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I Am 58 With $1 Million in My 401(k). Should I Switch to Roth Contributions?

I Am 58 With $1 Million in My 401(k). Should I Switch to Roth Contributions? Whether to make the move from contributing to a tax-deferred workplace plan or switch to a Roth isn't a question of "should" but a question of, "What works best for you?" Just a few of the considerations are: You can […] The post I Am 58 With $1 Million in My 401(k). Should I Switch to Roth Contributions? appeared first on SmartReads by SmartAsset.

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I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can't. Is That True?

If you’re looking for a tax-savvy way to deal with you required minimum distributions (RMDs), converting them into a Roth IRA isn’t an option. A financial advisor can help you plan for RMDs and figure out if a Roth conversion is right for you. It's relatively common for retirees to need a plan for their […] The post I Was Planning on Taking My RMDs and Converting Them to a Roth, But Was Told I Can’t. Is That True? appeared first on SmartReads by SmartAsset.

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Required Minimum Distribution (RMD) Calculator

Use SmartAsset's RMD calculator to see what your required minimum distributions look like now and in the future. Enter your retirement account balance at the end of the previous year, your age and the expected rate of return on the account to calculate your RMDs. Do you have retirement planning questions? Speak with a financial […] The post Required Minimum Distribution (RMD) Calculator appeared first on SmartReads by SmartAsset.

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Is It Better to Take My RMD Later or Earlier in the Year? How Do I Decide?

People often think they don't have any choice about taking the IRS-mandated required minimum distributions from their retirement accounts – but they do. While you can't skip making the withdrawal they can choose how to time it in a way that works best for their individual financial situation. Required minimum distributions – RMDs, for short […] The post Is It Better to Take My RMD Later or Earlier in the Year? How Do I Decide? appeared first on SmartReads by SmartAsset.

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Required Minimum Distribution (RMD) Calculator

Use SmartAsset's RMD calculator to see what your required minimum distributions will look like now and in the future. Enter your retirement account balance at the end of the previous year, your age and the expected rate of return on the account to calculate your RMDs. Do you have retirement planning questions? Speak with a […] The post Required Minimum Distribution (RMD) Calculator appeared first on SmartReads by SmartAsset.

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Tax Breaks After 50 You Can't Afford to Miss

When taxpayers reach age 50, they are eligible to save on federal income taxes through catch-up contributions to IRA and 401(k) plans and more extras.

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Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don't Need or Want Her Distributions Yet

I have an inherited IRA from a 90-year-old sister who had begun distributions before her death. I don’t need or want her distributions yet. Is there a more practical way I can currently avoid the distribution taxes on these funds without adding her distributions to mine until later? I am 86 and currently taking my […] The post Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don’t Need or Want Her Distributions Yet appeared first on SmartReads by SmartAsset.

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I'm 75 and Still Working. Can I Avoid Taking RMDs?

Required minimum distributions, or "RMDs," are the government's way of getting its tax money back on retirement accounts. Starting at age 73, anyone with a pre-tax retirement account such as an IRA or a 401(k), must begin must begin withdrawing a minimum amount from this account each year. This triggers a tax event, generating the income […] The post I'm 75 and Still Working. Can I Avoid Taking RMDs? appeared first on SmartReads by SmartAsset.

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Retirement Planning: 8 Ways To Spend Your Mandatory Required Minimum Distribution Right Now

With December starting, there are a lot of financial matters to wrap up before the end of the year. One of those is RMDs, or required minimum distributions, from tax-deferred retirement accounts that...

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Everything You Need To Know About Roth IRAs

Learn the basics of opening an Roth IRA account or converting an existing retirement savings account to a Roth for tax-free growth on contributions.

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