If you inherit an IRA, you may be able to delay your RMDs. You can avoid taxes on your RMDs with this clever distribution option. If you don't know the rules, it could cost you thousands in taxes and fees later on. Retirement accounts like a 401(k) and IRA come...

3 New Required Minimum Distribution (RMD) Rules Everyone Needs to Know About in 2024

SmartAsset

Converting your 401(k) to a Roth portfolio will allow you to entirely avoid RMDs. This is a legitimate form of tax planning. However, often there's a difference between whether you can do something and whether you should; whether it's allowed, and whether it's in your long-term best interest.  For example, say that you're 62 years […] The post I’m 62 With $1.6 Million in My 401(k). Should I Convert $160,000 Per Year to a Roth IRA to Avoid RMDs? appeared first on SmartReads by SmartAsset.

I'm 62 With $1.6 Million in My 401(k). Should I Convert $160,000 Per Year to a Roth IRA to Avoid RMDs?

Retiring at 66 with $900,000 in a Roth IRA and $2,200 in Social Security benefits likely is a reasonable plan for many retirees. The income you could reasonably expect to generate from your Roth withdrawals, coupled with your Social Security benefit, probably will be somewhat more than the typical retiree's expenses. You can likely expect […] The post I Have $900k in a Roth IRA and Would Receive $2,200 Monthly from Social Security. Can I Retire at 66? appeared first on SmartReads by SmartAsset.

I Have $900k in a Roth IRA and Would Receive $2,200 Monthly from Social Security. Can I Retire at 66?

Contributions to traditional IRAs are typically tax-deductible for the year in which they’re made. Roth IRA contributions, conversely, don’t offer a tax benefit, but withdrawals from these accounts are tax-free. Assuming all other things are equal, investors should seek to minimize their tax bills when their tax liability...

I Absolutely Prefer a Traditional IRA to a Roth IRA for Retirement Savings. Here's Why.

Your Social Security benefit depends on three main factors. How much you earn during your career plays a pivotal role in your Social Security payout in retirement. Aiming for the maximum benefit might not be enough for a happy retirement. It takes a long career earning a high salary to...

Want the Max $4,873 Social Security Benefit? Here's the Salary You Need.

As you approach retirement, your financial focus shifts. During your working life, retirement is about goals and planning. You decide what kind of lifestyle you want, figure out what kind of income will support that spending, then build a savings and investment plan to reach those goals. That should be your retirement approach at age […] The post I’m 65 With $1.2 Million in an IRA. I’ll Get a $2,900 Monthly Social Security Benefit. What’s My Retirement Budget? appeared first on SmartReads by SmartAsset.

I'm 65 With $1.2 Million in an IRA. I'll Get a $2,900 Monthly Social Security Benefit. What's My Retirement Budget?

Many seniors are unsure about their tax responsibilities. Particularly concerning Social Security income. It's commonly questioned when they may stop filing taxes on these benefits. Those whose sole income is Social Security likely don't need to file a federal income tax return. Senior citizens, especially, have distinct guidelines to consider....

When Are Senior Citizens Exempt from Filing Taxes on Social Security Income?

GOBankingRates

Saving for retirement is non-negotiable and a 401(K) is an excellent tool for building a sizable nest egg and securing your financial future. However, too much of a good thing has its downsides, and...

I’m a Retirement Expert: Why You’ll Regret Putting Too Much Money in Your 401(K)

FinanceBuzz

You should know what could come out of your Social Security benefits payment every month before you're caught off guard.

9 Things That Get Deducted From Your Social Security Payment

The Motley Fool

Social Security takes care of the spouses of people who are eligible for benefits, but there are some key aspects of spousal benefits you need to know.

Social Security Spousal Benefits: 3 Things You Need to Know If You're Planning to Sign Up

Retirement: A magical time of life when you no longer (necessarily) have to work for your money. Instead, decades of hard work coupled with saving and smart investments should mean that your money now works for you. Plan Ahead: 4 Things Boomers Should Never Sell in Retirement. Careful financial planning...

7 Things You Should Never Do in Retirement

The vast majority of people don't reach that goal. Read on to find out how to boost your retirement savings.

How Many People Really Save $1 Million for Retirement?

The Week

Be smart about saving for your golden years

How much do you really need to set aside for retirement?

Low inflation numbers should ultimately benefit retirees.

The 2025 Social Security Cost-of-Living Adjustment (COLA) Forecast Just Changed, and It Could Pleasantly Surprise Many Retirees

A new IRS rule says most people must withdraw the total balance of inherited IRAs within 10 years of receiving them. This could impact how you should manage your inheritance, as financial expert Suze...

Suze Orman: Here’s How To Avoid a Major Tax Bill on Your Inherited IRA

Kiplinger

Thinking of rolling over a 401(k) into an IRA? There are tax and flexibility advantages. But tread carefully.

Rolling Over a 401(k) Into an IRA

For most retirees, Social Security income is a necessity to make ends meet. Even though the average retired-worker benefit in May was only $1,916.63 (about $23,000 on an annualized basis), no social program pulls more seniors out of poverty each year than Social Security. Moreover, 23 years of annual surveys...

7 Ways You Can Lose Some, or All, of Your Social Security Benefit

Retirement savings might not have to take a back seat just because your partner doesn't earn income.

An IRA Contribution Option You Might Not Know

Retirees especially could benefit from these tax-efficient strategies that focus on what you leave your heirs and what kind of accounts your money is in.

Three Ways to Pay Less Taxes to Uncle Sam

Ready to retire in style? Learn the 11 crucial details about Social Security and taxes that can make all the difference in your post-work life.

Social Security & Taxes: 11 Things You Should Know Before (And After) Retiring

NewsBreak

How To Do a Backdoor Roth IRA

A so-called “Backdoor Roth” is a technique for retirement savers to get the benefits of a Roth IRA even if their income exceeds limits that bar...

How To Do a Backdoor Roth IRA

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