IRA

The Hidden IRA Trap that Could Wipe Out Your Retirement Overnight

Here’s something many seasoned investors don’t realize: even well-intentioned moves within an IRA can trigger devastating consequences—without warning. If an IRA owner, their family member, or any “disqualified person” benefits improperly from retirement account activity, that’s a prohibited transaction—and the repercussions are severe. The IRS views such actions as a violation of the IRA’s intended […]

The Hidden IRA Trap that Could Wipe Out Your Retirement Overnight

Here’s something many seasoned investors don’t realize: even well-intentioned moves within an IRA can trigger devastating consequences—without warning. If an IRA owner, their family member, or any “disqualified person” benefits improperly from retirement account activity, that’s a prohibited transaction—and the repercussions are severe. The IRS views such actions as a violation of the IRA’s intended […]

Maximize Your Retirement Savings in 2025

As we enter 2025, now is the perfect time to revisit your retirement savings strategy. 2025 Retirement Plan Contribution Limits have been updated. With updated contribution limits and new opportunities introduced by recent inflation adjustments, this year offers several ways to optimize your savings and secure a more comfortable retirement. Whether your goal is to […]

Maximize Your Retirement Savings in 2025

As we enter 2025, now is the perfect time to revisit your retirement savings strategy. 2025 Retirement Plan Contribution Limits have been updated. With updated contribution limits and new opportunities introduced by recent inflation adjustments, this year offers several ways to optimize your savings and secure a more comfortable retirement. Whether your goal is to […]

Early IRA Withdrawal Penalty Exceptions

Accessing your retirement funds before age 59½ might seem like a last resort. Still, sometimes life throws unexpected challenges our way—medical bills, education costs, a job loss, or even helping a loved one through a difficult time. If you need to tap into your IRA or workplace plan early, it’s important to know that you […]

Early IRA Withdrawal Penalty Exceptions

Accessing your retirement funds before age 59½ might seem like a last resort. Still, sometimes life throws unexpected challenges our way—medical bills, education costs, a job loss, or even helping a loved one through a difficult time. If you need to tap into your IRA or workplace plan early, it’s important to know that you […]

Rolling Over Your 401(k)? Here’s What You Need to Know

If you’re like many professionals in their 40s, 50s, or early 60s, chances are you’ve built a solid foundation for retirement through your company’s sponsored retirement plan—often automatically through regular paycheck contributions. It’s an efficient way to grow your savings over time with little daily effort. But once you reach the point of needing to […]

60-Day IRA Rollover Deadline Missed- Here’s What You Can Do

Life Happens — But That Missed Rollover Doesn’t Have to Cost You If you’ve recently withdrawn funds from your retirement account intending to complete a 60-day rollover but missed the deadline, you’re not alone. Mistakes, delays, and life events happen. Unfortunately, missing the window could mean your rollover is treated as a taxable distribution and […]

Avoid Costly IRA Rollover Mistakes

Rolling over an IRA can be a smart financial move, whether you’re changing jobs, consolidating retirement accounts, or inheriting an IRA from a spouse. However, rollovers come with complex rules, and making a mistake can lead to unexpected taxes, penalties, and loss of retirement savings. To help you navigate the process, here are ten of […]

Navigate the New RMD Rules with Confidence

In July 2024, the IRS released critical updates to required minimum distribution (RMD) regulations under the 2020 SECURE Act, as well as proposed regulations under the SECURE 2.0 Act of 2022. Effective starting in 2025, these updates clarify several areas of confusion, including trust beneficiaries, spousal rollover rules, and the 10-year payout rule for non-spouse […]

Avoid 60-Day IRA Rollover Mistakes

Rolling over retirement savings plans to an IRA is a common strategy, whether you are transitioning to a new company or looking to take advantage of the potential tax benefits of a traditional or Roth account. 60-Day Rollover One method of doing so is the “60-day rollover.” With this method, you will receive a distribution […]

Annual RMDs for Certain Beneficiaries Kick in Soon

Monday, November 11, 2024 By Ian Berger, JD IRA Analyst The get-out-of-jail card that has allowed many IRA and plan beneficiaries to forego annual required minimum distributions (RMDs) is about to expire. Here’s some background: In its 2022 proposed regulations, the IRS took the position that a retirement account beneficiary subject to the 10-year payout […]

Avoid Costly Tax Surprises on Your Roth IRA Distributions

When you opened your Roth IRA, you probably assumed all future distributions would be tax-free. After all, that’s one of the main selling points, right? Unfortunately, that’s a common misconception that can lead to some unexpected tax bills if you’re not careful. Determining tax on Roth IRA distributions is critical. While Roth IRAs do offer […]

Can You Make A QCD From An Inherited IRA?

Exploring the potential of your inherited IRA can lead to surprising opportunities, especially when it comes to charitable giving. One such opportunity is the Qualified Charitable Distribution (QCD), a tax-savvy way to support causes you care about while fulfilling your obligations as an IRA owner. In this post, we’ll dive into the necessary steps of […]

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