Since the penalties for not getting required minimum distributions (RMDs) right or severe, I thought it would be a good time to review the rules and deadlines to help you get it right. RMD rules are complicated and making mistakes by not following them are costly. If you miss taking an RMD or take out less than what is required, you will pay a 50% penalty. Yes, you read that … [Read more...] about Rules and Deadlines for Required Minimum Distributions (RMDs)
When transferring retirement accounts, the question of which is best: direct or indirect is a common one. The IRS lays out the rules on how to accomplish both options. Violating those rules will cost you money in taxes, penalties, and loss of growth of these assets. I write and answer investor questions for Investopedia because they try to keep things simple. The goal … [Read more...] about When Transferring Retirement Accounts Which is Best – Direct or Indirect Rollover?
Americans are living longer than ever. The following life expectancy study from the Brookings Institute illustrates this point. For married couples, there is an 88% chance that one will live to age 80, and a 45% chance that one will live to age 90. Living longer requires our money to last longer. Outliving our money is one of the biggest fears for those planning for … [Read more...] about Five Ways to Make Retirement Assets Last Longer