A Roth conversion involves liquidating assets in a tax-advantaged account like a traditional IRA or 401(k), paying taxes on the withdrawal, and then funding a Roth IRA. In the short run, investors will pay taxes (more on that below).
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.
Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
It’s generally a bad idea to name a trust as beneficiary of your IRA.
Though Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.
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