Avoid penalties: Ways to withdraw money from your IRA before age 59½

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 cases, on early withdrawals. However, there are certain exceptions that allow individuals to take money out of their IRA early without paying the … Read more

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 of Roth IRA conversions, both in the present and during retirement, to help you determine if this financial strategy aligns with your goals. … Read more

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, as well as the tax-free distributions that become available once they reach the age of 59 and a half. While converting traditional retirement … Read more

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 beneficiaries who inherited IRAs. In recent years, legislative changes have significantly altered retirement plan rules. For instance, the SECURE Act of 2019 eliminated … Read more

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 it as an inheritance. But, considering tax implications, financial security, and control over the property, leaving your house as an inheritance could be … Read more

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.