Running out of money while there is still much life to live is frightening. The specific concern is that retirees might spend down their assets at a faster pace than their investment gains accrue. Financial advisors are commonly tasked with helping clients determine if, and under which circumstances, they will have enough money to retire comfortably. This is crucial work.

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This week's Slott Report Mailbag looks into inherited IRAs, beneficiaries, and RMDs when you are still working.

Did you make your IRA contribution for 2016? If you did, you may want to take some time now during tax season to be sure your contribution is an allowable contribution and not an excess contribution.

One of the most common questions asked during tax season is, “Do I have to file a tax return?” The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.