One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs). An RMD is the minimum amount that must be taken out of your retirement accounts each […]
If you hold both pre-tax and after-tax money in your IRA, you’ve likely heard of the pro-rata rule. It’s important to understand how this rule is calculated and how it can impact your retirement funds. In simple terms, the pro-rata rule is used to determine how much of a distribution is taxable when you have […]
There may come a point in your life where you will need to select a loved one to make significant financial decisions on your behalf. This process is by no means easy, but in the event that you are unwilling or unable to manage your own finances, having someone assigned as a power of attorney […]
Are you considering donating your retirement assets to a charity? Naming a non-profit organization as an IRA beneficiary may be something you’ve yet to consider, but doing so can benefit both you and your charity, as neither of you will pay income tax on the account. However, using a retirement account for charitable gifting can […]
At our recent Fall Seminar, we shared information with you regarding cyber security and protecting yourself against cyber threats. Here are links to the handouts we shared at that event that you can download for reference. --Ransomware Tips --Secure Your Password --Red Flags--Phishing! --Tips for Using WiFi Safely If you have any questions, please call […]
Maximizing Your Social Security Benefits Retirement and Social Security are inextricably linked. Not only did Social Security help establish the official U.S. retirement age at 65, it also provides a significant portion of today’s retirees’ incomes. Some of the earliest company pension programs began paying benefits at age 65.1 The economics made sense since life […]
When you created your Roth IRA account, you might have been under the impression that the money you take out of it will always be tax free. Unfortunately, there are exceptions to this rule that could leave you surprised and frustrated once you receive your tax bill. Roth IRA distributions can consist of contributions, converted […]
Spousal IRA beneficiary planning can get confusing, and if you’re a widow who has inherited an IRA from your spouse, you may unsure of how to handle the assets. You can remain a beneficiary of the account, which would allow you take penalty-free distributions before you reach age 59½, or you can choose a spousal […]
Once you reach age 70½ , the government requires that a specific minimum amount be withdrawn from your retirement account each year. If you miss the deadline or don’t take enough, Uncle Sam could hit you with a 50% penalty! Did you forget to take a required minimum distribution (RMD) from your retirement account? Unsure […]