Entries filed under 'IRAs'

    Don’t Forget These Important Retirement Deadlines

    September 29, 2017 12:15 PM by Brian Dobbis

    Now that fall is in full swing, be sure to mark your calendar for steps that can help boost your tax-advantage retirement savings.

    Many people consider fall their favorite season. Everything in nature bursts with its last beauty, as if nature had been saving up all year for the grand finale, as one writer put it. And if you’re into football, playoff baseball, and children’s school activities, it may be easy to lose sight of some important retirement deadlines. So here’s a handy summary for future reference.

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    Three Retirement Plan Options for Small Businesses

    September 22, 2017 9:21 AM by Brian Dobbis

    Consider the choice, flexibility, and costs of SIMPLE IRAs, SEP IRAs, and 401(k)s.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS

    Small businesses often have been touted as the engine driving the American economy. How well they understand ways to save more for retirement and lower taxes is another matter. But starting a plan is easier than many business owners are aware.  

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    Obamacare Surtax Is Likely to Survive

    August 4, 2017 11:58 AM by Brian Dobbis

    So be sure to revisit ways to mitigate the impact of that 3.8% levy on investment income.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    In case you missed it, while the Republican-led Senate repeatedly failed its attempts to repeal the Affordable Care Act (ACA), there came news—surprising to some—that the Senate wants to retain the 3.8% net investment income (NII) surtax.

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    Will Tax Reform Help the “Gig” Economy?

    July 27, 2017 4:52 PM by Brian Dobbis

    Any freelancer will tell you nothing concentrates the mind like living on the edge. But many remain ill prepared for retirement.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    Lost in the debate over healthcare reform is the growing conundrum of retirement planning, especially when it comes to the so-called gig economy—a term that wasn’t even in the lexicon the last time Congress passed major tax reform in 1986.  Sure, globalization, automation, and suboptimal trade policies have cost America millions of jobs. But factor in industry consolidation, financial engineering, and downsizing, and the gig economy now has 40 million part-time, contingent, or freelance workers (or 25% of the labor force), according to the U.S. Bureau of Labor Statistics.

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    Why Trusteed IRAs Are Becoming More Popular

    July 20, 2017 12:30 PM by Brian Dobbis

    If you want to control payouts to your heirs and avoid the time expense of setting up a trust, consider this simpler option.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    When it comes to naming a beneficiary, IRA owners have a lot of discretion on how their nest egg is divided up when they’re gone. The beneficiary can be a person. It can be an estate, charity, or trust, or it can be a combination of those options.

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    Putting Precious Metals in an IRA

    July 7, 2017 4:40 PM by Brian Dobbis

    More investors have taken a shine to investing in gold and silver in their retirement accounts. But there are a number of potential drawbacks to be aware of.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    During the July 4th weekend, I received an e-mail promoting the purported benefits of investing in precious metals, such as gold and silver. Ads promoting investing in precious metals are fairly common—but this one touted their potential role in an IRA. Without much fanfare, precious metals have become more common investments in tax-advantaged accounts during the last decade. However, this type of investing is not for all investors.

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    IRAs: More FAQs about RMDs

    June 23, 2017 11:55 AM by Brian Dobbis

    Insights on estates as beneficiaries, how RMDs are calculated after annuitization, and minimum Roth 401(k) distributions

    THE ROAD TO RETIREMENT with BRIAN DOBBIS

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    The more I meet with financial advisors, the more I’m asked about required minimum distributions (RMDs) from IRAs. As I’ve explained in prior blogs, RMDs are a highly specialized area of retirement planning, and due care should be taken to familiarize oneself with the maze of rules that apply. The consequences for missing an RMD are severe: a 50% penalty surtax assessed on the amount of the RMD that should have been taken. So with that penalty in mind, here are some recurring questions and answers you might want to file for future reference.

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    Retirement: Update on State-Run IRAs

    June 8, 2017 4:10 PM by Brian Dobbis

    Programs that already have been established could face stiff headwinds from Washington.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS 

    With thousands of baby boomers turning 65 every day, insufficient savings rates among all Americans, and doubts about the future sustainability of Social Security, much has been written about an approaching “retirement crisis.” We think, in terms of clarity, that additional perspective is in order.

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    IRA Tax Tip: Form 5498 Coming Soon

    May 18, 2017 2:15 PM by Brian Dobbis

    Don’t be alarmed. You didn’t do anything wrong. It’s purely informational.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS  

    Tax season is in the rearview mirror, but if you own an IRA, you most likely will receive one more tax-related document sometime in the next couple weeks: IRS Form 5498, which is an IRA activity statement.

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    Taxes on Retirement Plan Distributions Could Rise Significantly

    May 12, 2017 9:30 AM by Brian Dobbis

    Both the Trump and House proposals would apply ordinary income tax rates.

    THE ROAD TO RETIREMENT with BRIAN DOBBIS

    In last week’s column, I discussed the potential impact comprehensive tax reform would have on retirement accounts. This week, I will drill down on a specific proposal that’s included in the Trump administration’s plan and the “Better Way” Tax Reform Blueprint released in July 2016 by the House Republican leadership, because it could have a material and lasting impact on most small-businesses’ incentive to establish or maintain an employer-sponsored retirement plan.

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