirement Accounts - IRAs
Strategies for maximizing your Individual Retirement Account (IRA’s) Investments, Tax Savings and Timing of Required Minimum Distributions
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IRS Regulations Clarify More of SECURE Act, SECURE Act 2.0
The IRS is filling gaps, fixing glitches and answering questions about the SECURE Act and SECURE Act 2.0, and about required minimum distributions (RMDs) in general. Last month, I discussed details in the final regulations regarding the end of the Stretch IRA, the 10-year rule and related issues. The final regulations contain more details about […]
At Last, IRS Issues Final Regulations on SECURE Act, Inherited IRAs
The IRS issued long-awaited final regulations on the Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted in late 2019. The final regs generally follow the proposed regulations issued in 2022, discussed in the May and June 2022 issues of Retirement Watch. The IRS kept the most controversial rule in the proposed regulations, its […]
Answers to Key Issues About IRAs or 401(k)s and Annuities
Combining annuities with IRAs or 401(k)s can be powerful. But often people don’t even consider the combination because of widespread misinformation and confusion. Many people want the principal protection or guaranteed lifetime income available from annuities. When most of their investable assets are in IRAs or 401(k)s, questions about how those accounts interact with annuities […]
6 IRA Moves to Take During 2024
The halfway point of 2024 has passed. This is a good time to plan how you’ll manage IRAs for the rest of the year. Don’t be like most people and scramble in November and December. Here are some key steps most people should consider. Donate via a QCD. A qualified charitable distribution (QCD) is the […]
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The Dangers of Rolling Over RMDs to Other Retirement Accounts
Some retirees continue to make a key mistake with required minimum distributions (RMDs), and that could cost them a lot of money. Retirees who don’t need the RMD to pay living expenses sometimes move the money to a Roth IRA, treating it as a conversion of the RMD to a Roth IRA. Others try to […]
IRA Tragedies: Four Cases Show the Pain Caused by Overlooking Simple Details
Many people are surprised and shocked when they learn what happens when retirement account owners neglect simple details about their accounts. They don’t know the significant powers IRA and 401(k) custodians have or other important facts about qualified retirement accounts. A review of some recent court cases should bring the points home. The newest case […]
Inherited IRA Rules That Can Surprise and Trap Heirs
Congress and the IRS made inheriting an IRA a very complicated, confusing event. Inherited IRAs are accompanied by a host of little-known rules that are traps for the unwary, and that’s before considering the end of the Stretch IRA and the creation of the 10-year rule that were enacted in the Setting Every Community Up […]
Slash Taxes on Employer Stock in a 401(k) Plan
There are significant tax-reduction opportunities available when employer stock is held in a 401(k) plan. The opportunities are more significant now, as are the potential consequences of a suboptimum decision, because prices of many stocks increased significantly in recent years. Yet, many people diminish their benefits by rushing their decisions. The key tax break is […]
