For many teens, those summer paychecks can be more than just spending money. They can actually be the key to starting one of the smartest financial habits around: contributing to a Roth IRA.
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A marriage begins with the intention that the relationship will endure—the reality of divorce and separation statistics notwithstanding—and that a couple’s retirement years will be spent together. Consequently, it’s easy to understand why laws give special consideration to spouses when it comes to their entitlement to financial resources intended to provide retirement security.
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The deadline for removing 2024 excess contributions and completing recharacterizations is on the horizon. An IRA owner has until his tax return due date, plus extensions, to remove an excess contribution or recharacterize a 2024 contribution.
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Financial organizations are not required to send notices to clients or report to the IRS when an annual payment must be taken from an inherited IRA. The beneficiary is responsible for knowing and taking any required life expectancy payments.
Although not required, many financial organizations assist their clients with this calculation.
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Most pretax retirement savings are taxed as ordinary income, taxed at one’s marginal tax rate. But under specific circumstances employer securities can be taxed differently.
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The One Big Beautiful Bill Act (OBBBA), passed by Congress on July 3, 2025, introduces several significant changes aimed at enhancing retirement savings options and financial security for individuals. Here are the key provisions that retirement savers should be aware of.
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Ironically, given their official name, SIMPLE IRA plans have a number of elements that are anything but simple. Congress has altered the governing rules from time to time over the last three decades. As a result, some would say that SIMPLE IRA plans—while still a fine small employer plan option—are getting less and less simple.
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When clients bring inherited IRAs from other financial organizations to yours, your team must know which information to collect in order to ensure a smooth transition.
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No one wants to be caught unprepared by an IRS audit. Because the best defense is a good offense, here are some tips and tricks to review your own files so you can learn what areas may need your attention.
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Everyone loves a good summer to-do list and we’re here to help. It’s the perfect time to survey your IRA department and see how you’re doing and what can be improved or implemented.
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Just like Traditional IRA owners, an individual with a SEP plan can delay taking his first RMD until April 1 of the year after he attains age 73. This date is known as the required beginning date (RBD). But remember—if the SEP plan owner or participating employee delays taking his first RMD until the following year, he will need to take out two RMDs in the same year: the RMD for year one and the RMD for year two.
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As your financial organization prepares to file Form 5498, IRA Contribution Information, to the IRS and send copies to your clients, it is a great time to familiarize yourself with what the form reports.
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If a client has received an extension to file his taxes, he may believe that he has an extension to make a prior-year contribution. It is important to understand that a tax filing extension is not an extension to make a prior-year IRA contribution: it is only an extension to file the tax return. But other postponements may apply to some of your clients.
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The SECURE Act—officially known as the Setting Every Community Up for Retirement Enhancement Act of 2019—made significant changes to IRA and retirement plan rules, including to the beneficiary payout options. One of the most noteworthy changes involves the 10-year rule, which requires a total distribution of inherited assets by December 31 of the year containing the 10th anniversary of the account owner’s death.
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The prohibited transaction rules are in place to ensure that IRA transactions are managed in a way that benefits the IRA itself in the long run, rather than providing short-term gains to the IRA owner.
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As you may have already guessed, this is typically the busiest time of the year for many financial institutions. During the next few months, your staff may be juggling different tasks—including preparing the 2024 IRA reporting forms and answering a higher amount of calls from clients.
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An owner must begin taking money out of her 401(k) plan by April 1 of the year following the year in which she attains age 73 (also known as the owner’s required beginning date).
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With the arrival of a new year comes the availability of several SECURE 2.0 provisions that affect how workers can save for their retirement.
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