Fixing a Missed RMD
Turning 70 is a big milestone that’s hard to miss, but once you turn 70 ½, there is an annual to-do that can easily be forgotten. Once you reach age 70½, it’s time to start taking your required minimum distributions (RMD) from your retirement account each year, and if you forget to take it, it can result in a 50% penalty.
Did you miss your RMD this year? Fortunately, there are steps you can take to fix the problem and possibly even get the penalty waived.
For guidance on how to fix a missed RMD, click here to download more information.
Is a Trusteed IRA a Good Strategy for You?
When the time comes for your beneficiaries to receive your IRA assets, are you confident they will use their inheritance in a way that you’d want them to?
There are options available for you to have varying levels of control over how your beneficiaries use your assets after you’ve passed. You may want to consider either a trusteed IRA or a trust, but how do you know which option is best for you?
To learn more, click here to download “Is a Trusteed IRA a Good Strategy for You?”
Using a Tax Refund to Fund an IRA
If you’ve recently received a tax refund, you may be considering how to spend or invest the cash. What if you could utilize an option that is both convenient and helps fund your future? April 15 is not just the tax-filing deadline, but it’s also the IRA-funding deadline, and if you haven’t yet maxed out your IRA for 2018 and 2019, now may be the time.
Keep in mind, these limits apply per individual, so both you and your spouse can each set aside this amount in addition to any employer plans you may participate in as long as you have at least as much in earned wages for the year as your contributions:
2018 $5,500 (+$1,000 catch up contribution age 50+)
2019 $6,000(+$1,000 catch up contribution age 50+)
Once the proper forms are completed, an income tax refund can be directly deposited to an IRA up to the annual contribution limit, providing a great opportunity to make the most of your refund.
Click here to download “Using a Tax Refund to Fund an IRA in 5 Easy Steps.”
This information has been provided by a Licensed Financial and Insurance Professional and does not necessarily represent the views of the presenting professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, there is no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice and is not sponsored or endorsed by the Social Security Administration or any government agency.
Investment advisory services offered through ChangePath LLC, a Registered Investment Adviser. Insurance services are offered through Retirement & Wealth Solutions of Nebraska. Retirement & Wealth Solutions of Nebraska and ChangePath, LLC are unaffiliated.