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?
Did you know that you can use a distribution from your IRA to pay for higher education? Furthermore, if you use the money to pay for qualified higher education expenses, you won’t owe the 10% early distribution penalty. This counts for all IRA plans, but doesn’t apply to distributions from company retirement plans (i.e. a 401(k)).
If you work for a company that doesn’t offer a retirement plan, or are self-employed, you should invest in either a traditional or Roth IRA as a way to save for retirement. This might seem obvious, but not everyone thinks to do so.