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Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don't Need or Want Her Distributions Yet
I have an inherited IRA from a 90-year-old sister who had begun distributions before her death. I don’t need or want her distributions yet. Is there a more practical way I can currently avoid the distribution taxes on these funds without adding her distributions to mine until later? I am 86 and currently taking my […] The post Ask an Advisor: Can I Avoid Taxes on an IRA I Inherited From My Sister? I Don’t Need or Want Her Distributions Yet appeared first on SmartReads by SmartAsset.
The Cleanest Electricity States in the US – 2024 Study
As the U.S. experiences more power outages, states are modernizing aging power grids with more sustainable alternatives. According to the Clean State Energy Alliance, 23 states currently have legislation that mandates cleaner energy. And with these shifts in infrastructure come business opportunities and reduced pollution. To find where clean electricity is most prevalent – and […] The post The Cleanest Electricity States in the US – 2024 Study appeared first on SmartReads by SmartAsset.
I'm 65 and a High Earner. I Don't Plan on Retiring Soon – Is It a Bad Idea to Use My Roth IRA for Home Renovations?
Should you cash out your retirement fund to upgrade your house? While there are some people for whom this will be a good idea, other households will be better off if they let their retirement fund keep growing. Ultimately, the decision will depend on your net worth, expected retirement expenses and tax strategy. Using Roth […] The post I’m 65 and a High Earner. I Don't Plan on Retiring Soon – Is It a Bad Idea to Use My Roth IRA for Home Renovations? appeared first on SmartReads by SmartAsset.
This Proposed Roth IRA Rollover Legislation Could Revolutionize Roth Retirement Savings Accounts
Workers with their own personal Roth IRAs would be able to roll those accounts into a workplace Roth 401(k) and some similar accounts under legislation recently introduced in the House of Representatives by two of its members. These other accounts types could include 403(b)s and 457(b)s. If signed into law, this proposal could change the […] The post This Proposed Roth IRA Rollover Legislation Could Revolutionize Roth Retirement Savings Accounts appeared first on SmartReads by SmartAsset.
I Want to Give Money to My Daughter and Son-in-Law. How Much Can I Give Without Triggering Taxes?
Perhaps your daughter recently got married and you want to help her and her husband start their new life. Or maybe they suddenly find themselves in need of financial assistance and turn to you for help. Fortunately, the IRS allows you to give away a certain amount of assets – from real estate and stocks […] The post I Want to Give Money to My Daughter and Son-in-Law. How Much Can I Give Without Triggering Taxes? appeared first on SmartReads by SmartAsset.
I'm 62 and Retiring Soon. How Should I Structure My Portfolio?
For many people, retiring feels like crossing a finish line. You have spent your working years building wealth, and now it's time to manage and spend that money. By and large, this is true – your financial perspective will change significantly once you no longer have a normal stream of income. However, it's important to […] The post I'm 62 and Retiring Soon. How Should I Structure My Portfolio? appeared first on SmartReads by SmartAsset.
I'm 65 Years Old With $750k in an IRA. I'm Taking Social Security – Is It Too Late for a Roth Conversion?
If you’re 65 years old and collecting Social Security, you may wonder if it’s too late to convert your $750,000 traditional IRA into a Roth IRA. The short answer is no – there are no legal restrictions to Roth conversion based on age or income. Practically, however, the decision involves carefully weighing tax implications, healthcare […] The post I'm 65 Years Old With $750k in an IRA. I'm Taking Social Security – Is It Too Late for a Roth Conversion? appeared first on SmartReads by SmartAsset.
Ask an Advisor: Our Retirement Fund is Losing Money. Should We Use It to Pay Off Our Mortgage and Make $20k in Home Improvements?
Should we take out money from our retirement investment fund to pay off our home loan and make improvements? Retirement fund is losing money and home values are going up. The fund is around $85,000-$90000. The balance on our home is $34,000 and we want to make $20,000 in improvements. We are both retired and […] The post Ask an Advisor: Our Retirement Fund is Losing Money. Should We Use It to Pay Off Our Mortgage and Make $20k in Home Improvements? appeared first on SmartReads by SmartAsset.
Best Types of Annuities for Retirement
Annuities can provide retirees with a guaranteed stream of income, but choosing the right type is key to making the most of these products. Making the selection requires learning about the major features of the types of annuities most popular for retirement planning. It's also essential to get an understanding your own needs for financial […] The post Best Types of Annuities for Retirement appeared first on SmartReads by SmartAsset.
What Tax Rules Apply to an IRA Rollover?
Rolling over a 401(k) or other workplace retirement plan into an Individual Retirement Account (IRA) is very common when people change jobs or retire. Among other potential benefits, a rollover lets savers combine multiple accounts to keep better track of everything. But if the rollover isn’t done right, you could end up facing a big […] The post What Tax Rules Apply to an IRA Rollover? appeared first on SmartReads by SmartAsset.
I'm 60 With $1.2 Million in an IRA. Should I Convert $120,000 Per Year to a Roth to Avoid RMDs?
