There are important questions at certain ages that you should keep in mind on your journey. Your options for Retirement and Financial Planning need to be given very serious thought and examination. You need to identify your goals, explore your options, and test for the unexpected.
The penalty for not taking one’s Required Minimum Distribution (RMD) from an IRA, according to the IRS, can be 50% of the amount that was not distributed. For example, if one is required to take $1,000 of RMD this year, failing to do so may cause a $500 tax bill.
If you began taking Social Security before full-retirement age and are looking to postpone payments until a later time, there is a solution: the 1-year payback rule.
Whether you are making a plan to travel or planning for retirement, determining an appropriate strategy ahead of time will provide guidance for a path to success and for actions to take when things might not go as smoothly as expected.
1. Turning wealth into income – creating a total return strategy that produces a continuous paycheck just like you had when you were employed 2. Revising your investment strategy – which was successful for the accumulation phase but may not work as well now during the distribution phase 3. Protecting against new risks and concerns...
A 60-second read by the Baron Team: Congratulations 2019 College graduates! Throw that mortarboard as high in the air as you can and before it circles back down to earth, start thinking about saving for your retirement. You are most likely going to be responsible for setting yourself up for a successful retirement, so your best bet is to invest early and often.
A 60-second read by Anthony Benante, CFA: What value does a Comprehensive Financial Advisor offer? There is the obvious – offering expertise in investment management and financial planning, and then there is the not-so-obvious.
There are many factors to explore when choosing a retirement date. What would you like your retirement to look like? Watch our 40-second video to learn about planning for retirement.
A 60-Second Read by Anthony Benante, CFA: Though everyone’s financial situation, or what we call your personal economy, is different, developing the right investment strategy starts with identifying your risk profile. To do this you need to determine your willingness to take risk and your ability to take risk.
One of the easiest ways to gift money to a charity in your estate plan is to name the charity as a beneficiary on your IRA or 401(k). Upon your death, the beneficiary designated on an IRA or 401(k) will receive their percentage of the assets very quickly. In addition, the designated beneficiary is independent of the will.
You will receive a form 1099-R if any money has been moved out of a retirement account. How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes. The code will appear in box 7 of the 1099-R.
If you are the owner of an IRA (Individual Retirement Account) you may be aware that at age 73 (or 75, depending on your birth year), you are required to withdraw a small portion of your account and pay taxes on the amount withdrawn.