Category IRA

Required Minimum Distributions – What You Need To Know

Many types of retirement accounts offer enormous tax advantages.  For example, if you make contributions to an IRA or 401k, you may be able to deduct those contributions (i.e., not pay income taxes on the income you use to fund those accounts) now — and, instead, let the money grow — with no taxes due […]

Free Money! Which, sadly, only 25% of those eligible are taking…

Now that I have your attention, let’s try that again. Free Money! What we’re talking about here is the “Retirement Savings Contributions Credit”.  It was first created as part of the 2001 tax cut package called the “Economic Growth and Tax Relief Reconciliation Act of 2001” and was made permanent as part of the 2006 […]

2015 IRA, 401(k) and other retirement plan contribution limits announced

By law certain retirement plan limits get adjusted every year, not exactly tracking inflation (i.e., not by the CPI) but rather in “chunks” which approximate it. For 2015, the following limits have been announced: IRA Contributions (combined limit across Roth and Traditional): $5,500IRA Catch-Up Contributions (for folks over 50): $1000[Both unchanged from 2014 and, actually, […]

FINRA warns about 401(k) Rollovers – Let’s talk again about conflicts of interest!

  FINRA, the Financial Industry Regulatory Authority, is the securities industry’s self-reglatory organization.  They do the various test, deal with broker and advisor registration and monitoring, etc. And FINRA has recently started cracking down on advisors and brokers who are giving questionable advice to investors about how to deal with their 401(k)s and rollovers.  In […]

The Father of the Modern 401(k) Says It Fails Many Americans

<http://www.marketplace.org/topics/sustainability/consumed/father-modern-401k-says-it-fails-many-americans&gt; “Thus began the era of make-your-own-retirement.” The 401k wasn’t exactly an accident – it was intentionally put into the tax code.  But the blockbuster growth of it, and the way it’s supplanting the traditional pension more and more – that was not the original intention. Scott Tang at American Public Media (NPR) discusses the […]