If you’re 60 years old with $1.2 million saved for retirement in a traditional IRA, you may be starting to think about required minimum distributions (RMDs) and the hefty annual tax bill they can create once you turn 73. Converting a portion of your IRA to a Roth IRA each year can help you reduce […] The post I'm 60 With $1.2 Million in an IRA. Should I Convert $120,000 Per Year to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset.
I Have to Take RMDs, But Don't Need the Money Yet. What Can I Do With It?
While many retirement accounts offer tax-sheltered ways to save and invest, the IRS mandates accountholders start withdrawing money at a certain point. This takes the form of required minimum distributions (RMDs). Required minimum distributions currently start at age 73 for many retirement accounts. It’s not uncommon to reach an age when the IRS requires you […] The post I Have to Take RMDs, But Don’t Need the Money Yet. What Can I Do With It? appeared first on SmartReads by SmartAsset.
Ask an Advisor: I Have $800k in a 401(k) and $5,270 in Monthly Income From Social Security and My Pension. How Much Will I Pay in Taxes in Retirement?
My monthly Social Security is $3,178, my pension will be $2,090 per month and my 401(k) has $800,000. If I use the 4% rule, where do I stand tax-wise? – Reggie This is a great question. I hope it goes without saying, but without having all of your information and completing a full tax return […] The post Ask an Advisor: I Have $800k in a 401(k) and $5,270 in Monthly Income From Social Security and My Pension. How Much Will I Pay in Taxes in Retirement? appeared first on SmartReads by SmartAsset.
New Housing Additions in San Francisco Drop by 67% Over the Last Few Years – 2023 Study
San Francisco and surrounding neighborhoods have some of the most expensive home prices in the country. Prices peaked at an average $1.48 million in May 2022, according to Zillow. As of October 2023, home prices have come down roughly 15% to $1.254 million. Many factors can play a role in such dramatic shifts in home […] The post New Housing Additions in San Francisco Drop by 67% Over the Last Few Years – 2023 Study appeared first on SmartReads by SmartAsset.
Study Shows Major Differences in How People and Their Employers View Their Retirement Readiness
The bosses who sponsor retirement investment plans think their employees are well prepared for retirement. However, many of those workers don't feel the same way. This difference in opinion could cause a disparity on the decision-making side of employee retirement account management. Do you have questions about building a retirement plan? Speak with a financial […] The post Study Shows Major Differences in How People and Their Employers View Their Retirement Readiness appeared first on SmartReads by SmartAsset.
How This Financial Advisor Added $50 Million in AUM With SmartAdvisor
Lead generation is one of the biggest challenges financial advisors face when trying to grow their business. But one advisor found the sweet spot – bringing in roughly 50 families and $50 million in AUM in just a few years. SmartAsset CEO Michael Carvin sat down with Michael Collins, CFA® to get a better understanding […] The post How This Financial Advisor Added $50 Million in AUM With SmartAdvisor appeared first on SmartReads by SmartAsset.
Ask an Advisor: I'm 62 and My Husband Is 68. Can I Collect Spousal Benefits for 5 Years and Switch to My Own at Full Retirement Age?
My husband began drawing his Social Security at age 62. He is 68 now (born in 1955), while I am 62 (born 1961). If I begin to draw my Social Security now it will be reduced, of course. Can I collect spousal benefits from him now and then switch to my benefit at my full […] The post Ask an Advisor: I’m 62 and My Husband Is 68. Can I Collect Spousal Benefits for 5 Years and Switch to My Own at Full Retirement Age? appeared first on SmartReads by SmartAsset.
Can a Nursing Home Take Our Savings? We Have a $250k IRA, a House and Other Assets
Long-term care costs like nursing home care can quickly drain retirement savings. Medicare provides little help paying these bills, but Medicaid can cover nursing home costs for those who meet strict financial eligibility rules. Certain strategies like special trusts, home equity transfers and annuities can help meet those eligibility rules and protect assets like your […] The post Can a Nursing Home Take Our Savings? We Have a $250k IRA, a House and Other Assets appeared first on SmartReads by SmartAsset.
The Equivalent of One-Third of My Monthly Retirement Contributions Gets Eaten Up by Fees. Am I Getting Ripped Off?
Paying fees is part of being an investor, as everything from mutual fund investing to a personal financial advisor can cost you. However, it’s also important to periodically review the fees you’re paying to ensure you’re not doing any long-term harm to your returns. For instance, depending on the size of your 401(k) or IRA, […] The post The Equivalent of One-Third of My Monthly Retirement Contributions Gets Eaten Up by Fees. Am I Getting Ripped Off? appeared first on SmartReads by SmartAsset.
Ask an Advisor: My Dad Left Me $200k in an IRA, but I'm in the 35% Tax Bracket. How Should I Structure My Withdrawals?
I was left $200,000 in an IRA Beneficiary Distribution Account (BDA) when my father passed. I have 10 years to withdraw this money. I'm at the 35% federal tax rate currently and plan to make a similar annual income over the next 10 years. Taking the money out in one lump sum would not change […] The post Ask an Advisor: My Dad Left Me $200k in an IRA, but I’m in the 35% Tax Bracket. How Should I Structure My Withdrawals? appeared first on SmartReads by SmartAsset.
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