Category - IRAs

1
How Obama’s 2015 Proposed Budget Impacts Retirement Accounts
2
All about RMD’s, The Required Minimum Distribution
3
IRA Options Between Ages 60 and 70
4
Using a Roth IRA for Retirement and Emergency Savings
5
Fixing An IRA With The “Wrong” Beneficiary

How Obama’s 2015 Proposed Budget Impacts Retirement Accounts

President Obama recently unveiled his proposed budget for 2015. Included in the proposal were the following potential changes to investor retirement accounts:

Apply Required Minimum Distribution Rule To Roth IRAs

There are currently two main reasons to invest in a Roth IRA – to pay taxes at your current rate in anticipation of being in a higher tax bracket in the future, and to invest in an account that does not require minimum distributions when the investor reaches age 70½. However, President Obama’s 2015 budget calls for Roth accounts to be subject to the same RMD rules as other retirement

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All about RMD’s, The Required Minimum Distribution

For many, once we reach the age of 70.5 IRA and other Qualified plans mandate a distribution so Uncle Sam can get his fair share of taxes. For some, RMD’s or Required Minimum Distributions occur even sooner.

What is an RMD ?

A Required Minimum Distribution (RMD) occurs most frequently for those turning age 70.5 with IRA or other Qualified (fancy word for never taxed $$) funds. In certain instances, as an example, if a stretch IRA has been commenced, in order to avoid taxes, any age person may be required to complete a RMD.

Why an RMD ?

Taxes, …

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IRA Options Between Ages 60 and 70

There are lots of articles around that speak to what you can and cannot do with your IRA before you reach age 59½, and more that address what you must or must not do with your IRA after you’ve reached age 70½.  But what can you do in the interim period?  Surprisingly, you have all the control you may wish for.

After you’ve reached age 59½, you are free to take withdrawals from your traditional IRA with no penalties.  You will have to pay tax on any withdrawal from the IRA, but otherwise there’s no downside to taking money out …

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Using a Roth IRA for Retirement and Emergency Savings

For a while now standard financial planning advice has been that you need emergency savings that would cover 6-12 months of expenses. And of course, all financial experts stress the importance of starting to save for retirement as soon as possible. If you are trying to decide whether to concentrate on building up your emergency savings or increase retirement savings, there may be away for you to do both.

The Seattle Times discusses how you can “use a Roth individual retirement account to kill two birds with one stone, because both an emergency fund and retirement savings are critical.”

Putting …

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Fixing An IRA With The “Wrong” Beneficiary

Quite often, for many different reasons (often known only to the deceased original owner), the original owner of an IRA designates a beneficiary that the survivors don’t necessarily agree with. It might be that only one of several children is designated, or perhaps additional beneficiaries are designated along with a spouse.  In cases like these, there are ways to make changes to the outcome of the inheritance.  In this article we specifically deal with the case where only one of four children was designated as the primary beneficiary of the IRA.

To resolve the situation, let’s consider the following IRA: …

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