Divorce, IRAs, and a Twist
Many times when individuals divorce the IRA is split between the spouses. This is done through the divorce decree or separation agreement. An IRA is never split using a qualified domestic relations order (QDRO). That is only used for splitting employer plans, such as...What If You Could Pay Health Care Costs in Retirement with Tax-Free Dollars?
As medical expenses continue to increase, planning for them in retirement takes on greater importance. One approach is to shift thinking of the Health Savings Account (HSA) as an account to defray medical expenses annually to an account with pre-tax dollars and...How Your Inherited IRA is Taxed
Have you inherited an IRA? What type of IRA is it? Your answer will matter a lot when it comes to your tax bill. Inheriting a traditional IRA will have very different tax consequences than inheriting a Roth IRA. Consider the following example. Let’s say Tom named his...Extreme Lack of Diversification Could Add to Retirement Crisis Balance Gained By Considering Alternative Financial Products Like FIAs
The retirement crisis has become a topic of conversation in the United States, and while its actualization is still widely debated, there is no doubt Americans need to take additional steps in order to ensure a financially stable retirement – one that allows them to...Retirement Plan Checks and 60-Day Rollovers
Generally, when you receive a check from your IRA custodian or employer plan, you have 60 days to rollover the funds to another retirement account, either an IRA or an employer plan. As with most retirement plan rules, this rule comes with two exceptions – one good...Avoid Penalties and Fees by Learning These Rules: Today’s Q&A Mailbag
This week’s Slott Report Mailbag looks into QCDs, RMDs, Rollover IRAs and Recharacterizations. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I put $5,500 in my new Roth...Social Security tips for singles
Not married? Here are strategies to help you maximize your Social Security benefits. Key takeaways ✔ The longer you delay Social Security, the higher your monthly benefits. ✔ Divorced: Your benefit can be based on your ex-spouse’s work history. ✔ Widowed: Consider...Options for a Spouse Beneficiary – Remain a Beneficiary or Retitle to Your Own Account?
Warning! The options described here are for spouse beneficiaries named on the beneficiary forms of IRA accounts. Non-spouse beneficiaries and spouses who inherit through an estate have a different sets of rules. Your spouse has died and you are named the beneficiary...5 Retirement Savings Strategies for Younger Workers
No one can argue that the millennial generation faces big challenges when it comes to savings. Younger workers are dealing with record setting student loan debt, high housing costs and stagnant wage growth. It’s hard to save for retirement when you are worried about...Avoid Accidentally Making a Prohibited Transaction: This Week’s Q&A
This week’s Slott Report Mailbag examines TDAs, IRAs, and prohibited transactions. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I am a retired New York City educator...