When you want to save for retirement but find out that your employer does not offer a 401(k), it can be disappointing. The good news is that there are 401(k) alternatives where you can put your retirement money and build considerable interest. Go for a Solo 401(K) Apart from an employer’s 401(k), probably the best…
Is There a Best Way to Receive Required Minimum Distributions?
December 25, 2022
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As you get closer to the age when you need to take required minimum distributions (RMDs) from your retirement accounts, you are likely wondering about the best way to do it. There are several ways, but any of them depend on your circumstances. When you get closer to the RMD age of 72, you will…
Get More Money in Your Roth IRA by Avoiding These Mistakes
Many types of retirement plans are available today, but you have only so much time to put money into them. If you have a Roth IRA, it can be easy to think your money is secure. Unfortunately, just because it offers options that other plans do not will not make it safe from mistakes that…
Impact of the SECURE Act on Beneficiaries
By Elliot Raphaelson From Tribune Content Agency IRA (Individual Retirement Account) expert Ed Slott (IRAhelp.com) recently summarized in a recent newsletter the significant impact the SECURE Act of 2019 had on IRA beneficiaries. In this column I will discuss some of the major changes. The first thing to understand about the changes wrought by the SECURE Act is…
Retirement: Don’t Overlook New Rules Governing Inherited IRAs
By Sandra Block From Kiplinger’s Personal Finance The Internal Revenue Service (IRS) recently offered new guidance to adults who inherited an Individual Retirement Account (IRA) from someone other than a spouse. Here’s what you need to know to avoid a stiff penalty. First, a bit of history. Under the Setting Every Community Up for Retirement…
The Savings Game: Who Has to Report RMDs This Year?
By Elliot Raphaelson From Tribune Content Agency The IRS has issued additional guidelines regarding the reporting of Required Minimum Distributions (RMDs) for beneficiaries under the SECURE Act of 2019. One of the most important provisions of that law raised the minimum age for RMDs from 70 1/2 years of age to 72 years of age….
Roth IRA Investments to Build Wealth Over Time
November 12, 2022
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Don’t tell my wife. But me and Roth IRA Investments—we got a thing going on. After all, it’s the greatest wealth-building tool. Roth IRAs offer one of the best ways to invest for retirement, and many experts even consider them the best retirement account. This is because you can grow your Roth IRA money tax-free…
Kids Planning for Retirement? Use a Roth IRA
If you’ve reached or are reaching retirement, you’re probably in one of two circumstances. You’ve either planned for retirement and are secure, or you’ve put planning off and are in a panic. Everyone told you to start early, but just how early? It’s said that you’re never too young to start planning, and this could…
Avoid Mistakes With Qualified Charitable Contributions
October 23, 2022
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By Elliot Raphaelson From Tribune Content Agency If you have reached 70 1/2, have a traditional IRA, do not itemize your tax return and make charitable contributions, you should consider taking advantage of the Qualified Charitable Deduction (QCD) option to save on income taxes. For example, if you contribute $10,000 to a qualified charity, and…
How to Spot a Great 401(K)
Any 401(k) can help you save for retirement. A great 401(k) allows you to save a whole lot more. The difference between a mediocre plan and a great one could translate into tens of thousands of dollars in future retirement money. Plus, a 401(k)’s quality can show how serious a company is about attracting and…
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