Is your paperwork up to date? It could be quite costly if it isn’t. Continue reading Get Your Paperwork Right!
There’s a lot of fine print on any paperwork associated with a financial account. Whether it’s a bank account or an IRA, the amount of legal jargon and required information can be pages long and mind-boggling to understand. However, that should not stop you from knowing what you can and cannot do with your financial accounts. This is particularly important when it comes to your retirement accounts and beneficiaries. First off, you want to make sure that you designate beneficiaries and update that information as needed. Next, you will want to know what your beneficiaries can and cannot do with Continue reading Knowing What Your Getting Into With Retirement Paperwork
July 1 is as close to the midway point of the year as you can get. Six months have passed and six months are left to go. Therefore, it’s a good time to do a review of your retirement savings and plans–not only to make sure you are on track for your yearly goals, but to also make sure your overall retirement plans and goals are still achievable. You will also want to use this review time to make sure the paperwork for your retirement plans are in order. Are the beneficiaries correct? Do you want to contribute more? Will Continue reading Have You Done a Mid-Year Retirement Review?
If you are reading this blog, it’s highly likely that you have a will. It’s a document you want to have as an adult, especially if you have a family and property. A will is intended to protect and carry on your wishes and desires once you have passed and has the added bonus of preventing difficulties for your loved ones that can arise from the probate process. Wills are usually pretty straightforward, but can get a bit confusing when it comes to what can and cannot be included in them. One area that people tend to find confusing is Continue reading No Will Power: Retirement Accounts and Your Will
Sure, you’re saving for retirement and you’ve probably talked about–and planned out–how much you are going to spend in retirement and where the money is going to come from. While being financially prepared for life in retirement is very, very important, it’s not the only preparations you should make. You need to think about things that may not appear on a financial statement and which may change over time. For example, “independence” is a word that many retirees talk about as they grow older. How do you define such a word and are you willing to change that definition as Continue reading What Do You Know About Life in Retirement?
Do you know what you would do if you inherited an IRA? You have a couple of options, which vary based on whether you are inheriting from a spouse or if the IRA account holder was under the age of 70 1/2 at the time of death. Most likely your three options are to move the inherited IRA into an IRA of your own, keep it as a separate inherited IRA, or take a lump sum distribution. What you decide to do will be determined by your current situation as well as your future retirement plans. Also, when you decide Continue reading What Would You Do With an Inherited IRA?
Tax time is a good time to review your beneficiary information for your retirement accounts. As you well know, you receive a tax form for each retirement account (usually a 1099), which can serve as a yearly reminder to not just check the information within the form, but to also make sure that the beneficiary information is up-to-date as well. While that beneficiary information isn’t found on the tax form, it can be easily found by checking your account information, which can usually be done online these days. Furthermore, if you check your account and realize that you need to Continue reading Checking Beneficiary Information Isn’t Taxing
Who gets your remaining retirement funds when you pass on? Nobody wants to leave their loved ones having to figure that out on their own. That’s why beneficiary forms exist. Beneficiary forms are an easy way to divide and designate your money so that the people of your choosing are bestowed with any left-over funds or insurance payouts. You usually designate a beneficiary (or beneficiaries) when you first open a retirement account. Beneficiaries can be changed at just about any time and you should review your beneficiary forms following major life changes (i.e. marriage, divorce, child-birth, a death in the Continue reading The Benefits of Updated Beneficiary Forms