Seventy may be the new sixty — but not where the Internal Revenue Service is concerned. People who turned 70-1/2 last year must begin taking required annual withdrawals from their tax-deferred retirement accounts no later than Friday. Yet it seems that some of these seniors didn’t get the memo. Fidelity Investments reports that nearly half [...] [...more]
Talk about an easy lay-up shot. Buried in President Obama’s 2013 budget is a proposed tax break that would make retirement easier to manage for half of America’s seniors – at very low cost to government coffers. The administration proposes exempting seniors from the rules requiring them to take distributions from tax-deferred retirement accounts starting [...] [...more]
The year is closing out with a handful of retirement planning tips stacked up on my desk that I want to pass along. Here are some important odds and ends to keep in mind as you consider your moves for 2011: –The tax deal makes Roth conversions easier to fund. The two-year extension of Bush-era [...] [...more]
Q: I opened a Roth IRA about 15 years ago before I married my present husband and I’ve contributed a little to it over the years. Now that I’m retired and no longer bringing in any income, can I still contribute to my Roth IRA? If so, are there any special stipulations I should be [...] [...more]
A recent IRS ruling opens up a new window for investors to suspend their required minimum distributions (RMDs) from retirement plans and IRAs this year. RMDs were suspended for 2009 under legislation intended to provide relief to investors battered by the market crash. The idea was not to force investors to pull funds while holdings [...] [...more]
