Results for "individual retirement accounts (IRAs)"

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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,...

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...

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...

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...

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...

Finra bars former Allstate broker for using employee's IRA money

August 28, 2019

The Financial Industry Regulatory Authority Inc. has barred former Allstate Financial Services representative Kari Ann Buckles for keeping money she had promised to deposit into an IRA account for an employee. [More: Finra department alleges...

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...

Women in two-income households face greatest retirement risk

July 16, 2019

For years, I've been writing about the retirement challenges that women face as a result of their longer average lifespans, lower lifetime earnings and the fact that most women end up alone as a result of divorce, widowhood or never having married....

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...

Top reasons to file a tax extension

April 2, 2019

With less than two weeks to go before the annual April 15 tax-filing deadline, many people are still gathering the necessary financial records or scrambling to come up with the cash needed to pay their tax bill. But neither excuse is a sufficient...

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...

What happens during the 60 days stays in the 60 days

May 8, 2019

A lottery ticket retirement strategy failed to produce results. In a desperate attempt to pay his debts and stave off bankruptcy, Richard Jones withdrew $50,000 from his IRA and spent $30,000 on lottery tickets. He lost the $30,000 and, within...

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...

Rollovers and retirement plans: The impact of the SEC's new rules

June 7, 2019

The race is on to help shape the Department of Labor's harmonization with the Securities and Exchange Commission's package of advice rules. The starting gun was fired with the SEC's 3-1 vote on Wednesday to adopt the series of rules that redefine...

Be sure your clients use nondeductible IRA contributions correctly

March 14, 2019

Back in the day, being a good financial adviser meant building a portfolio that provided investors with a maximum return for the minimum level of risk. Now the role of an adviser has evolved to offering thoughtful advice and guidance on a wide...

Small businesses face a big retirement challenge

July 17, 2018

Here is an amazing statistic: Small businesses account for 99.7% of all U.S. firms and employ more than half of all American workers, according to the Small Business Administration. Collectively, small businesses drive the economy, but many...

How to replicate a stretch IRA

May 28, 2019

The end of the stretch IRA is nigh, and that's bad news for clients of financial advisers. The good news: There are ways for advisers to simulate the benefits of a stretch IRA. The term "stretch IRA" refers to an individual retirement account...

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