Retirement Watch Weekly
Preparing for the Roth IRA Opportunity
In 2010 all taxpayers will have the opportunity to create a tax-free stream of retirement income by converting traditional IRAs into Roth IRAs – and can receive a tax incentive to convert. Most Baby Boomers aren’t even aware of the upcoming conversion opportunity, and only a minority plan to convert, according to recent surveys. That’s […]
Understanding the 10% Penalty and Roth IRAs
One of the more confusing aspects of Roth IRAs is the 10% penalty for early distributions. The penalty is different for regular Roth IRAs and converted Roths. Tax-free distributions from Roths might be penalized. Don’t confuse the rules on taxes with the penalty. The same penalty and exceptions apply to traditional and Roth IRAs, unless […]
PLanning Your Financial Makeover
Only a few years ago most of us could let some financial details and tasks slip through the cracks. The economy and investment markets were doing so well most of us could afford to miss opportunities to save money or increase wealth. That is not the case today. Interest rates are low and even after […]
September 2009
September 25, 2009 01:45 p.m. IRS Lets People Reverse 2009 RMDs Late in 2008, Congress suspended required minimum distributions for IRAs for 2009. If you are over age 70½, you don’t have to take an RMD for 2009. Some people did not receive word of the suspension before they took their RMDs in early 2009. […]
Estate Planning for Those with Special Needs
Estate Planning often focuses on healthy people and their families. Many families, however, have one or more members with chronic illnesses or conditions. That changes the estate planning equation. The person with the illness or condition might be the estate owner or a loved one of the owner, especially a child. In either case, the […]
Why Estate Planning Details are Important: Debts and Estate Taxes
I regularly remind readers about the nitty gritty details of Estate Planning?stating who pays debts and taxes, ensuring whether the estate will have enough cash, and appointing executors and trustees. These are not as exciting as the issues that are most discussed, such as tax reduction strategies, but these are the key issues that determine […]
Simple, Low-Cost Ways to Help Family Members
The downturn in the economy and fall in asset prices puts many grandparents in a tough position. They want to help their children and grandchildren, but do not believe they can afford to help as much as in the past or as they hoped. Fortunately, you still can provide help. There are many simple, low-cost […]
Rollovers: When to Do Them; Doing Them Right?
Under the radar of most of the media and other observers is one of the fastest-growing and most important transactions in personal finance. It and the follow-on transactions are critical to the financial lives of most Americans. Yet, people receive little guidance on the transactions and frequently have thousands of dollars siphoned as a result. […]
