retirement | Ed Slott and Company, LLC


Congress Makes SIMPLE IRA Plans Less SIMPLE

SIMPLE IRA plans are a popular retirement savings option for small businesses. The plans are available for companies with 100 or fewer employees who received at least $5,000 in pay from the company in the prior year. SIMPLE IRAs are designed to be administratively easier than 401(k) plans. Businesses can establish a SIMPLE by completing a model IRS form (either Form 5305-SIMPLE or 5304 SIMPLE) and can make contributions directly to employees’ IRAs.

Deadline to Take Your 2023 RMD is Almost Here

It is December. The halls are decked, and Starbucks holiday cups are everywhere. The end of the year is not far away. That means the deadline is near for taking a required minimum distribution (RMD). Here is what you need to know if you have your own IRA or if you are an IRA beneficiary.

Bad Santa & The Grinch Offer Horrible IRA Advice – Part 1

If the Grinch and Bad Santa both passed their FINRA Series 7 exam and decided to open an investment advisory firm, I’m pretty sure they would combine forces to intentionally deliver some of the WORST financial advice possible. Here are some of their truly terrible, hideously horrible, good-for-nothing planning ideas:

The Back-Door Roth Strategy and Spousal Beneficiaries: Today's Slott Report Mailbag

I earn too much money and can’t do a Roth IRA. I have heard about the back-door Roth IRA strategy for those who earn more than the allowable contribution for the Roth IRA where they contribute to a traditional IRA and then roll over to a Roth IRA.

IRA Mid-Term Exam

The Investment Company Institute (ICI) is an association representing mutual fund companies and similar investment companies. Each year, ICI conducts a survey of the prevalence of IRAs in American households.

New Law May Lower RMDs When Annuity is Annuitized – But IRS Guidance Needed

If you are subject to required minimum distributions (RMDs) and have annuitized part of your IRA, a recent law change could drastically reduce your RMDs. But, without IRS guidance, it may be difficult to take advantage of that change.

Inherited IRAs and Roth Conversions: Today's Slott Report Mailbag

Question: I inherited an IRA in 2022 upon the passing of my father after he had already started his RMDs. I took a 2023 RMD from it in May 2023. Your website says I’m not required to take this RMD. I called the custodian to reverse it, but they said it can’t be done. Is this true?

Q&As on Recent IRS RMD Relief

On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to the 10-year payout period. Second, it extended the 60-day rollover deadline for retirement account owners born in 1951 who erroneously received distributions in 2023 that weren’t necessary because their first RMD year had been delayed from 2023 to 2024 under SECURE 2.0.

Help a Young Person Use Summer Earnings to Start a Roth IRA

Is your child or grandchild working hard this summer? A summer job can be a valuable experience for a young person. Whether it is making smoothies, serving tables, or being a camp counselor, a summer job can teach life skills and give a first opportunity to manage finances

Summertime Similes & Metaphors – No Shirts or Shoes Required

Oftentimes with these articles, I compare certain retirement account rules to arbitrary items. A creative metaphor or simile can help the reader grasp a concept. For instance, past entries have referenced revolving doors, hurricane preparedness, Bloody Mary cocktails, Charlie Brown’s Halloween costume, genies in lamps and even Indiana Jones. But I was struggling. No single comparison seemed to carry the weight necessary to create an entire Slott Report submission. So, here is a 6-pack of random summertime similes and other retirement account comparisons.

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