As people decide what they should do to benefit their spouses and families, considering life insurance in retirement can help protect, build and transfer wealth in one of the simplest ways possible.
If you miss the deadline for taking an RMD, you’ll be hit with a tax penalty. If you’re retired or have inherited a retirement account, you must take your required minimum distributions by December 31.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
Everyone’s heard the stories of celebrities who died without a proper estate plan in place. It’s been a hot topic in the last few years with Prince and Aretha Franklin serving as unfortunate faces of the phenomenon. However, it’s not just freewheeling entertainers.
If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you are doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These IRS inherited IRA rules will vary, depending on who has passed away, and who is inheriting the retirement accounts.
Roth IRAs are powerful and flexible financial planning tools. They are also complex. As a result, many people aren't familiar with all aspects of a Roth IRA.
If Congress gets its way, you’re going to lose the opportunity to help your children build wealth, and at the same time, they could end up in higher tax brackets for years.
Once your money is in a retirement account, it’s there until you’re ready to use it, right? Not exactly.
There is nothing wrong with letting your inheritance sit, until you have explored all of your options and have a full understanding of how a windfall can affect your personal taxes.
Some people start preparing for retirement as soon as they get their first part-time jobs in high school. Others wait until they pay off their largest bills, like house loans, car loans and student loans.
