Understanding Required Minimum Distributions & Advanced Tax Strategies For RMD’s A required minimum distribution (RMD) is the amount that the IRS requires you to take out of your retirement account each year when you hit a certain age or when you...
Beware of the 5 Year Rule for Your Roth Assets Being able to save money in a Roth account, whether in a company retirement plan or an IRA, has great benefits. You invest money, hopefully that money grows, and when you use it during retirement you don’t pay...
We have a lot of parents that ask us if they are allowed to establish a Roth IRA on behalf of their son or daughter. You can, as long as they have earned income. This can be a very powerful wealth accumulate strategy for your children since all of the accumulation...
If your spouse passes away and they had either an IRA, 401(k), 403(b), or some other type of employer sponsored retirement account, you will have to determine which distribution option is the right one for you. There are deadlines that you will need to be...
When you turn 70½, you must begin taking required minimum distributions (RMD) from your pre-tax IRA’s and unless you are still working, your employer sponsored retirement plans as well. The IRS forces you to take these distributions whether you need them or...
If you inherited a retirement account or IRA from someone other than your spouse, you have to take action before December 31st of the year following the person’s death, otherwise your options will be limited and you could be facing a huge tax liability. Deadline To...
