You won’t be able to control government policies and rules that impact your retirement funds, but you can take steps to mitigate their effects. Have you taken steps to protect your retirement funds from being undermined by government rules and policies?
Thinking about increasing your savings so that you will have more money for retirement, but not sure how much to start with? Consider saving up to whatever amount your company matches as a starting point.
It might seem obvious, but the more money you put into your IRA (within the established limits of course!), the more money you are likely to have saved up when you finally retire and start taking money out. The more you save, the better you’ll be!
One of the many benefits of having a Roth IRA is that you don’t pay taxes on the dividends you earn from your Roth IRA investments. The catch? You have to make the withdrawal at least five years after the first tax year for which you made a contribution to your Roth IRA, and you are at…
Did you know that you can invest your IRA funds in just about anything–including property? However, if you intend to invest your funds in property, make sure to have the IRA buy the real estate, so as to avoid any confusion regarding the “same-property” IRA rollover rule.
Have you thought about who gets your IRA in the event of your death? The Supreme Court has ruled that inherited IRAs are not considered IRAs for purposes of federal bankruptcy protection, but are considered IRAs for all other purposes.
It’s generally a good idea to move your retirement funds from your employer plan to an IRA once you stop working. If you are over 70 1/2 when you make such a move, you must take your required minimum distribution from your employer plan first.
Do you know the difference between a traditional IRA and a Roth IRA?
Are you planning on relying on Social Security to fund part of your retirement? If you are more than 10 years away from retirement, don’t be surprised to see such benefits downsized by the time you retire or start collecting.
Did you know that spousal rights to a company retirement plan do not carry over if you roll the funds into an IRA? Many people don’t, which is why it’s important to make sure that your beneficiary information is up-to-date on your retirement plans and funds.