There are many guesses to why people don’t save for retirement. (Hint: you need to!) If you or your financial advisor are spouting about any of these myths, you need to change your tune and proactively save for your future.
Retirement nest eggs exist to help insure a comfortable financial retirement for their owners. Taking early withdrawals may put that in jeopardy. If you find yourself in this predicament, seek assistance from a qualified retirement plan advisor.
Is including your grandchildren (or other minors) in your estate a potential part of your planning? If so, you’ll need to carefully evaluate your options when it comes to IRAs. Read on to find out two of the best options currently available.
If you want to have a comfortable retirement you are going to have to be a disciplined saver and make good investment choices. The ideal investment strategy for retirement accounts is to find great performers and milk them for everything they are worth.
Having to add an IRA withdrawal to your other income might push you into a higher income tax bracket. In some cases, a sufficiently large enough IRA withdrawal could result in full or partial loss of your home mortgage interest deduction.
Under federal bankruptcy law, all IRAs have a $1,000,000 exemption. In addition, funds from employer plans are 100% exempted, even if they were rolled over to an IRA. So, your IRA funds should be exempt, right? The answer is a definite maybe.
Like any other major financial decision, the question of whether to convert to a Roth IRA needs to be measured carefully and with all the facts. Only then can the best course of action be identified and implemented.
That's the question facing retirees. Should they keep their savings in a company retirement plan, move the cash into an IRA, or take the money and run? Each choice has significant implications for taxes, estate planning and investment growth.
When making a tax decision on converting a traditional IRA to a Roth IRA you should consider your personal income tax situation: will your tax rate be the same, lower or higher in the future?
Every now and then, a situation comes along that allows a taxpayer to benefit from an obscure, little known tax provision. Such was the case of "Archie" when he inherited his nephew's IRA.
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