Retirement

  1. Is my husband's ex-spouse entitled to receive my spouse's retirement benefits?

    Is my husband's ex-spouse entitled to receive my spouse's retirement benefits?

    The rules vary among retirement benefits. In some cases, because you are the current spouse, you will be treated as the beneficiary ...
  2. Can an IRA beneficiary roll the IRA over into another account and designate another ...

    Can an IRA beneficiary roll the IRA over into another account and designate another ...

    It depends on the provision of the IRA plan document. Some (though very few) do not allow the designation of successor beneficiaries. ...
  3. Deducting Losses On Your IRA Investments

    Deducting Losses On Your IRA Investments

    In regular accounts in which taxes are not deferred, losses on investments can be included on your tax return. Find out how. ...
  4. Is it permissible for a 70-year-old person to buy an IRA?

    Is it permissible for a 70-year-old person to buy an IRA?

    It depends. For Roth IRAs, there are no age restrictions. For Traditional IRAs, there are no age restrictions if you are ...
  5. I am over 60 years old and have a Roth IRA to which I have made contributions for ...

    I am over 60 years old and have a Roth IRA to which I have made contributions for ...

    Because you meet the five-year requirement (i.e. it has been five years since you first established and funded a Roth IRA) ...
  6. Can I roll over my IRA assets to a sheltered Canadian plan?

    Can I roll over my IRA assets to a sheltered Canadian plan?

    It does not appear that this is an option for you. The current version of the U.S. Code and the U.S./Canada Treaty do not ...
  7. I want to purchase a five-year period certain single premium immediate annuity (SPIA) ...

    I want to purchase a five-year period certain single premium immediate annuity (SPIA) ...

    The income from a SPIA IRA is subject to the early distribution penalty unless an exception applies. As you may know, the ...
  8. Can my spouse and I use our IRAs to purchase our first home?

    Can my spouse and I use our IRAs to purchase our first home?

    IRA owners can make penalty-free distributions to buy a first home for themselves, their spouses, children, grandchildren ...
  9. Can I roll my SEP IRA into a Traditional IRA or should I convert to a Roth?

    Can I roll my SEP IRA into a Traditional IRA or should I convert to a Roth?

    Technically, the SEP IRA and the Traditional IRA are the same type of account. The only difference is that the SEP IRA is ...
  10. Top 6 Myths About Social Security Benefits

    Top 6 Myths About Social Security Benefits

    Misinformation on retirement benefits is common. We'll set the record straight.
  11. Why should I bother creating a budget?

    Why should I bother creating a budget?

    Creating and using a budget is a valuable tool for all demographics; it's not just for those who need to closely monitor ...
  12. The Top 3 Retiree Worries (And What To Do About Them)

    The Top 3 Retiree Worries (And What To Do About Them)

    Discover the most common problems retirees face, and what they can do to solve them.
  13. Common Questions About Retirement Plans

    Common Questions About Retirement Plans

    We offer some solutions for the individual taxpayer as well as the small business owner.
  14. The Pension Bill: A Wolf In Sheep's Clothing

    The Pension Bill: A Wolf In Sheep's Clothing

    Find out why the 2006 act may not be all it's cracked up to be.
  15. Can you have a 403(b) and also contribute to a 401(k)?

    Can you have a 403(b) and also contribute to a 401(k)?

    Yes. You may participate in both a 403(b) and a 401(k) plan. However, certain restrictions may apply to the amount you can ...
  16. Who bears the investment risk in 401(k) plans?

    Who bears the investment risk in 401(k) plans?

    Who actually bears the investment risk in a pension plan depends on the type of pension plan that is employed. In a broad ...
  17. Mistakes In Designating A Retirement Beneficiary

    Mistakes In Designating A Retirement Beneficiary

    Make sure your beneficiary designations not only reflect your intentions but also meet the requirements to be effective. ...
  18. Can an IRA owner disclaim his widow's account but exclude one spendthrift contingent ...

    Can an IRA owner disclaim his widow's account but exclude one spendthrift contingent ...

    From your question, it appears that the widow is the sole primary beneficiary, in which case any portion properly disclaimed ...
  19. Unexpected 1099-R Form: What To Do

    Unexpected 1099-R Form: What To Do

    Did your IRA custodian report distributions you thought were non-reportable? Find out what went wrong.
  20. I converted my former IRA to a Roth for tax purposes in 1998, so even though the ...

    I converted my former IRA to a Roth for tax purposes in 1998, so even though the ...

    Because you are over age 59 ½, you will not owe any early-distribution penalty on any distributions you take from your Roth ...
  21. Can my spouse and I convert our IRAs to Roth IRAs regardless of earned income?

    Can my spouse and I convert our IRAs to Roth IRAs regardless of earned income?

    You may be eligible to convert your Traditional IRA to a Roth IRA regardless of whether you have earned income. However, ...
  22. How can I make sure that past IRS errors have been corrected?

    How can I make sure that past IRS errors have been corrected?

    It depends. If these were Traditional IRA contributions, they may be reflected on your tax return. Otherwise, you may ask ...
  23. I have several jobs. Can I contribute the maximum to multiple employer retirement ...

    I have several jobs. Can I contribute the maximum to multiple employer retirement ...

    It depends. A question such as this requires detailed information in order to provide a helpful response. Here is a general ...
  24. I didn't earn any income this year. Can I still contribute to a Roth?

    I didn't earn any income this year. Can I still contribute to a Roth?

    Wages from past years can't be used as a basis for making contributions to a Roth in the current year. In order to establish ...
  25. I just opened an IRA. What can I do to help my money grow?

