Results for "individual retirement accounts (IRAs)"

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Tax reform: Retirement industry dodges bullet as Senate and House bills advance

November 17, 2017

The retirement industry can breathe a collective sigh of relief today as the House and Senate tax bills advance in their respective chambers. Despite all the doomsday talk relative to setting strict limits on pre-tax 401(k) contributions and...

IRS raises 2018 contribution limit for qualified plans to $18,500

October 19, 2017

The Internal Revenue Service has raised the contribution limits for employees who participate in 401(k), 403(b) and most 457 plans to to $18,500 in 2018, up from the current limit of $18,000. The IRS also increased the income ranges for determining...

Trump administration targets class-action right in DOL fiduciary rule, but other legal avenues could remain for investors

August 31, 2017

Even before the Labor Department has finished its review of its fiduciary rule, the Trump administration has made clear that it is targeting a part of the measure that would make it easier for investors to pursue class-action lawsuits against...

Retirement benefits for military families

September 14, 2017

Veterans Day is coming in November, and there are retirement benefits for current military members who could use financial help. Financial advisers should pass this information on to clients and friends who might benefit from one of these retirement...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

Thank Richard Thaler for that bigger nest egg

October 10, 2017

If you have a 401(k) plan at work, there's a good chance that you're saving more for retirement because of Richard Thaler. The Nobel Prize for economics tries to recognize important research with far-ranging consequences — but Thaler, awarded...

Where states stand with their retirement plans

September 2, 2017

(Hover over to view details) Source: Georgetown University Center for Retirement Initiatives. Data as of August 2017. *Massachusetts' prototype plan is similar to a multiple employer plan, but the degree of state involvement is less

DOL fiduciary rule: Transfers of IRAs in the new fiduciary world

July 18, 2017

Advisers to plans, participants and individual retirement accounts are now fiduciaries under the Department of Labor's new regulation and prohibited transaction exemptions. As a general statement, any investment recommendation will be fiduciary...

Grad students could fund IRAs with stipends under Senate bill

June 19, 2017

A bi-partisan Senate bill that would allow funds from a graduate student's stipend or fellowship to be deposited into an Individual Retirement Account has been introduced by Elizabeth Warren (D-Mass.), Mike Lee (R-Utah), Ron Wyden (D-Ore.) and...

Military benefit allows widows to put $500K into Roth IRA at once

June 26, 2017

Financial advisers working with members of the military often need military-like precision and knowledge of the special circumstances facing service members to help them avoid costly missteps. Last year, Christy Raines, owner of Azimuth Wealth...

Planning Roth conversions during tax reform uncertainty

June 23, 2017

What will 2017 or even 2018 tax rules look like? Going into summertime it's starting to look like any major tax reform may not be effective until 2018. One thing is for sure, though: Roth conversions will be affected, both the conversions already...

Dividing retirement assets when divorcing abroad

September 25, 2017

The millions of Americans who live and work outside of the United States face unique and challenging planning issues due in large part to their native land's unique tax policies on citizenship-based tax residency and the many special tax and...

The conundrum of state-run retirement plans

May 8, 2017

Last Wednesday, the Senate narrowly voted to overturn a Department of Labor policy that would help states offer retirement savings plans. The policy had created a safe harbor that essentially would have exempted states from complying with ERISA...

5 costly inherited IRA mistakes

May 12, 2017

Inherited individual retirement account mistakes are expensive and often fatal, meaning they cannot be fixed like some other IRA mistakes can. Advisers should have their antennas up when an IRA owner dies and leaves the IRA to a non-spouse beneficiary,...

Donald Trump vs. Bill Clinton: Same age, but different IRA rules

March 13, 2017

Both Presidents Donald J. Trump and Bill Clinton turned age 70 in 2016. They were both born in 1946 and are in the first group of baby boomers to be subject to the age 70 ½ required minimum distribution rules, assuming of course they both have...

Don't raid an IRA to pay for college

April 17, 2011

Overwhelmed by the wide range of potential savings vehicles for college, consumers often default to what they know, namely familiar retirement accounts. In fact, 24% of college savers use retirement accounts as college savings vehicles, according...

Using IRAs to reduce Medicare premiums

February 21, 2017

High-income Medicare beneficiaries who are age 70 1/2 or older can use a recent change in the tax code to reduce their Medicare premiums surcharges. Individuals whose modified adjusted gross income (MAGI), which encompasses all income including...

10 important client considerations with 401(k) rollovers

January 12, 2017

A tremendous amount of money flows from 401(k)s to IRAs every year through rollovers as individuals retire, switch jobs or just consolidate their wealth. Financial advisers are eager to serve this marketplace due to the opportunity involved....

Retirement fees could rise 200% post-DOL, Chamber of Commerce warns

May 30, 2017

The U.S. Chamber of Commerce, which lobbied against adoption of the Department of Labor's fiduciary rule for retirement accounts, has published a report highlighting the negative effects the new rule will have on retirement savers. The report...

4 ways to reduce RMD taxes

June 9, 2017

Required minimum distributions (RMDs) usually mean an increase in taxes. Here are four ways you can reduce this RMD burden for your clients. 1. Qualified charitable distributions (QCDs) QCDs should be in play for every IRA client 70 ½ or older...

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