Author - jim@blankenshipfinancial.com (Jim Blankenship)

1
Rolling Over Your Roth 401(k)
2
3 Ways of Dealing Without Recharacterization
3
Talking to the Social Security Office
4
How to Check Your Social Security Benefits
5
No, You Can’t Contribute Stocks to Your IRA

Rolling Over Your Roth 401(k)

Roth 401(k) plans have been around for a while now, but here’s something you want to keep in mind about these accounts. When you leave your employer, generally speaking, you should always rollover your Roth 401(k) to a Roth IRA. There may be a few exceptions, but that’s the general advice. This is primarily due to the Required Minimum Distribution (RMD) requirement that is placed on Roth 401(k) accounts… unlike a Roth IRA, the owner of a Roth 401(k) is required to take minimum distributions (RMDs) beginning at age 72, just like traditional 401(k) and IRA plans. Therefore, at some… Read More

3 Ways of Dealing Without Recharacterization

As of the passage of the Tax Cuts and Jobs Act of 2017, recharacterization of a Roth IRA conversion is no longer an option. What can you do to now, to simulate the benefit had by recharacterization of a conversion?

It should be noted that regular contributions to a traditional or Roth IRA can still be recharacterized – it’s only a traditional IRA-to-Roth IRA conversion that is disallowed.

If you recall, the primary reason that you would want to recharacterize is if you converted funds and then, by the time you pay the tax, the holdings that you converted have …

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Talking to the Social Security Office

I often recommend talking to the Social Security Administration (SSA), either at your local office or on their hotline, to review your particular situation.  But this advice comes with a caveat… you need to know as much as you can about your options, and what you are entitled to do, so that you are well-armed when you speak with the SSA.

This is because the SSA representatives’ default advice is often to recommend the option that provides you the largest benefit today. The reason for this may be because it is in the SSA’s best interest for you to …

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How to Check Your Social Security Benefits

A reader of this blog recently suggested that it might be helpful to include an article on how to check up on your Social Security benefits. Long ago, we used to receive a paper statement of Social Security benefits in the mail each year, but that has changed. Now, you might receive a mailed paper statement right around your 60th birthday, but it’s very simple to check your benefits at any time via Social Security’s website.

It’s quite simple to check out your up-to-date information in the Social Security system – at least the retirement estimates. Simply go to the …

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No, You Can’t Contribute Stocks to Your IRA

Have you ever wondered – “Hey, I have this taxable stock account with my favorite stock (or mutual fund, or bond, or CD, or what-have-you). Can I just transfer the stock over to my IRA as an annual contribution?”

In a word, NO. Contributions to IRAs are only allowed in cash. In order to complete the contribution, you’d have to liquidate the security holding, paying any tax on capital gains, and then use the cash proceeds to make your contribution.

The reason for this is simple – if you contribute the actual stock to an IRA from an account that …

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