If you are inheriting an IRA from a parent, planning for taxes on the distributions is vital for budgeting what you can actually spend from the distributions. Withdrawals from traditional IRAs are treated as taxable income to you in the year that you take the money out. These withdrawals are...
Aqualified annuityis a type of retirement account, much like atraditional individual retirement account (IRA), that typically entitles you to a tax deduction for the amount you contribute, up to Internal Revenue Service (IRS) limits. A nonqualified annuity, on the other hand, is not considered...
If you have a traditional IRA, 401(k), 403(b) or SEP, they might be taxable if they were funded with pre-tax dollars. Most pensions are taxable, except for certain types of military pensions. Money earned from interest, dividend stocks and other capital gains will usually be taxed. The...
especially for traditional IRAs, is that we could do a stretch. We could do what’s called a stretch IRA and the IRA would be protected for the lifetime and it could stretch over
Investors often only consider advisory fees when deciding whether it’s worth it to work with a professional or not. But have you considered the actual monetary gains (or reducing losses) that could result from professional advice? For example, in a down market or a year with low taxable i...
Learn more about the difference between traditional and Roth IRA plans. 4. Calculate your Social Security benefit Your Social Security benefits can help you with your retirement income planning. Just keep in mind that, ideally, Social Security should be a supplement, not a mainstay of your retir...