Did you know that there are more than 600,000 people in America with at least $1 million in an IRA?
Did you know that Americans have an estimated $24.2 trillion in retirement assets? To put that into perspective, the entire gross national debt is about $18.1 trillion.
If you plan on using an estate planning option, such as a disclaimer or a trust, make sure that option is available for your IRA or employer plan.
Are you getting a tax refund this year? Have you considered what you might do with it? Here’s a thought: put it towards your retirement.
What are your goals for retirement? Do you plan to travel? Will you continue to live where you are currently located? Have you thought about what you will need to save to meet those retirement goals?
If you participate in an employer’s SIMPLE (Savings Incentive Match Plan for Employees) IRA program, you have to wait two years before you can move your SIMPLE IRA to a non-SIMPLE IRA and that two year period starts on the day when you first deposited money into your SIMPLE IRA.
If you didn’t know, spouses can make contributions to each other’s IRA. Two of the rules for spousal IRA contributions are that the spouses must file a joint tax return for the year and they must be legally married on December 31 of the year for which the contribution was made.
If you have a traditional IRA, have you put any thought into converting it to a Roth IRA? Do you know what the advantages of a Roth IRA are?
If you plan to roll over property from one IRA to another under the “same-property” rule, make sure that it is the identical property (i.e. property such as shares of stock if distributed from an IRA).
When do you plan to retire?