IRA Rollover Rules Change in 2015
As a refresher, IRA rollovers are simply the transfer of funds from a retirement account such as a 401(k) into an IRA, or an IRA-to-IRA transfer. There are three ways to accomplish this rollover or transfer: Direct rollover – The administrator of your account may issue your distribution in the form of a check made […]
Retirement Account Bankruptcy Protection
In 2005, a set of Federal bankruptcy law amendments added protection of retirement accounts from creditors. However, a few weeks ago, the U.S. Supreme Court unanimously ruled that inherited individual retirement accounts are not protected. What this means is that your own IRAs and other retirement accounts are protected from creditors while you are alive. […]
Help! The Required Minimum Distribution from my IRA is more than I usually spend
When your required minimum distribution (RMD) is larger than the amount of income you need for expenses, you have many options for handling the excess. We find it is helpful to manage the extra amounts wisely in order to avoid spending more than you had planned.
When am I required to start withdrawing from my IRA?
Generally, for the year in which an individual turns age 70 ½ an individual must start taking distributions from their retirement accounts. Whether these amounts are needed for funding your retirement, the IRS requires that you begin taking the distributions.