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401(k)

Ed Slott's Elite IRA Advisor Group℠ Topics of Conversation - Kansas City

Last week in Kansas City, the Ed Slott team hosted our first in-person training program for members of our Elite Advisor Group since late 2019. While we managed to stay in contact with everyone via virtual meetings for the last two years, it was good to again see people face-to-face. The conversations were lively and interaction among the members during the breaks was spirited.

Inherited IRAs and Employer Retirement Plans: Today's Slott Report Mailbag

Question: Hello, Client (72) has recently inherited a “Beneficiary IRA” account. My question is for next year: Can she use qualified charitable distributions for her beneficiary IRA? Thank you, Kathy

Bigger 401(k) Contributions Coming in 2022

The IRS has released the cost-of-living adjustments (COLAs) for retirement accounts for 2022. As expected, due to inflation in the economy, many of the dollar limit restrictions on retirement accounts will increase next year.

401(k) Plans & IRA Custodians: Today's Slott Report Mailbag

Question: If you are an employee who participates in a 401(k) who retires at age 73, do you have to take an RMD in the year you retire, or can you take your RMD by April 1 of the year following retirement? If you can take your RMD by April 1 of the following year, does that mean you have to take two RMDs in that year?

Active Participation and IRA Deductibility

This question (or a derivation of it) has been popular as of late: “I only participated in my 401(k) for a couple of months in 2020 before I was laid off. Does that still make me a ‘covered’ employee, and can I contribute to my Traditional IRA?” It seems innocent enough, but there is a heck of lot going on in this little question.

When a “Reverse Rollover” Makes Sense

When we think of rollovers, we normally think of moving funds from a 401(k) (or other company plan) to an IRA. But it sometimes makes sense to consider a “reverse rollover” – from an IRA to a 401(k).

Do You Know All the Rules for Rolling Over a Roth 401(k)?

This week's Slott Report Mailbag examines 401(k)s, Roth 401(k)s, and spousal beneficiary rules.

Can I Open a Roth IRA and Fund it with my IRA?

This week's Slott Report Mailbag examines ERISA creditor protection differences for 401(k)s and IRAs and answers a consumer's question on funding a Roth IRA.

A Tale of Two IRAs: Using a Series of Substantially Equal Periodic Payments to Fund an Early Retirement

Multiple studies suggest that we often end up retiring earlier than initially anticipated or hoped. One study by JPMorgan Asset Management found that although two-thirds of current workers plan to continue working until age 65, fewer than one in four actually manage to do so. Although the reasons vary, premature retirement poses a two-fold portfolio stress - a shorter accumulation time and a longer withdrawal period. It also presents a potential tax complication when you've not reached 59 ½ - that magic age at which you can withdraw retirement money without an additional 10% premature distribution penalty.

What Now? A Widow's Story About Making the Right Financial Decisions

In 2006, Alan, a strapping young man who had just turned 50, collapsed and died of a massive heart attack while attending Sunday morning Mass with his wife Karen. Alan and Karen co-owned a business. Alan was a contractor and Karen handled the accounting and billing. Karen was fairly savvy financially. However, because she felt she had to get everything settled “right away” after Alan’s passing, she made several costly mistakes. It's a story you and your clients can learn from.

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