Did you know that you can make an IRA contribution even if you are maxing out your employer plan contributions, including contributions to SEP and SIMPLE IRAs; you just might not be able to deduct that contribution.
Did you know that parents or grandparents can make IRA or Roth IRA contributions for children who have earned income, even if the children spent every penny they earned?
You can make a contribution for a non-working or lower-wage earning spouse to their own IRA, provided they meet all other contribution rules for that IRA.
Do you know what a qualified longevity annuity contract is (QLAC)?
If you participate in an employer-sponsored retirement plan (i.e. 401k) in which your employer offers a match, do you know what you should do once you max out those employer-provided matching contributions?
What do you plan to do with your tax refund, if you received one this year?
Don’t forget that when taking a year-of-death required minimum distribution (RMD) any remaining RMD that was not taken by the deceased account owner must be taken by the beneficiary and reported using the beneficiary’s Social Security number.
You can convert Traditional IRA contributions into a Roth IRA. Such a transaction is called a recharaterization and the Traditional IRA contribution must be directly transferred to the Roth IRA. You must also make sure you properly report it to the IRS.
Are you aware of how you spend your money? Have you ever thought about ways to recalibrate your spending and saving habits?
Have you ever thought about creating a financial plan? Such a plan can be a helpful tool when making major financial decisions by reminding you of your personal values and financial goals (i.e. retirement).