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Take Your RMDs From Your Smallest IRA
Here’s a strategy that you could use to simplify your life: when you’re subject to Required Minimum Distributions (RMDs) after age 70½, you have the option of taking separate RMDs from each IRA that...
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Special Treatment for an Older Spouse/Beneficiary of an IRA
Note: the situation described in this post was originally brought to my attention by Mr. Barry Picker, of Picker, Weinberg, & Auerback, CPAs, P.C. Mr. Picker is another of those “rock stars” in...
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When is a RMD a RMD?
Minima Cackling Goose (Photo credit: K Schneider) I receive quite a few questions from folks looking for clarification on the rules around Required Minimum Distributions upon reaching age 70½, so I...
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IRA Options Between Ages 60 and 70
Money for Nothing (song) (Photo credit: Wikipedia) There are lots of articles around that speak to what you can and cannot do with your IRA before you reach age 59½, and more that address what you must...
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Annuity in an IRA? Maybe, now
Photo courtesy of Martin Staněk on unsplash.com. Forever and a day, the rule of thumb has been that you should not use IRA funds to purchase an annuity – primarily because traditional annuities had the...
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How to Deal With Missed Required Minimum Distributions
Photo courtesy of Sunset Girl on unsplash.com. What happens when a beneficiary doesn’t act in a timely fashion with regard to taking Required Minimum Distributions from the inherited IRA? In other...
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Using First Year RMD Delay to Your Advantage
Photo courtesy of Alicja Colon on unsplash.com. When you are first subject to RMD (Required Minimum Distributions), which for most folks* is the year that you reach age 70½, you are allowed until April...
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RMD Avoidance Scheme: Birthdate Makes All The Difference
Photo courtesy of Lizzy Gadd on unsplash.com As you may recall from this previous article, it is possible to use a rollover into an active 401(k) plan as an RMD avoidance scheme. Of course, this will...
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An Exception to the RMD Rule
For many folks, attaining age 70 ½ means the beginning of required minimum distributions (RMDs) from their 401k, 403b as well as traditional IRAs. There are however, some individuals that will continue...
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Forget to Take Your RMD?
In case you forgot to take your required minimum distribution (RMD) for 2014 there’s still hope in order to avoid the 50% (yes, that’s FIFTY percent) penalty of the amount not withdrawn. If you missed...
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RMDs From IRAs
I’ve made the observation before – IRAs are like belly-buttons: just about everyone has one these days, and quite often they have more than one. Wait a second, maybe they’re not quite like...
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Book Review – Choose Your Retirement
The latest book by Emily Guy Birken – Choose Your Retirement – is unlike any other book I’ve read on the subject. Birken takes the time to walk the reader through all of the decision-points that likely...
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Separation From Service On or After Age 55
You can listen to this article by using the podcast player below if you’re on the blog; if you’re reading this via RSS, there should be a “Play Now” link just below the title to access the audio. If...
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The 52% Medicare Premium Increase by the Numbers
By now if you’re a Medicare recipient I’m sure you’ve heard all about the potential 52% Medicare Premium increase coming in 2016 for some recipients. This is due to a virtually-unknown (until recently)...
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The Hot Stove Analogy
We’ve all been there. Cooking dinner around the stove and mistakenly touch the burner or element with our finger. Instantaneously and instinctively our hand immediately withdraws from the heat and we...
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Early Withdrawal of an IRA or 401(k) – SOSEPP
This particular section of the Internal Revenue Code – specifically §72(t)(2)(A)(iv) – is the most famous of the 72(t) provisions. This is mostly due to the fact that it seems to be the ultimate...
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SOSEPP – RMD Method
Photo courtesy of Paula Porto via Unsplash.com. The Required Minimum Distribution method for calculating your Series of Substantially Equal Periodic Payments (under §72(t)(2)(A)(iv)) calculates the...
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SOSEPP – Fixed Amortization Method
Photo courtesy of Devin Rajaram via Unsplash.com. When calculating your Series of Substantially Equal Periodic Payments (SOSEPP), provided for under §72(t)(2)(A)(iv) of the Internal Revenue Code, one...
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SOSEPP – Fixed Annuitization method
Photo courtesy of Joshua Hibbert via Unsplash.com. When calculating your Series of Substantially Equal Periodic Payments (SOSEPP), provided for under §72(t)(2)(A)(iv) of the Internal Revenue Code, one...
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Get some now, get more later
When you have reached Full Retirement Age (FRA – age 66 if you were born between 1946 and 1954), you have the option to file for Spousal Benefits separately from your own benefit. This is known as a...
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