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Distributions from Roth IRAs must follow a specific set of ordering rules so that the taxation (or non-taxation) is correct. The post Ordering Rules for Roth IRA Distributions appeared first on Gettin...
In this episode, we tackle Richard’s question about why it might make sense to use IRA (non-Roth) accounts first to pay for long-term care expenses. We’ll explain the reasoning behind this...
Today, we’re opening up the mailbag and answering some retirement questions we get from our listeners and clients. George says he has all of his retirement savings in one IRA. Should he move som...
I have one Ira that was made from a 401(k) rollover when I retired. I am working part time to supplement my income. My question, is I have about 90% of the Ira in ETFs and 10% in the money market opti...
I'm 67, retired, good income from various sources. I have a pretty significant IRA I haven't touched. Really don't anticipate tapping into it for several more years, possibly only when required minimu...
New SECURE 2.0 Act rules have kicked in to reshape distribution and taxes for inherited IRAs and retirement plans. Read on for strategies to help beneficiaries....
When it comes to retirement plans for self-employed physicians or those with side gigs, two popular options are the SEP-IRA ... Read more...
Optimize your IRA and 401(k) strategies with these key tax-saving tips for year-end planning....
You might want to convert all of your savings to a Roth in one go, but you could end up paying hundreds of thousands more in taxes than you have to....
There’s a host of under-the-radar rules beneficiaries need to know to minimize taxes and penalties and maximize the benefits of inherited IRAs....
Low-income retired couples with less than $3,000 in assets can get Medicaid to supplement their Medicare insurance or pay for a nursing home. This asset cap, set by state governments, mainly applies t...
Including a Roth IRA in your estate plan has clear tax advantages, which can be passed along to your heirs for years to come. But if passed down incorrectly, your heirs won’t reap the full benef...
One of the biggest reasons I was against contributing to a Roth IRA is my belief that most people won’t make more money in retirement than while working. As a result, they’re unlikely to p...
Don't get hit with a big tax bill thanks to an inherited IRA. Learn the rules and save....
If you set up a 529 education plan for your children or grandchildren that is no longer needed for education expenses, there is a new game in town....
You really can defer RMDs and lower taxes while at the same time increasing the long-term growth of your IRA. Here's how....
If you own a business and have young children, here’s a tip with the potential to transfer wealth to the next generation tax-free....
From IRA contributions to Social Security COLAs and the standard deduction, several changes are headed our way. Get ready to make the most of them....
My brother and I are working to develop a retirement plan. Our working class parents never really saved for retirement (my mom worked until my dad died), so our expertise in this area is fairly low. N...
Toys come and go, but opening a Child IRA allows you to give the gift of a lifetime. Here’s what you need to do....
We answer a question from a 44-year-old Pittsburgh bus driver earning over six figures annually who maxes out a Roth IRA, contributes 10.5% to a 457 plan, and is covered by a pension. He owns five ren...
Many people are surprised and shocked when they learn what happens when retirement account owners neglect simple details about the tax code and their accounts....
Learn about distribution rules for inherited IRAs and learn how to strategize your distributions for your financial goals. The post Have an Inherited IRA? Here is Your Guide to Strategizing Required W...
I'm 67, and will have to start taking out RMDs from my IRA account at 73. This will give me a big tax hit at that time and subsequently. I was thinking I could pull out $50K/year from the IRA for the ...
While many retirees own an IRA and a home, very few are considering how they could work together in a plan for retirement income....
What do you do with the pennies your money earns between the contribution and conversion to a Backdoor Roth IRA? Not much. The post Pennies and the Backdoor Roth IRA appeared first on The White Coat I...
An IRA or 401(k) can help you supercharge your retirement savings. We'll help you pick one or opt for both....
Should I try to keep my IRA spend down such that my year-end value stays the same every year, goes up with inflation, or draws down to leave just a small amount at the end of my life expectancy. I und...
Your traditional IRA has served you well, but when your heirs inherit it, watch out. Consider some of these strategies to minimize their tax burdens....
Ever since I started saving for retirement in 1999, I’ve been a proponent of tax-deferred retirement vehicles like the 401(k) and skeptical of tax-now vehicles like the Roth IRA. Working in bank...
An IRA could be useful to restrict certain inherent rights that are required within qualified retirement plans covered by ERISA. The post Using An IRA Rollover to Eliminate Federal Spousal Rights appe...
Inherited IRAs often incur unnecessary taxes because heirs don't know some key rules....
Given that only about half of private sector workers are covered by an employer-sponsored plan at any given time, 16 states have launched – or are in the process of launching – auto-IRA pr...
The IRS announced changes to retirement contribution limits to help workers boost their retirement savings with cost-of-living adjustments. Whether you’re saving through a 401(k), IRA, or anothe...
Think you might want to open a Roth IRA? Roth IRAs offer tax-free growth of your investments and no RMDs, but income limits are low and you have to wait to withdraw earnings....
Financial advisors, tax professionals and their clients will need to make careful planning decisions about claiming Social Security benefits and starting distributions....
A complex mixture of new or expiring laws, intersecting retirement planning questions and the threat of so-called stealth taxes could add up to a highly beneficial strategy....
Many Americans are potentially missing out on retirement savings by falling victims to the 401(k) to IRA rollover cash trap. According to Andy Reed, head of investor behavior research at Vanguard, &ld...
Planning for a financially secure retirement is crucial. One effective strategy is to invest in a Gold IRA. A Gold IRA, or Precious Metals IRA, is a unique investment vehicle that allows you to divers...
The amount individuals can contribute to 401(k)s in 2025 has increased by $500 to $23,500, but the IRA limit remains $7,000....
IRS inflation adjustments typically mean higher contribution limits for the new year....
I have an outstanding collection of resources on a variety of topics this month. We’ll explore financial planning concepts including Roth IRA conversions, building bond ladders, and performing 5...
I am 52 and I am always thinking ahead. Hypothetically, let's say I have $1 million in a traditional IRA and I get laid off this Fall (before 2025). If I don't earn income in 2025, why would I not tra...
I am considering retiring for a second time in a year from now with a fairly small (currently $38k) 401k, after 10 years at my current employer. My wife has already stopped working and left her 401k (...
The first Secure Act was a "game-changer for IRAs and Roth IRAs," according to a retirement expert. Here's the compelling case for paying taxes sooner....
To navigate complex rules on inherited IRAs and RMDs, start by breaking down key terms and common scenarios. A clearer picture of your next steps will emerge....
Some 401(k)s allow for in-service withdrawals at age 59½, opening up greater investment options. Here are three reasons for taking the plunge....
How much money have you saved in your IRA or 401K? Making contributions to one of these tax-deferred retirement accounts is easy. But withdrawing this money in retirement… gets complicated.&hel...
In recent years, 16 states have launched or are preparing to launch auto-IRA programs that require employers without a retirement plan to auto-enroll their workers in an IRA. Although studies have beg...
A SIMPLE IRA through a small employer is often set up with an expensive broker. Roll it over to a Traditional IRA after two years. Learn the Nuts and Bolts I put everything I use to manage my money in...