Category - Retirement

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Retiring Well When You Can’t Count on Relatives
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Why Financial Advisers Aren’t Telling Rich People about Social Security
3
Roth Recharacterization: May Change Your Required Minimum Distribution
4
Roth Conversion: Take Your Required Minimum Distribution Out First
5
Qualified HSA Funding Distribution

Retiring Well When You Can’t Count on Relatives

retirement signLast week we discussed how mothers need to be aware of family finances, but what if you are not a mother? Sixty-something Sheila Sullivan Zubrod wrote a piece for The Washington Post about navigating her widowed mother’s later years and figuring out she herself can retire well. Women who have no children or find themselves without relatives to depend on can ensure a comfortable retirement when they plan ahead. In the category she refers to as Aging Solo, Zubrod includes, “…countless members of families plagued by addiction, disease, cults, rapacious children, even married progeny who much prefer their …

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Why Financial Advisers Aren’t Telling Rich People about Social Security

Recent research from the Spectrem Group found that a majority of rich people (people with a net worth of $1,000,000-$5,000,000) will rely on Social Security benefits for at least 25% of their income in retirement. Unfortunately, the same study found that only about 1/3 of these individuals talked about Social Security with their financial adviser. That is an alarming statistic considering the impact Social Security income has for retirees. So why aren’t more advisers helping their clients with Social Security benefits? Commissioned Advisers Lack Incentive to Talk about Social Security It seems that the most common answer may be because… Read More

Roth Recharacterization: May Change Your Required Minimum Distribution

Roth conversions and Required Minimum Distributions (RMDs) can be scary to combine if you don’t understand the rules. That being said, with a thorough understanding of the IRS rules, performing a Roth Conversion even after your so-called Required Beginning Date (RBD) can be a breeze.

Before reading this article, make sure you understand how Required Minimum Distributions work by reading our article “Understanding Your IRA Required Minimum Distributions (RMDs)” and the timing requirements for RMDs in years you are doing Roth conversions by reading our article “Roth Conversion: Take Your Required Minimum Distribution Out First.”

A …

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Roth Conversion: Take Your Required Minimum Distribution Out First

The average article you can find on the Internet about either Required Minimum Distributions (RMDs) or Roth Conversions will be littered with all sorts of scary ways that you can make expensive errors. It’s no wonder that most people, advisors and investors alike, shy away from mingling the two concepts by performing a Roth conversion while the owner is subject to RMDs.

That being said, with a thorough understanding of the IRS rules, performing a Roth Conversion even after your so-called Required Beginning Date (RBD) can be both easy and profitable.

A simple summary of how to meet your Required …

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Qualified HSA Funding Distribution

Traditional IRAs and Health Savings Accounts (HSAs) have a lot in common with one another. Both give you a tax deduction when you fund them, both have limits about how much can be contributed each year, and both require you to pay income tax on any withdrawals after the age of 65.

There are also many differences that make HSAs more appealing, most notably, that you do not have to pay tax on withdrawals from HSAs for qualified medical expenses. In our article, “When Should You Stop Funding Your HSA?,” we show how “over-saving” for your healthcare expenses …

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