Retirement Accounts

If you’re in your early 50s and have next to nothing saved for retirement, you're not alone. The Employee Benefit Research Institute found that more than a third of workers between the ages of 45 and 54 who responded, said they had less than $25,000 set aside for retirement, while more than a quarter of those 55 and older said…Read More

Investopedia’s recent article, “2 Ways to Reduce Taxes and Save More for Retirement,” provides two great ways to start accumulating more tax-free retirement savings: a Spousal IRA and a Backdoor Roth IRA Contribution. Spousal IRA. Under the usual situations, a person who wants to contribute to an IRA has to earn income.  However, there’s an exception, if you’re a non-working spouse. Your working spouse…Read More

Many retirement savers changing jobs, simply transfer funds directly from their previous employer's 401(k) into their new employer's retirement plan. They do this with a quick phone call to the new plan administrator.  However, in some cases, that's not always the best move. CNBC’s recent article, “New job? How to become a retirement-plan rollover champ,” explains that there's no blanket answer for every…Read More

Some baby boomers are thinking about starting a business in their retirement. However, retirement planning isn’t a priority for many entrepreneurs. Saving for retirement as a small business owner also isn't as easy, as being automatically enrolled in a company 401(k) plan. US News & World Report’s recent article, “7 Reasons Entrepreneurs Don't Save for Retirement,” examines some of the biggest mistakes entrepreneurs…Read More

A recent WTOP article asked, “Are you ready for 8,000 days or more in retirement?” The article notes that the years we spend in retirement are increasing, because we’re staying healthier and living longer. It’s not unlikely for those in their mid-60s today, to have a life expectancy of another 20 to 30 or more years. Along with this good news come the issues…Read More

How do you find an old retirement account that hasn’t been looked at in years? In a recent article, “How To Track Down That Lost 401(k) Or Pension,” Forbes notes that Americans have lost track of more than $7.7 billion worth of retirement savings in 2015 alone, by “accidentally and unknowingly” abandoning their 401(k) plans. With people jumping from job to job, they…Read More

You can designate a charity as the beneficiary of your IRA. When your pass away, the charity will receive those funds. When you die, the charity can show the bank a certified copy of the death certificate, fill out the proper forms and will be entitled to the IRA funds. Easy! There’s no need for the charitable organization to go…Read More

Beneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as a…Read More

Kiplinger’s article, “When to Take Your First Required Minimum Distribution From an IRA,” explains that when you must take your Required Minimum Distribution (RMD), depends on whether your birthday falls before or after July 1. It also depends on whether you want to use your option to delay taking your first withdrawal. Generally, you must begin taking your RMD from a traditional IRA…Read More

Bloomberg’s recent article, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” found that a majority of married women (56%) still leave major investing and financial planning decisions to their spouse, according to a report titled “Own Your Worth” by UBS Global Wealth Management. The study shows that it’s not just older women moving into the more traditional gender roles of their parents:…Read More