NONSPOUSE BENEFICIARIES AND 2021 RMDS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD Director of Retirement Education Question: Dear Ed Slott and Company, I am a longtime subscriber, having met and talked with Ed at several industry conferences, going back well over 20 years. Which, with all of Ed’s great work and active...

EARNINGS ARE EARNINGS WITHIN A TRADITIONAL IRA

By Andy Ives, CFP®, AIF® IRA Analyst When it comes to taxes and the 10% early distribution penalty, do not allow the underlying investments within a Traditional IRA to confuse what is applicable. Earnings within an IRA are just earnings. It does not matter if those...

WHAT THE NEW TAX PROPOSALS MEAN FOR ROTH CONVERSIONS

By Sarah Brenner, JD Director of Retirement Education It’s hard to keep up with the news out of Washington these days! We have been getting a ton of questions on how the new tax proposals recently passed by the House Ways and Means Committee would impact Roth...

INHERITED IRAS AND 2021 RMDS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Question: Good morning, I have an inherited IRA. I took a manual withdrawal from it in late August. I thought I had deleted my auto withdrawal on the custodian’s website. I just noticed today that another distribution was taken on...

RESTRICTIONS ON 401(K) IN-SERVICE WITHDRAWALS

By Ian Berger, JD IRA Analyst Congress designed 401(k) plans as retirement savings vehicles – not as checking accounts. So, there are restrictions on when employees can make “in-service withdrawals” (i.e., withdrawals  while still working). It’s important to remember...

CHECKING I.D.’S AT THE DOOR – KEY RETIREMENT ACCOUNT AGES AND RULES

By Andy Ives, CFP®, AIF® IRA Analyst In most states the legal age for alcohol consumption is 21. And you must actually be 21. When you hand your driver’s license to the bouncer and he shines a little flashlight on your date of birth, it is not good enough to say you...