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Monday, May 22, 2017

This week's blog looks into 72(t) payments, CD-IRAs, and the once-per-year rollover rule. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. Question: I have...

 

Wednesday, May 10, 2017

Successfully managing a financial windfall We’ve all heard the stories. If not first hand, at least in various news reports and anecdotes. Some “lucky” person picks the winning numbers, prances before the cameras in...

 

Tuesday, February 28, 2017

This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and RMDs when you are still working. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and...

 

Monday, February 27, 2017

Required minimum distributions (RMDs) must begin from most of your retirement accounts at age 70 ½. But it is not as easy as just looking at when you are 70 ½. First of all, it is not when you actually turn 70 ½....

 

Tuesday, February 7, 2017

Generally, the goal when naming IRA beneficiaries is that they will stretch out their distributions on the inherited IRA for as long as possible. The tax code and regulations currently support this goal by stating that the stretch...

 

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Thursday, January 12, 2017

This week's blog question and answer section looks into RMDs, Roth IRAs, and "still working" provisions. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure....

 

Wednesday, December 21, 2016

This past summer the IRS had good news for those who missed the deadline for a 60-day retirement account rollover. The IRS will allow your late rollover to be accepted if you provide the receiving financial institution with a...

 

Friday, December 9, 2016

Jenny has a 401(k) plan at work and she has an IRA. Jenny is 72 but is still working. Her employer plan has a “still working” exception so Jenny does not have to take required minimum distributions (RMDs) from her plan....

 

Tuesday, November 29, 2016

Fall is in the air and the holidays are just around the corner. For many retirement account owners, this means that an important deadline is approaching. Most of those who are 70 ½ or older will need to take a 2016 RMD by...

 

Monday, October 10, 2016

According to the US Census Bureau, approximately 800,000 people are widowed each year in the United States, and “nearly 700,000 of them are women who lose their husbands.” One of the greatest economic challenges for a...

 

Friday, September 23, 2016

A Simplified Employee Pension (SEP) is an employer sponsored retirement plan where contributions are made to employees’ IRAs. Don’t be fooled by the name! Although these plans are in fact designed to be...

 

Friday, August 26, 2016

In order to make an IRA or Roth IRA contribution, you must have “compensation.” What exactly is the definition of compensation for IRA purposes? By far the most common form of compensation is wages. Wages, salaries, tips,...

 

Tuesday, July 26, 2016

An HSA has been described as offering triple tax benefits. One, contributions are deductible. Two, there is no taxation on funds while they are in the HSA and, three, distributions taken for qualified medical expenses are tax-free. Not...

 

Thursday, July 7, 2016

Question: I was going to do a stretch IRA for my children. I am 78 and my wife is 75. We started RMDs several years ago. My financial advisor said we did not need to do a stretch because since we had already started receiving RMD, so...

 

Friday, June 24, 2016

Escheatment ain't what it used to be! The legal theory of escheatment dates all the way back to feudal England where land that was held by a person with no heirs or by someone committing a felony could revert back to the King. Over...

 

Friday, May 20, 2016

Most people are aware by now that Prince, the performer, passed away recently at the age of 57. So far, no one has been able to locate his will. Unlike most of us, Prince had a huge amount of assets held personally, in his own name....

 

Tuesday, May 3, 2016

For many Americans, the assets in their Individual Retirement Account represent a significant portion of the wealth they hope to leave to their loved ones. You may have heard that creating a trust and naming it as the beneficiary of...

 

Friday, April 1, 2016

In today's blog we answer questions on how to take a required minimum distribution (RMD) prior to taking a Roth conversion and provide guidance on whether a spouse with no taxable compensation can make an IRA contribution. Question 1....

 

Thursday, March 24, 2016

After 18 years in the National Football League, the Denver Broncos’ star quarterback, Peyton Manning, is calling it quits after a very successful career. We wish him well and hope that he’s made the preparations needed to enjoy a long,...

 

Tuesday, March 22, 2016

When you take a distribution from your traditional IRA, you will owe taxes in most cases. Uncle Sam wants to be sure those taxes are paid. The good news, however, is that there is a lot of flexibility when it comes to withholding on...