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The following link/content may include information and statistical data obtained from and/or prepared by thirdparty sources that Wealth Personal, deems reliable but in no way does Wealth Personal guarantee its accuracy or completeness. Wealth Personal had no involvement in the creation of the content and did not make any revisions to such content. All such third-party information and statistical data contained herein is subject to change without notice and may not reflect the view or opinions of Wealth Personal. Nothing herein constitutes investment, legal or tax advice or any recommendation that any security, portfolio of securities, or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Wealth Personal, execution of required documentation, and receipt of required disclosures. All investments involve risk and past performance is no guarantee of future results.
7 Things to Know About Working While Getting Social Security
If you claim benefits early, income from work can reduce your monthly payments “Retirement” used to be synonymous with “not working.” Not anymore. More than a quarter of U.S. adults ages 65 to 74 are still in the workforce, according to the federal Bureau of Labor...
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New Rule: All IRA RMDs Must Be Satisfied Prior to Doing a Roth Conversion
By Andy Ives, CFP®, AIF® IRA Analyst Yes, you read that title correctly. This rule was confirmed in the 2024 final SECURE Act regulations, released this past July. If a person has multiple IRAs, even if they are held at different custodians, the total...
Trusts as the Beneficiary and Inherited IRAs: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: Hello, I’m working with a retired client who has a sizable IRA. He set up a trust and named it as the beneficiary of the IRA, assuming that the trust would reduce or eliminate the income tax liability. Is this the...
Turn Your Clocks Back, and Pay Attention to the Roth IRA Clocks
By Ian Berger, JD IRA Analyst Don’t forget to turn your clocks back this weekend! With that reminder comes another: pay attention to the Roth IRA distribution clocks. The key point to remember is that there are two different clocks, each used for a different purpose....
3 IRA Tasks to Complete by the End of 2024
Sarah Brenner, JD Director of Retirement Education The year 2024 has flown by and the holidays season will soon be upon us. That means time is running out on year-end IRA deadlines. You will want to be sure to get the following three IRA-related tasks done...
The Zombie Rule
By Andy Ives, CFP®, AIF® IRA Analyst This article is NOT about the “ghost rule” applicable to non-living beneficiaries. That payout rule applies when a non-person beneficiary (like an estate) inherits an IRA when the original owner died on or after his required...
Nuances of NUA
We have written about the net unrealized appreciation (NUA) tax strategy many times. Generally, after a lump sum distribution from the plan, the NUA tactic enables an eligible person to pay long term capital gains (LTCG) tax on the growth of company stock that...
The 10-Year Rule and Required Minimum Distributions: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: Good afternoon, If a client passed this year with four adult children inheriting equally, and each beneficiary is using the 10-year rule, how do they determine yearly required minimum distribution (RMD)...
Tax Filing Relief and Retirement Account Withdrawal Options for Hurricane Victims
By Ian Berger, JD IRA Analyst Victims of Hurricane Helene have at least a glimmer of good news when it comes to their tax filings and ability to withdraw from their retirement accounts for disaster-related expenses. The IRS usually postpones certain tax deadlines for...
Final Regulations Allow Separate Accounting for Trusts
Sarah Brenner, JD Director of Retirement Education The recent final required minimum distribution (RMD) regulations include a new rule change that may be beneficial for IRA owners who name trusts as beneficiaries. In the new regulations, the IRS allows separate...
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