Further, all contributions are made into individual IRAs that are managed by each participating employee, so there is no duty of oversight or management of plan investments by the employer as required under a 401(k) plan. As a result, SIMPLE IRA plans are ...
SEP-IRAs and SIMPLE-IRAs are technically covered by ERISA, butare exempt from most ERISA rules. If you're in an ERISA plan, you generally have more protection than if you're in a non-ERISA plan. ... ERISA-covered plans must also provide certain protection to spouses of plan participants...
Inherited IRAs are treated the same, whether they are traditional IRAs orRoth IRAs. The tax treatment of withdrawals does vary—consistent with the type of IRA (funded with pre-tax dollars, like the traditional type, or post-tax dollars, like with the Roth). Inherited IRAs: Rules for Spouse...
Seniors reaching the age of 73 will soon learn the downside of using a tax-deferred account for saving. The funds they have set aside to grow without being taxed are going to start generating tax consequences. Required minimum distributions (RMDs) are about to begin for IRAs and for employer...
Learn how a SIMPLE IRA benefits your business with easy setup, 2024 contribution limits, and essential management tips for effective retirement planning.
31 Simple Rules for Protecting Your IRAs and 401(k)sSteve Weisman
Owners of traditional IRAs–as well as of Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs – must begin taking annualRMDsat the age of 72. But there is an exception. Your RMDs must start at age 73 if you reach age 72–not 73–after Dec. ...
Another hurdle for beneficiaries of traditional IRAs is figuring out if the benefactor had taken his or her RMD in the year of death. If the original account owner hasn’t done this, it’s the responsibility of the beneficiary to make sure the minimum has been met. ...
Day trading offers the allure of fast-paced action and the potential for substantial profits, but it also comes with its own set of rules and requirements.
There is no Roth version of the SIMPLE IRA. This is a big drawback given the benefits of Roth IRAs and Roth 401(k)s. (See “What Is a Roth IRA?” for more on why we like these accounts.) Other downsides include: Participant loans are not allowed. You’ll pay a steep tax pen...