If you are over 72 and own an IRA, 401(k), 403(b), or TSP, you may be on the receiving end of a gift from the President. In 2018 he issued an Executive Order on “Strengthening Retirement Security in America.” One of the provisions of that order may result in the IRS agreeing to reduce the […]
Tag Archives | Required Minimum Distribution
If your employer offers a 401(k) or other retirement plan, contributing to that plan is a foundation of your retirement savings. However, as you approach retirement age, you might consider moving some of your retirement funds out of your employer’s plan and into an IRA at a custodian like TD Ameritrade or Fidelity.
Investing through an IRA is a foundational method of retirement saving. Opening and contributing to an individual retirement account is not hard. That doesn’t mean IRAs are simple and easy to understand. Learning how to avoid IRA mistakes can save you money.
One of the big advantages of a traditional IRA or 401(k) is being able to save pre-tax dollars and let them grow tax deferred until you need them. Hopefully, when you take the distributions in retirement, you will be in a lower tax bracket than when you made the contribution. The downside is that traditional […]