You may have read our previous article about Self-Directed IRAs, and now you’re interested in starting one of your own. Self-directing can be easy, but in the beginning it can seem like there’s a lot of information being thrown at you at once. I have compiled a list of 5 tips that can help…Read more
An article on Bloomberg.com recently cited that Fidelity Investments has estimated a 65-year-old couple who retired in 2014 would need, on average, $220,000 to cover out-of-pocket medical costs over the course of their retirement. This figure assumed there is Medicare insurance but no (additional) retiree health-care insurance through a former employer. (Add to that figure another…Read more
Jaime Raskulinecz, CEO and founder of Next Generation Trust Services was featured in the following article by Sheyna Steiner on BankRate.com If you put $5,500 in an IRA every year beginning this year and earn 6 percent returns on average, it would take roughly 42 years for your account to grow to $1 million. Yet,…Read more
Although you may start taking distributions from your IRA without penalties starting at age 59-1/2, you are required to take these annual disbursements upon turning 70-1/2 years of age. These distributions from your retirement accounts are taxable income in the year those funds come out of the account. So if you missed your 2013 distribution…Read more
The Internal Revenue Service announced some cost-of-living adjustments (COLA) for the 2014 tax year. These adjustments affect employer-sponsored retirement plans such as 401(k)s, defined benefit plans, simplified employee pension plans (SEP IRAs), savings incentive match plans (SIMPLE IRAs) and Roth and Traditional IRAs. A few did not change but many did; you can read the…Read more
As many of you know, the tax deadline and contribution deadline for 2010 has been extended until Monday, 4/18/11. As it is quickly approaching, it is imperative you make arrangements now if you wish to make an IRA contribution for 2010.