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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The Legacy IRA: The New $50,000 QCD for IRAs
The SECURE Act 2.0, enacted at the end of 2022, created a new type of qualified charitable distribution (QCD) that generally is being called the Legacy IRA. I’ve discussed QCDs in the past and consider them the best way for most people age 70½ or older to make charitable contributions. When you are 70½ or […]
12 Essential Elements of a Successful Estate Plan
Estate planning is about more than taxes and wealth. A good estate plan protects your standard of living and quality of life while you’re alive and enhances your legacy. No matter the value of the estate, a successful estate plan includes certain key features. In the latest Retirement Watch Spotlight Series episode, I discuss the […]
8 Strategies for Turning RMDs Into Opportunities
Lifetime income taxes can be reduced substantially by using the right strategies to take required minimum distributions (RMDs) from traditional IRAs and other qualified plans. In the March and April 2023 issues of Retirement Watch, I explained how the RMD rules can increase lifetime income taxes for traditional IRA owners and their families and discussed […]
Don’t Let the IRS Decide Your IRA Strategies
Most people with significant assets in IRAs and 401(k)s let Congress and the IRS determine their spending and distribution strate- gies. That’s a big mistake that can cost them and their families quite a bit of money. Most people don’t begin taking money out of their qualified retirement accounts until the required minimum distribution (RMD) […]
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20+ Things You Should Know About IRAs and 401(k)s: How to Reduce the Mortgages on Your Accounts
IRAs and 401(k)s are among the most valuable assets of many households. Along with Social Security, they are the bedrock for financing retirement in many households and leaving a legacy for your loved ones. That’s why it’s important for both you and your heirs that the after-tax value of the accounts be maximized. Yet, few […]
The Tax Traps in Delaying IRA Distributions
Congress expanded a tax trap for many owners of traditional IRA and 401(k) accounts when the SECURE Act 2.0 was enacted in December 2022. The law delayed the starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. If you […]
The Tax Traps in Delaying IRA Distributions
Congress expanded a tax trap for many owners of traditional IRA and 401(k) accounts when the SECURE Act 2.0 was enacted in December 2022. The law delayed the starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. If you […]
How Your IRA Could Be Taxed (Even a Roth IRA)
Years ago, a pension plan acquired an interest in a spaghetti factory. A consequence of that episode is that your IRA might owe income taxes on some of its investment income. Other spaghetti manufacturers said it wasn’t fair they had to compete with a business owner who was tax-exempt. Eventually, Congress agreed and enacted the […]
