If you anticipate inheriting a 401(k) from a parent, a spouse or someone else, it’s important to know your options for minimizing tax liability.
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).
Claiming Social Security before full retirement age (FRA) has consequences–namely, that you’ll get stuck with a lower monthly benefit for life.
The IRS is weighing a change that could leave your heirs poorer than you might hope.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Use these suggestions to boost the balance in your retirement nest egg.
The IRS has good news for retirees: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs).
Lawmakers in recent days took the first steps in ensuring that veterans receive a cost-of-living boost in their federal benefits later this year, introducing legislation that would guarantee the veterans’ checks see the same increase as Social Security payouts.
Claiming benefits past 70 can be a wise move for those who are able to. But keep in mind certain pitfalls if you decide to choose this option for receiving Social Security benefits.
Sometimes only taking the minimum IRA distribution can be a costly mistake. When deciding how much to withdraw this year, you need to consider the big picture. For some people, it makes sense to go big.
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