For after-tax contributions to a workplace retirement plan, the plan administrator will keep track of pre-tax and after-tax amounts. If afte

While spending thousands of dollars to create a living trust is still a worthwhile endeavor for most people, filling out an IRA beneficiary

Over the past 12 months, consumer prices have increased very little. The latest Consumer Price Index (September) shows 0.0% yearly inflation and only 1.9% core yearly inflation. That means no cost-of-living adjustment for Social Security, and very few IRS adjustments to retirement plan contribution limits.1 Roth IRA & traditional IRA contribution limits stay the same for 2016. Those 49 and younger in 2016 can contribute up to $5,500 to their IRAs, while those 50 and older wil

Here are some things to consider. Be sure you understand your options. When the owner of an IRA passes away, his or her heirs must be aware of the rules and regulations affecting the inherited IRA. Ignorance could lead you straight toward a tax disaster. Please note that this is simply an overview. Rather than use this article as a guide, use it as a prelude before you talk to a financial services professional well-versed in IRA rules and regulations. First, make sure you hav

Who should inherit your IRA or 401(k)? See that they do. Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k), life insurance policy, or savings account? You may be able to answer such a question quickly and easily. Or you may be saying, “You know… I’m not totally sure.” Whatever your answer, it is smart to periodically review your beneficiary designations. Your choices may need to change with the times. When did you open your first IR

Should you make a change to suit changing times? Do you have an IRA or a 401(k)? You probably do. You may have both of these retirement savings accounts in your portfolio, or accounts that are similar. While IRAs and 401(k)s are commonplace, many IRA owners and 401(k) plan participants have a hard time answering a common question. They aren’t sure who they have named as the account beneficiary. Who have you chosen to inherit those funds? Can you imagine what would happen if t

A recent tax court ruling now limits the frequency of IRA rollovers. Do you like to shop around online for the best CD rates? Do you have a habit of moving certificates of deposit from bank to bank in pursuit of better yields? If you do, you should be aware of an obscure but important IRS decision, one that could directly impact any IRA CDs you own. Pay attention to the new, tighter restrictions on 60-day IRA rollovers. This is when you take possession of some or all of the a

This popular retirement savings vehicle comes in several varieties. What don’t you know? Many Americans know about Roth and traditional IRAs … but there are other types of IRAs. Here’s a quick look: Traditional IRA (or deductible IRA) is an individual savings plan for anyone who receives taxable compensation. IRA assets may be invested in any number of vehicles, and contributions may be tax-deductible. Earnings in a traditional IRA grow tax-deferred until withdrawal, but will

Roth & traditional IRAs won’t get 2015 COLAs, but other plans will. A little inflation means a little adjustment. As the Consumer Price Index is up 1.7% over the last 12 months, the federal government is giving Social Security benefits a 1.7% boost for 2015 and lifting annual contribution limits on key pension plans as well.(1) 401(k), 403(b), 457 & TSP annual contribution limits increase by $500. You will be able to defer up to $18,000 into these plans in 2015. The catch-up

Is it time to make a few alterations for the near future? How do economists see next year unfolding? Morningstar sees 2.0-2.5% GDP for the U.S. for 2015, with housing, export growth, wage growth, very low interest rates and continuing vitality of energy-dependent industries as key support factors. It sees the jobless rate in a 5.4-5.7% range and annualized inflation running between 1.8-2.0%. Fitch is far more optimistic, envisioning U.S. GDP at 3.1% for 2015 compared to 1.3%