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Biz Owners: Prepare for Exit

Submitted by Hilary Hendershott on Friday, October 31, 2014 - 12:00pm

If you’re an entrepreneur, you work, build and earn for yourself. Lacking the security of another’s business to help fund your later years, you must take special care saving for the future – beginning with now.

Start with the end in mind. Understand the prospects and limitations of your business – including when and how you’ll exit. If you already run a business, know your business type and how that type affects potential ways you can eventually exit or sell.

Protecting Inherited IRAs

Submitted by H. Jude Boudreaux on Monday, October 6, 2014 - 3:00pm

Your own individual retirement account is generally exempt from the reach of creditors, but an inherited account may not be. If you plan to pass on an IRA to heirs, read on to learn how to better safeguard the money.

Delaying 1st IRA Payouts

Submitted by Jim Blankenship on Monday, October 13, 2014 - 12:00pm

For most folks, when you reach 70½, you must start taking money from your retirement accounts every year. A little flexibility exists in the first year for you to plan withdrawals to your tax advantage.

Use IRA $$ for Annuities?

Submitted by Jim Blankenship on Monday, September 29, 2014 - 12:00pm

For forever and a day, conventional planning wisdom said don’t use your individual retirement account funds to buy an annuity, primarily because traditional annuities featured tax deferral. Recent changes in annuities may alter this conventional wisdom.

Why Millennials Need Roth IRAs

Submitted by Grant Webster on Monday, August 18, 2014 - 12:00pm

If 20-somethings ask me what to do to get ahead financially, I have a laundry list: create a budget, start investing now, be smart about your taxes and so on. If I absolutely have to narrow it down to one thing, I’d say, open up a Roth individual retirement account.

Traditional or Roth IRA?

Submitted by Travis Russell on Thursday, August 7, 2014 - 3:00pm

Saving for retirement means you must sort out countless and confusing options from 401(k)s to individual retirement accounts. How much you make and whether you’re self-employed or have a company-sponsored retirement plan are just a few criteria to determine which to chose. One of your first questions: What’s the difference between a traditional IRA and a Roth IRA?

Many clients at our firm ask this when looking to maximize retirement savings. To understand which option may be better, let’s look at the differences and nuances between the two types of accounts.

5 IRA Withdrawal Mistakes

Submitted by Barry Glassman on Wednesday, August 6, 2014 - 3:00pm

When you put earned income into a tax-deferred account such as an individual retirement account or a 401(k), Uncle Sam eventually wants those taxes. The Internal Revenue Service requires you to take required minimum distribution (RMD) withdrawals. You must know when and how much to take, though, or you face hefty penalties.

Here are the top five mistakes people make with RMDs and how to avoid them:

Biz Owners’ Retirement Plans

Submitted by Mary Beth Storjohann on Thursday, June 26, 2014 - 12:00pm

Being your own boss means providing for your own retirement. It means that there isn’t an employer looking over your shoulder who will sign you up for a plan. You have to be more proactive in setting the money aside. But how?

Having a variable income, which is often the case for people who own their own businesses, may make it harder to budget. When it comes to saving for your future self, where do you start and which is the best option? Read on for an overview of three retirement accounts that are great options for entrepreneurs.

New Life Expectancy Estimates

Submitted by Dan Crimmins on Tuesday, June 24, 2014 - 12:00pm

Life expectancy has consistently increased through the years. Most of today’s retirees will live longer than their parents did. Understanding the length of retirement that you are likely to face will better prepare you to make investment choices.

The Society of Actuaries, an organization that tracks how long people live to assist companies understand the risk of their pensions, recently updated its mortality tables for the first time since 2000.

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