While retirement might as well have existed on another planet when you were in your 20s and 30s, being 10 years or less away from retirement can be as daunting as it is exciting. As this new reality comes to the front of your mind, the things you need to consider – from health insurance […] The post 10 Steps to Get Ready for Retirement in 10 Years or Less appeared first on SmartReads by SmartAsset.
Have you considered converting your retirement accounts into a Roth, but aren t clear about the advantages? Outlined below are the most important benefits of converting a traditional IRA or 401K into a Roth.
If looming taxes on required minimum distributions (RMDs) are keeping you awake at night, consider transferring money to a QLAC or converting to a Roth IRA. Now might be a good time to start thinking about how RMDs, or required minimum distributions, might affect your retirement, tax situation and perhaps the legacy you hope to leave your loved ones someday.Recent legislation with new RMD rules has increased the age at which you must begin taking annual RMDs from your 401(k), IRA or other qualif
In July of 2019, the Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, changed the rules pertaining to 401(k), Roth, IRA, and other retirement.
Inherited IRA distribution rules have changed in ways that can significantly impact your taxes and tax strategy. Inherited IRA beneficiaries should be aware of several important tax considerations — especially considering recent rule changes and delays involving required minimum distributions (RMDs). Here are a few tax things every IRA beneficiary should know. New Legislation 1. Inherited IRA distribution rules have changed If you have inherited an IRA or have any other retirement plan account,