SmartAsset: IRA Required Minimum Distribution (RMD) Table for 2022 An individual retirement account, more commonly referred to as an IRA, is a good place to save for your retirement. Once you reach a ...
Tag: rmd
Should you add $30,000 to your retirement with an after-tax auto Roth conversion?
If you are saving up to the employee limit in your workplace retirement accounts and looking to add more, you’ll be glad to hear that employers are making it easier than ever to make extra after-tax c...
Opinion: The days of IRS forgiveness for RMD mistakes may soon be over
Katie St. Ores has a 100% track record of getting her tax clients out of paying the steep penalty for missing a required minimum distribution from their retirement funds. That amounts to only two hous...
Turning 72 or 73 this year? Here’s what to do about your required minimum distributions
Anyone turning 72 years old in 2023 is getting a birthday present from Congress – one more year to push back their required minimum distributions from their retirement accounts. As part of the Secure...
Moving into a retirement community, how to know when you have enough saved, the best RMD strategies and more retirement news
From MarketWatch Retirement: How much should you have saved for retirement? Aim for these age-related benchmarks as you save for retirement. These are the top 10 mistakes people make when planning fo...
If you’re over 72 with an IRA, make sure you do this before the year ends
If you’re 72 or older, you have a crucial financial deadline approaching. By year-end, owners of individual retirement accounts (IRAs) who are 72 or older must take their required minimum distribution...
I’m Over Age 72. How Do I Avoid the RMD Tax Bite?
Steven Jarvis, CPA I’m over age 72. What can I do about avoiding the required minimum distribution (RMD) tax bite? I have a steady stream of other income. -Bernie Tax-deferred accounts, such as ...
84% of Retirees Make This RMD Mistake
Retirees who limit retirement account withdrawals to RMDs could be making a mistake, according to JPMorgan Chase. Though retirees are only required to take a certain portion of their retirement saving...
IRS’s RMD Rule Change Could Make Your Roth IRA More Valuable
The IRS has a new interpretation of the 2019 Secure Act, including proposed regulations surrounding RMDs for inherited retirement accounts. The Internal Revenue Service has proposed rule changes that ...
Rivian, Illumina, Toast, and More Stock Market Movers Friday
Text size Rivian, the maker of electric trucks, maintained its production estimates for the full year. Courtesy Rivian Stock futures rose Friday amid more signs that inflation in the U.S. has been coo...
This Move Can Save You Big on RMD Taxes
SmartAsset: This Move Can Save You Big on RMD Taxes Stocks and bonds have both taken a beating this year, but that can create an opportunity to save big on taxes for retirees who don’t need thei...
Congress May Soon Pass RMD Age Hikes And Retirement Aid For Student Borrowers
The House of Representatives has passed the SECURE Act 2.0, otherwise known as the Securing a Strong Retirement Act. This bill tweaks the laws around tax-advantaged retirement accounts in several diff...
Is It Better to Take RMD Monthly or Annually?
SmartAsset: Is It Better to Take RMD Monthly or Annually After a certain age, you must begin to take minimum withdrawals from your tax-advantaged retirement accounts. The exact amount of this required...
IRS May Close This RMD Loophole
403(b) RMDs Most Americans have at least heard of a 401(k) plan, but there is another tax-advantaged workplace retirement plan out there – the 403(b). A 403(b) operates similarly to a 401(k), bu...
RMD Age Stands to Rise to 75 as House Passes Secure Act 2.0. Here’s What to Know.
Dreamstime Text size The second major piece of retirement legislation in little more than two years advanced in the House on Tuesday, putting required minimum distributions in line to rise to age 75 o...
Can I Invest My Traditional IRA’s RMD in a Roth IRA?
If you don’t need your required minimum distributions (RMDs) from your traditional IRA for living expenses, can it be reinvested in a Roth IRA? Yes, it can—assuming you are eligible for a Roth b...
What’s The Cheapest Way To Help Adult Children?
You could cash in a pretax IRA, a Roth IRA or a highly appreciated stock. One strategy might be much better than the others. Assets getty We want to make a sizeable gift to our children—daughters in t...
RMD Formula Changing for First Time in Decades
A couple calculates their required minimum distributions (RMDs). The IRS has updated its Uniform Lifetime Table and lowered the size of RMDs. The IRS has good news for retirees starting in 2022: you c...
Should I Pay Off My Mortgage?
If you have a question like this one, send it in. I’ll tackle case studies that have educational value. Asset or liability? getty “I am anxious to pay off my mortgage since, with the current standard ...