Results for "individual retirement accounts (IRAs)"

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Bill would allow tax-free 401(k), IRA withdrawals to buy long-term care insurance

November 21, 2019

A bill currently being discussed in Congress would allow retirement savers to tap assets held in 401(k) plans and individual retirement accounts tax-free to buy long-term care insurance, with the aim of making the insurance more affordable and...

Financial wellness? Better off getting back to basics

November 9, 2019

Plan design for 401(k)s is falling short, and record keepers shoulder some of the blame, according to some executives at retirement plan record-keeping and administration firms, who say that record keepers have the means to fix some of the problems....

IRS raises 2020 401(k) contribution limit to $19,500

November 6, 2019

On Wednesday, the Internal Revenue Service announced cost-of-living adjustments for 2020 to its limits on contributions to retirement plans. The agency's limit on annual employee contributions to 401(k)s, 403(b)s, most 457 plans and the federal...

Millennium Trust introduces retirement savings suite for small businesses

October 11, 2019

Millennium Trust Co. has a new suite of affordable benefits and retirement tools that small business owners can offer in lieu of a traditional 401(k). Employers can use Workplace Savings Solutions to choose from a variety of types of individual...

The most misunderstood Roth conversion tax rule

October 8, 2019

Once Roth IRA funds have been held for five years and the Roth owner is 59½ years old, there are no more tax rules to know because all distributions will be tax- and penalty-free forever, including distributions to beneficiaries. These distributions,...

Factors to consider before taking a pension buyout

October 7, 2019

General Electric is the latest company to offer a pension buyout to former employees as it tries to shore up its pension plans, which were $27 billion underfunded as of year-end 2018. The company is offering lump-sum payments to 100,000 former...

Trump wrong to challenge workplace savings plans

September 28, 2019

Virtually everyone who looks at the numbers agrees that America faces a retirement crisis. Simply put, most Americans have not saved enough to generate the income they will need to support themselves for the many, many years when they are no...

Three Roth conversion traps that should be avoided

September 24, 2019

Roth conversions can add a lot of value to a retirement income plan. Advisers can control when Roth conversions take place, and therefore can be strategic and do conversions in years when tax rates for a particular client might be lower than...

Funding an HSA with an IRA

September 17, 2019

Millions of Americans fund a health savings account each year. If the account is through their employer, it's likely funded through automatic payroll deductions. But most people aren't aware of a rule that lets them fund an HSA with their individual...

Rollovers are all bad! Use only direct transfers

September 5, 2019

"When you throw the ball, three things happen and two of them are bad." — Attributed to Woody Hayes (maybe); could also be Darrell Royal, Bernie Moore, or even Gen. Robert Neyland, no one really knows "When you do a rollover, three things...

Opening an IRA just for alternative investments

August 30, 2019

With market volatility picking up as stocks hover near record highs, at least one platform is hoping to tap into investor fears by offering direct access to alternative investments in retirement accounts. Nashville, Tenn.-based Alto Solutions...

5 reasons to keep some funds in traditional IRAs, even for Roth IRA lovers

August 19, 2019

Should clients convert all of their individual retirement accounts to Roth IRAs? The long-term benefits of tax-free accumulation and no lifetime required minimum distributions make a persuasive case to go all in on the Roth IRA. However, even...

Convergence of retirement and wealth management is next 'battleground'

July 20, 2019

Brokerage executives and financial advisers see the convergence of wealth management and the retirement business as a major moneymaking opportunity, and are implementing measures to capitalize on it. This convergence, which sees wealth managers...

3 aspects of retirement affected by divorce

July 15, 2019

Divorce rates for people age 50 and over have doubled since 1990, according to the Pew Research Center. Divorce can have both positive and negative impacts on happiness and finances. Michael Finke, chief academic officer of the American College...

The SECURE Act: Completing an unfinished masterpiece

July 12, 2019

Congress is considering legislation that could ensure dignified retirements for millions more Americans. The House of Representatives recently passed the Setting Every Community Up for Retirement Enhancement Act, which builds on the best elements...

Why healthy clients need to save more for retirement

July 8, 2019

Here's a counterintuitive thought: Healthy clients are likely to have higher medical costs in retirement than their less-healthy counterparts. Why? Because they are likely to live longer than average, and health-care costs tend to increase at...

Congress members ask GAO to study fallout from death of DOL fiduciary rule

June 24, 2019

High-level Democrats in the Senate and House of Representatives have asked a congressional watchdog to study the fallout from the now-defunct Department of Labor fiduciary rule, including the regulation's effect on a wide range of business practices...

Reg BI: How rollovers are changing under the new SEC rules

June 20, 2019

The Securities and Exchange Commission in early June made the most significant changes to investment-advice standards in more than two decades — and rollovers were no exception. Regulation Best Interest imposes a new standard for brokers,...

4 strategies for Roth conversions

June 13, 2019

The time is ripe to convert traditional, pretax retirement accounts to Roth-style accounts. Low individual tax rates by historical standards and a pending reversion in 2026 to the higher rates that preceded the new tax law make this an opportune...

IRA trusts could become an estate planning disaster

June 11, 2019

The new SECURE Act that was passed overwhelmingly by the House in a 417-3 vote on May 23 contains a provision to eliminate the stretch IRA and replace it with a 10-year payout for most non-spouse beneficiaries, including trusts. Stretch IRAs...

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