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The Ricks Report – October 30, 2017
The Ricks Report October 30, 2017 Numbers of $ignificance  START SAVING NOW – A child born in 2017 that begins kindergarten in the fall of 2022 would attend college between the years of 2035 and 2039. If that child attended an average public in-state 4-year college and if the annual price increases for public colleges…
Read MoreWinning at Life: James in Ocean Springs, MS: Can I Combine My Retirement Accounts into one?
James from Ocean Springs, Mississippi asks Gregory and James if he can combine his various IRA and 401k accounts into one IRA, and is that a good idea?
Read MoreWinning at Life: Dorothy in Covington, LA: When can I turn on my Social Security widows benefits?
Gregory Ricks and James Parker talk to Dorothy in Covington, Louisiana about how and when she’s able to receive her widows benefits from Social Security.
Read MoreA Tale of 3 Cousins and Their Inherited 401(k) Plans
This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.…
Read MoreWinning at Life: Using a Reverse Mortgage
Gregory Ricks talks about putting your home equity to work for you with a Reverse Mortgage or a Reverse Purchase.
Read MoreRetirement Plan Checks and 60-Day Rollovers
Generally, when you receive a check from your IRA custodian or employer plan, you have 60 days to rollover the funds to another retirement account, either an IRA or an employer plan. As with most retirement plan rules, this rule comes with two exceptions – one good and one bad. Let’s look at what happens…
Read MoreOptions for a Spouse Beneficiary–Remain a Beneficiary or Retitle to Your Own Account?
Warning! The options described here are for spouse beneficiaries named on the beneficiary forms of IRA accounts. Non-spouse beneficiaries and spouses who inherit through an estate have a different sets of rules. Your spouse has died and you are named the beneficiary of their IRA. What do you do now? The IRA custodian has automatically…
Read More7 Things Your IRA Custodian Won't Tell You
It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them. 1. 60-Day Rollovers – An IRA custodian will not remind…
Read MoreYou Must Play by the Rules with RMDs and QCDs: Q&A Mailbag
This week’s Slott Report Mailbag examines Roth IRA transfers, QCDs and RMDs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here. Question: Dear Ed Slott and Company, Thank you for helping me with my question. I’m in the…
Read MoreWinning at Life: How to Know How Much Money You Need to Retire
On the financial talk show Winning at Life, Gregory Ricks and James Parker walk through the process of determining how much money you will need to have saved up to maintain your current lifestyle in retirement.
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