Time is running out to fix this IRA mistake and avoid a 50% penalty
If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.
Tax
Make the most of the new military retirement plan
Those who signed up in the past year will get a smaller pension than they would under the old system, but they can expect additional benefits from the tax-advantaged Thrift Savings Plan.
Caring for kids and elders, middle-aged Americans fall short on retirement savings
The sandwich generation is struggling to save for its own needs, and when you add in family demands, it paints a "grim picture," an expert says.
Even when IRS says yes, company plans may say no
Retirement plans may decline to offer delayed RMDs, plan loans, stretch and hardship distributions and a host of other legally sanctioned tax maneuvers.
Social Security’s earnings test is too complicated — and it discourages work
Although the test is complicated and misunderstood, eliminating it could “do more harm than good,” according to an expert.
Why the tax law may induce some people to put more money in 401(k)s
The cap on state and local tax deduction under the tax law may prompt more employees to direct their retirement savings to their 401(k)s than to build home equity.
Do tax law changes affect IRA deductibility?
Although more taxpayers are expected to use the standard deduction, they can still claim the tax deduction for IRA contributions.
Can an annuity help sidestep Social Security taxes?
Although earnings in a deferred annuity will not be included in an investor's adjusted gross income, future withdrawals from the annuity could trigger a bigger tax bill.
Benefits Think Deferred compensation plans and FICA taxes: Match or disaster?
Companies often fail to implement the unique FICA tax rules applied to NQDC plans and this can create confusion.
Kathleen Dreyfus Bardunias
Foley & Lardner
3 approaches to setting a withdrawal rate
One approach to determine a retirement withdrawal rate is to set a fixed percentage of their portfolio every year, says an expert. But there are other strategies, as well.
With HSA changes, here’s how to find the best option for clients
Clients will be able to contribute more to these accounts in 2019 because of changes in tax law, but choosing a plan is still no easy decision.
For American workers, 4 key retirement issues to watch in 2019
The new year is expected to be a turning point that will help more workers secure their retirement.
How your client might lose Social Security benefits
Lower-earning spouses who took time off to raise children or care for an aging parent may not be eligible based on the taxes they paid into the system.
Clients should ask employers for this powerful 401(k) upgrade
Workers should urge their employers to offer this savings option in their 401(k) plans to save for emergency and unforeseen expenses.
5 year-end strategies to cut tax bills now
The holidays are fast approaching, which means it is time to start doing some year-end tax planning.
Tax surprises clients may face in retirement
Retirees could end up paying taxes on the majority of their Social Security benefits when certain conditions are met.
IRA or 401(k)? Where should your employee’s money go first?
Workers should consider contributing enough to their 401(k) plans to get their employer's match before making contributions to an IRA.
What to do when a client loses their retirement savings
Working longer and delaying Social Security are some of the ways they can recover.
Don’t let your clients get spooked by retirement spending
Advise them to review and adjust their budget and consider getting a side hustle, a study suggests.
What should retirees do if the market goes against them: Opinion
Market valuations may not be a reliable tool to use to make investing decisions so it can be prudent for savers to assume low investment returns, says an expert.
