You may not naturally combine retirement funding and charitable planning, but often donating your retirement benefits to charity can be an ideal financial move for both you and your favorite charity.
Most of you hold at least one retirement plan. Each type of plan differs subtly from others, but most offer deductibility from current income and deferred taxation on growth. Beyond that, other facts remain true across many of these accounts.
Your individual retirement account can constitute one of the richest assets you can leave to heirs. In some circumstances, your heirs benefit if you convert your traditional IRA to a Roth before your death. Whether to convert depends on many of your needs and circumstances.
As you save for your retirement, it’s nice to have a Roth individual retirement account for tax-free income in the future. With the recent guidance from the Internal Revenue Service, there is a brand new method to fund your Roth IRA.
The year-end holidays approach, and bring lots of things to do. Yet with holiday cheer there are financial plans to make, too.
At some point, almost everyone changes jobs – often leaving behind retirement plans such as 401(k)s. Conventional wisdom holds that you roll that old employer-sponsored plan into a new individual retirement account. But what kind of new IRA?
An individual retirement account is a powerful tool to save for retirement outside of an employer plan. If you have an IRA, read on for tips that help you make the most out of it.
You can contribute only so much to your retirement accounts each year. Knowing how much these amounts increase for the coming year makes good sense as you budget your saving and spending.
The investments you lost track of can return to harm you and your family. Seemingly small orphaned assets can have painful effects.
King Solomon famously warned of “the little foxes that spoil the vines.” In a secular moment, he might have written, “It is the little assets that spoil the estate plan.”
Often at our firm, we uncover forgotten assets in a family’s financial portfolio. They may be perched in accounts that they no longer check. However, these neglected assets require attention.
When the Internal Revenue Service leaves a situation vague, sometimes you must guess at the answer to a tax question. The IRS recently issued a clear ruling, though, on a powerful contribution strategy that may change how you use your employer’s retirement plan.