Tick, tock, tick, tock. 2017 is almost here, and here are a few more important points to remember if you are still sorting through year-end retirement planning.
Hurricane Sandy did considerable damage in the Northeast part of the United States. As a result, the IRS issued several news releases describing the postponement of IRA and other retirement plan deadlines for victims affected by Hurricane Sandy.
Many of you have stepchildren. It’s perfectly fine to name stepchildren as the beneficiary of your retirement funds. However, care must be taken when naming them beneficiaries. Oftentimes, you need a spouse's consent.
When a Roth IRA owner dies, the money belongs to the beneficiary. Although Roth IRA owners never have to take minimum distributions during their lifetime, the beneficiary must take distributions after the Roth IRA owner dies.
What options do you have when the estate inherits the IRA? If someone tells you it must be cashed out, don’t fall for it. Occasionally, there may be no other option, but don’t just take their word for it—be sure what the IRA agreement says.
We’ve all heard that half the marriages in the United States end in divorce. Many times after a divorce, the IRA owner forgets to change the beneficiary. In most cases, courts have ruled that the ex-spouse is entitled to the funds despite the divorce.
Social Security may be one of the cheapest annuities available. But wait...you don’t “buy” your Social Security annuity payments, right? You’re simply entitled to receive them after meeting certain requirements. Nevertheless. (Part 2 of 2)
Social Security may be one of the cheapest annuities available. But wait...you don’t “buy” your Social Security annuity payments, right? You’re simply entitled to receive them after meeting certain requirements. Nevertheless. (Part 1 of 2)
Those who are raising their children and also taking care of their parents are likely to have their own retirement plans, and to be the beneficiaries of their parent’s assets. Here is what they need to know about both sides of the equation.
One of the best ways to legally avoid current income taxes is by contributing to an employer-sponsored retirement plan. While it’s too late to make any contributions to 401(k)s and 403(b)s for last year, that’s not the case with IRAs.