Results for "individual retirement accounts (IRAs)"

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Investors staged last-minute rush to Roth IRAs

January 23, 2011

Affluent clients of two large financial services companies converted billions of dollars held in conventional IRAs to Roth IRAs in 2010, particularly at the end of the year. Bank of America Corp., which executed more than 56,000 conversions...

Guidance expected on Roth rules

November 7, 2010

Federal regulators soon will issue eagerly sought guidance to aid employers that want to amend their 401(k) plans to allow participants to roll over account balances into a Roth 401(k) plan. That rollover feature was included in a small-business...

Congress gives Roth 401(k)s new life

January 20, 2013

As the curtain came down on 2012, most investors assumed that with it went the best opportunity for Roth conversions. The general expectation was that higher tax rates this year would make Roth conversions less attractive for a broad swath of...

Moneytree Software introduces Roth IRA conversion, other tools

February 15, 2010

Many of the vendors in the financial planning space have issued updates to their software or introduced entirely new Roth IRA conversion calculators in the last year. Now Money Tree Software has expanded the Roth Conversion Analysis model in...

White House backs Roth IRAs as default pension investment vehicle

February 7, 2010

Retirement savings for workers automatically enrolled in individual retirement accounts under the administration's fiscal 2011 budget proposal would be invested in Roth IRAs — unless they specifically chose a traditional IRA. That detail about...

Lord Abbett offers discounts on IRAs

January 10, 2010

Lord Abbett & Co. is offering discounts to clients who open an individual retirement account by April 15. The mutual fund company said that it will waive its $10 annual custodial fee for such accounts and will pay FedEx shipping charges for...

Efforts to help gig economy workers save for retirement gaining ground

July 10, 2018

With a sizable portion of American workers doing temporary, contract or on-demand work, the pressure is on everyone — companies, policymakers, the retirement industry and workers themselves — to figure out ways to make them better prepared...

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...

IRS more lenient on 60-day rollover

September 25, 2016

"IRS to the rescue!” is not a phrase you hear too often, but that's exactly what happened for millions of people with retirement accounts. On Aug. 24, the IRS released Revenue Procedure 2016-47, which provides a new and cost-free way for clients...

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...

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...

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,...

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...

Can inherited IRAs be split in a divorce?

July 16, 2018

Can an inherited individual retirement account be split in a divorce? No one knows for sure, but it's already happening. This is a new phenomenon, and it may signal a developing trend in future divorce agreements, especially in light of the...

Don't assume the Roth IRA is beyond the reach of the tax man

March 29, 2016

Do senior voters carry enough weight to keep the tax-free status of the Roth IRA intact? Even if they leave the tax-free status alone, there are several ways Congress could go after that giant pile of money. Congress has the legal power to change...

Majority of retirees roll funds out of 401(k) plans

March 15, 2016

Back in 1982 when leading edge baby boomers were in their 30s and launching their careers, a British punk rock group called The Clash released their only hit single, “Should I Stay or Should I Go?” Today, more than 30 years later, many of...

Track dates to save clients from new, big IRS fees

January 31, 2016

The IRS has increased its fees to request private-letter rulings (PLRs) for extensions upon missing two common retirement deadlines: 60-day rollovers and Roth recharacterizations. Effective Feb. 1, 2016, fees for requesting PLRs to extend the...

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...

Beware the early distribution penalty

December 20, 2015

Withdrawals before age 591/2 from plans and IRAs that are used to pay medical bills are generally exempt from the 10% early distribution penalty. But not all medical expenses qualify. In a recent tax case, early IRA withdrawals used to pay medical...

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...

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