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The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What’s the break-even point on a Roth conversion? What if you don’t have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days. Today “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Finally, don’t miss your chance to get a free copy of Ed Slott’s latest book, The Retirement Savings Time Bomb Ticks Louder.
Updated for 2023: Making contributions to an Individual Retirement Account, otherwise known as an IRA, is all about saving now so you can enjoy the retirement of your dreams later on. One of the biggest advantages of an IRA is that your contributions (and any growth thereafter!) will grow tax-free. Now there are several different […]
As the financial markets fall and then surge, Joe and Big Al talk about market timing, reallocating retirement contributions, and portfolio rebalancing. Plus, your questions answered on estimated taxes, Roth conversions, and the logistics of inheriting IRAs and passing assets on. Finally, how is a financial advisor like a golf caddie when markets get volatile? Joe and his Pebble Beach golf caddie buddy, Big G from the Real Life Caddie Podcast, discuss how their professional knowledge and experience can help the rest of us avoid big mistakes.
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Probably the biggest change in the SECURE Act was the repeal of the Stretch IRA. This provision used to allow your non-spousal beneficiaries (such as your kids or other beneficiaries that are not your spouse) to stretch their required minimum distributions over their lifetimes. Beginning in 2020, a beneficiary IRA must be depleted within 10 […]
How does the SECURE Act affect your retirement plans? Alan Clopine, CPA of Pure Financial Advisors explains some of the key changes to retirement savings effective January 1, 2020, including required minimum distributions (RMD), IRA contributions, annuities, and changes to the stretch IRA provision. Transcript: Hot off the press, the SECURE Act: Setting Every Community […]
Professor Jamie Hopkins (Carson Wealth & Heider School of Business/Creighton University) talks about impacts the SECURE Act could have on retirement planning – particularly the end of the stretch IRA provision, which allows inherited individual retirement accounts to remain tax-deferred. Plus, how to reduce taxes when you have significant capital gains, when you can take […]
