Withdrawing money from your traditional Individual Retirement Account (IRA) before the age of 59½ often comes with a penalty. Taxpayers will be assessed a 10% penalty, along with income tax in most…
Tag: tax implications
Why you should consider a Roth conversion before year-end
As the end of the year approaches, those contemplating a Roth IRA conversion must make their move before December 31 to maximize its benefits for the following year. Here are the implications…
Should You Borrow from Your 401(k)?
When faced with financial challenges, many individuals often consider various sources of funds. Your 401(k) retirement account can be a valuable source of funds. While borrowing from your 401(k) can provide quick…
What You Need to Know About Taxes and Retirement
Regarding retirement planning, taxes often take a backseat to more immediate concerns like saving, investment strategies and calculating income needs. However, understanding the tax implications of various retirement accounts and income sources…
The Roth Conversion Penalty You Didn’t See Coming
Numerous individuals find the prospect of transferring their assets from a conventional IRA or 401(k) plan to a Roth individual retirement account appealing due to the tax-free income it provides during retirement,…
IRS Delays IRA Withdrawal Rules Again – What You Must Know
The IRS has once again decided to delay certain required minimum distribution (RMD) rules, offering taxpayers relief from confusing regulations surrounding RMDs for inherited IRAs. This recent change brings important implications for…
Pass the Peas, Not the Property: The Retirement Dinner Conversation You Need to Have
One significant asset, both emotionally and financially, is your home. As you plan your estate, you might be contemplating whether to transfer your house to your children during retirement or to leave…
The Overlooked Aspects of Generating Rental Income for Retirees
Discover the often-overlooked aspects of generating rental income for retirees, from legal requirements and tax implications to market analysis and property maintenance.