    I just opened an IRA. What can I do to help my money grow?

    For individuals who are just starting to save, certificates of deposit can be a good place to start, but the interest rates ...
  26. Maxing Out Your RRSP (Canadian)

    Maxing Out Your RRSP (Canadian)

    Increasing your savings will provide tax benefits - and peace of mind.
  27. How does online banking assist with budgeting?

    How does online banking assist with budgeting?

    Setting up online banking can make a personal budget easier to manage through the use of multiple accounts or expense categories ...
  28. Failing Health Could Drain Your Retirement Savings

    Failing Health Could Drain Your Retirement Savings

    You may not be able to prevent illness, but it doesn't have to infect your savings.
  29. Retiring Early: How Long Should You Wait?

    Retiring Early: How Long Should You Wait?

    Maximize your Social Security benefits by choosing when you retire.
  30. Benefits for Members of the Armed Forces

    Benefits for Members of the Armed Forces

    If your plans have been affected by your time in the combat zone, fear not!
  31. Pension Protection Act Of 2006 Becomes Law

    Pension Protection Act Of 2006 Becomes Law

    Learn how the passed bill can help you save more for retirement.
  32. Can I roll my 403(b) and 457 into other low-cost venders when I change jobs?

    Can I roll my 403(b) and 457 into other low-cost venders when I change jobs?

    It is very likely than you will be able to roll over or transfer these amounts after you stop working for your current employer. ...
  33. What is the difference between a ROTH, SEP and Traditional IRA?

    What is the difference between a ROTH, SEP and Traditional IRA?

    The Roth IRA was established in 1996 as the newest addition to the individual retirement accounts (IRAs) available to individuals. ...
  34. I am a teacher in a public school system and I don't presently have a 403(b) plan, ...

    I am a teacher in a public school system and I don't presently have a 403(b) plan, ...

    If you establish a 403(b) account under the school's 403(b) plan, you may roll the Traditional IRA assets to the 403(b) account. ...
  35. Can a spouse who is not named as a beneficiary receive assets from an IRA?

    Can a spouse who is not named as a beneficiary receive assets from an IRA?

    It depends.Generally speaking, the designation of beneficiary form dictates who receives the assets from the individual retirement ...
  36. How can I reduce the taxes on my inherited retirement assets?

    How can I reduce the taxes on my inherited retirement assets?

    Many beneficiaries miss out on one of the most significant tax deductions for inherited retirement-plan assets; the income ...
  37. IRA Contributions: Eligibility And Deadlines

    IRA Contributions: Eligibility And Deadlines

    Use this checklist for contribution requirements to make your payments on time.
  38. Can I roll over a profit-sharing plan to an SEP IRA account without suffering any ...

    Can I roll over a profit-sharing plan to an SEP IRA account without suffering any ...

    It depends. If the transaction is processed as a direct rollover to the SEP IRA, then no taxes will be withheld. Through ...
  39. Can I borrow from an IRA without penalty?

    Can I borrow from an IRA without penalty?

    Yes. A 60-day rollover rule applies to all types of IRAs. This 60-day rollover rule allows you to withdraw assets from your ...
  40. I am in the second year of taking SEPP distributions from my IRA. Can I transfer ...

    I am in the second year of taking SEPP distributions from my IRA. Can I transfer ...

    The most recent guidance issued by the IRS and the Treasury Department is Revenue Ruling 2002-62. There is some disagreement ...
  41. Should I start taking my RMD based on the amount in my account when I turn 70.5?

    Should I start taking my RMD based on the amount in my account when I turn 70.5?

    Because your balance may have changed from December 31 to the date you reach age 70.5, using that balance may result in an ...
  42. What's the best kind of IRA for a 20-something?

    What's the best kind of IRA for a 20-something?

    There probably is no 100% correct answer here, but let's break it down. Suppose that you are 23, you've been working for ...
  43. Common Risks That Can Ruin Your Retirement

    Common Risks That Can Ruin Your Retirement

    These unexpected bumps can sideline your post-work plans and prevent you from riding out your assets.
  44. CDIC Protects Canadians From Bank Failure

    CDIC Protects Canadians From Bank Failure

    Bank failures can happen in Canada, but many deposits are insured. Find out what's covered.
  45. Downshift To Simplify Your Life

    Downshift To Simplify Your Life

    Learn how to ditch the rat race with voluntary simple living.
  46. An Introduction To The Roth 401(k)

    An Introduction To The Roth 401(k)

    The money that you earn today is taxed today, making tax-free retirement withdrawals a reality.
  47. Run Your Personal Finances Like A Business

    Run Your Personal Finances Like A Business

    The principles that contribute to success in business can also help you achieve your financial goals.
  48. I'm a teacher. Which is better for me, a 401(k) or 403(b)? What is the difference? ...

    I'm a teacher. Which is better for me, a 401(k) or 403(b)? What is the difference? ...

    The first step is to check with your employer regarding any retirement plan(s) it provides for employees, as you can only ...
  49. I have just been laid off. Can I use my 401(k) for living expenses now and report ...

    I have just been laid off. Can I use my 401(k) for living expenses now and report ...

    Any amounts withdrawn from your 401(k) plan must be treated as ordinary income for the year the amount is distributed from ...
  50. I made involuntary contributions to a retirement plan while temporarily employed. ...

    I made involuntary contributions to a retirement plan while temporarily employed. ...

    Your options depend on the type of penalty that would apply. If the penalty is a surrender charge or another penalty that ...
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