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The ‘Stretch IRA’ Estate Planning Strategy Is Gone. Here Are 4 Other Options.
The Covid-19 era is a mess, and we’re still in the middle of it. But life goes on. So, let’s be more open to doing what we would do in more normal times. What I normally do is give tax advice. Here’s some updated estate planning advice for well-off folks to consider. Evaluate “stretch…
Read MoreOpinion: 10 things you should know about diversification
Picking a winner is harder than you think Holding a variety of assets reduces your portfolio’s overall level of risk. GETTY IMAGES/ISTOCKPHOTO One of the most important ways investors take care of their portfolios is by diversifying their holdings. If you’re not sure exactly what diversification is, or how to make it work for you,…
Read MoreNearing Retirement? Take Another Look at Roth Conversions
Due to lower tax rates and the recently passed SECURE Act, those nearing retirement should consider a Roth conversion. For those nearing retirement, taking the right planning steps is even more important, given the narrowing time frame to leaving the workforce. This current year brings forth planning opportunities to help you achieve your retirement goals…
Read MoreInstead of saving a total sum for retirement, I started thinking about how much I want to ‘earn’ monthly and it made me reassess the way I invest
The stock market fell dramatically early on in the COVID-19 pandemic as businesses closed in the US and around the world. While my stock values fell, other parts of my portfolio were less affected. Most people set a savings target for their retirement, but it’s just as important to consider the cash flow your portfolio…
Read MoreIs Suze Orman right? Is a traditional IRA really the wrong way to invest for retirement?
Financial advisers weigh in on the personal finance guru’s latest warning about individual retirement accounts, and how to use them Personal finance celebrity Suze Orman says retirement savers should steer clear of traditional accounts in lieu of Roth accounts, especially during this global pandemic. But like everything else in personal finance, that advice largely depends…
Read MoreLost your job? Here’s what to do with your 401(k)
Consider all of the options when transitioning a work-sponsored retirement plan. Getty Images Every week, millions of Americans are filing for unemployment due to the COVID-19 crisis. Whether you’ve been with a company for six weeks or six years, if you lose your job, there are plenty of options for what to do with your vested…
Read MoreIf you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions
The deadline to contribute to IRAs and HSAs is Tax Day. mixetto/Getty Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July…
Read MoreRetirees Get a Break on IRA Distributions
The IRS is expected to come out with additional guidance, but here’s what we know so far. Getty Images The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020. Here are answers to questions about the waiver. I…
Read MoreRoth IRA Conversions are on Sale
Many retirement savers can get an extra-good deal on Roth conversions right now. Here’s why. Getty Images While we hope for an end to the current coronavirus pandemic, there may be a silver lining for retirement savers during this time of disruption. If you can manage doing a Roth IRA conversion, you’ll likely pay a…
Read MoreProactive Planning In Volatile Markets With Roth Conversions
Getty GETTY Do you have a traditional IRA that will produce ordinary income on distributions? Would you like to possibly mitigate income taxes on those distributions for yourself as well as your heirs? Financial markets have declined over recent weeks, as investors digested evidence of a steep downturn among the world’s largest economies. The COVID-19…
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