I get a lot of questions about how to fill out beneficiary designation forms for IRAs, 401Ks, 403Bs and other similar tax-advantaged retirement savings accounts. My purpose in writing this particular post is to handle one and only one frequently asked question, which is how do joint revocable living trusts fit into the picture for a married couple?
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts.
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72).
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the massive bill, makes major changes to retirement plan rules, including inherited plans.
The new law will now affect how individuals are able to save money for their retirement, and how heirs will eventually be able to use those funds once the account holder has passed away.
Surviving spouses are treated differently under 401(k)s and individual retirement accounts (IRAs). While a 401(k) provides protections for a surviving spouse, an IRA does not.
The folks at ConsumerAdvocate.org have created a comprehensive guide to reverse mortgages - what they are, who they're best suited for, and their pros and cons. This guide includes rankings of various reverse mortgage companies based upon transparency & reputation, loan options and availability....
Federal law requires that beginning on April 1 of the year after you reach age 72, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die ...
The oldest of the 75 million baby boomers began turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your tax-deferred retirement savings that you may have spent decades building up. ...
Inheriting an IRA may seem like a good thing, but there can be tax consequences if you aren't careful. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out your options.
Individual Retirement Accounts (IRAs) are a popular investment tool for retirement, but they also need to be taken into account when doing estate planning. Although IRAs can be used to provide for heirs either directly or through a trust, to what extent your heirs will benefit from the IRA and ...
A bill known as the SECURE Act is currently making its way through Congress and is expecting to become law with nothing more than minor changes. Key provisions of the SECURE Act include: Increasing the required beginning date (RBD) for required minimum distributions (RMDs) from 70 ½ to 72...
While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the pr...
Even if you are self-employed, you can still plan for retirement. People who own and run a business often find themselves without the usual plans available to employees, such as a 401(k). However, that does not mean they do not have options to save for retirement, according to Zing!...
Retirement accounts usually have the largest impact. However, there are also other income streams. One of the surprises that can catch you unaware is that taxes during the working years are usually much simpler than taxes during retirement, according to The News Tribune in...
Protection varies according to state law. IRAs are protected from bankruptcy. However, there are some limitations you should guard against, according to The Balance in “What is IRA Bankruptcy Protection?” President George W. Bush signed bankruptcy protection into law in 2005 with the Bank...
If Social Security will be 40% of your income, where does the rest come from? Social Security was never intended to be your total retirement funding, so you need as many revenue streams as possible, according to U.S. News & World Report in an article that compares “Pension vs. 401(k).” A tr...
If you are fortunate enough to have an employer match, the end results are even better. The IRS has raised the contribution limit for a 401(k) plan by $500 next year and it can make a difference over the years in your retirement fund, according to The New York Times...
Strong finances and a full social life can often be the keys to success. There can be happy retirements and there can be challenging and perhaps even unhappy retirements. However, the state of those years is often created long before retirement age arrives, according to U.S. News & World Report...
Planning for retirement may be a hard job. However, it can turn into some joyful years later in life. Planning for your retirement is not only a big job but a really important and serious job that can be used to create a pleasant and even youthful retirement that has a good chance of being a...
It is important to understand the new tax laws and your opportunities. There has been considerable dialogue about the individual income tax rates in the new tax laws. There are new opportunities for new tax-saving strategies, according to CNBC...
Only 20% of organizations in U.S. still offer traditional pension plans. There are many ways to save for your pension, as the traditional company plans fade away. However, the important thing is to learn about the alternatives, according to DJC Oregon...
Saving over time is a good way to create security. National 401(k) Day and Grandparent's Day in September were special days to teach grandchildren about saving, but every day presents some kind of teachable moment, according to the Tuscon.com in “Retirement Planning: A 401(k) Day message.”
If you don't have a relationship, you need to look at your options for retirement. If you are not married, do not have a life partner and do not have children, you need to take a different look at your retirement package, according to ABC Action News...
It doesn't just kick in. You have some work to make it happen. Retirement is a general word that includes Medicare, Social Security and many other retirement options and those can become challenging and confusing, according to newsok.com...
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