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News
Turning 73 This Year? Watch Out for This Tax Torpedo.
1+ day, 30+ min ago (502+ words) Your tax bill could give you sticker shock if you're not prepared for this. Turning 73 means you'll have to begin taking required minimum distributions (RMDs) from your tax-deferred retirement accounts, but that could cost you in unexpected ways, including Social…...
He Turned 73 With His Own IRA and the IRA He Inherited From His Wife. One Withdrawal From His Own Was Supposed to Cover Both. The IRS Fined Him on Hers
1+ day, 20+ hour ago (437+ words) A 73-year-old retiree followed a perfectly legal IRS shortcut for combining retirement account withdrawals, then got fined for a distribution he thought he had already taken. The rule he missed is written in plain sight, and it catches surviving spouses…...
He Spent Down the Roth First to 'Save' the IRA for His Kids. He Left Them a $120,000 Tax Bill Instead of a Tax-Free Account
1+ day, 22+ hour ago (540+ words) Saving the Roth for the kids sounds generous, but a rule most retirees missed in 2020 turned that good intention into a six-figure tax burden spread across a decade of their children's peak earning years. Life After Work desk. Editor: David…...
If You Live on Social Security Alone, You May Qualify for These 10 Things
2+ day, 5+ hour ago (903+ words) Social Security often won't provide all the income you need, so make sure to take advantage of other benefits. The average Social Security benefit provides $24,852 per year in income in 2026, and many people get less than this average. That's not…...
For Twenty Years He Made IRA Contributions the IRS Never Let Him Deduct. One Form Filed Every April Is the Only Thing Standing Between Him and Being Taxed on That $150,000 Twice
2+ day, 5+ hour ago (505+ words) If you have a traditional IRA and your income was too high to deduct the contribution, you’ve been quietly building a stash of after-tax money inside a pre-tax account. That stash is called basis, and the only thing separating you…...
He Converted $120,000 to a Roth at 63 to Get Ahead of the RMDs. Medicare Later Read It as Income and Charged Him $2,400 More in Year One.
2+ day, 17+ hour ago (659+ words) A perfectly legal Roth conversion strategy that his CPA approved left one retiree blindsided when Medicare priced his premiums two years later, and the form designed to fix exactly this kind of situation turned out to be completely off limits....
She Converted $60,000 to a Roth in March and Paid the Tax the Next April. The IRS Charged Her a Penalty for Every Month in Between
3+ day, 20+ hour ago (749+ words) A retiree executed a Roth conversion flawlessly, filed on time, and paid every dollar owed. The IRS still charged her a penalty covering nearly the entire year, and the reason had nothing to do with the conversion itself. Life After…...
In the Three Years Between Her Last Paycheck and Her First Social Security Check, She Converted the Whole IRA. By the Time the Government Started Paying Her, There Was Nothing Left for It to Tax
3+ day, 22+ hour ago (787+ words) Between her last paycheck and her first Social Security check, a retiree had a narrow window where her taxable income was entirely her choice. She treated it like a job, and what she built on the other side surprised even…...
These simple portfolio checks could save you from costly mistakes
4+ day, 12+ hour ago (301+ words) Cash is fanned out from a wallet in North Andover, Mass, June 15, 2018. A portfolio management policy of benign neglect beats a too-active one any day. Nonetheless, it’s a good idea to check up on your portfolio periodically. Here are key…...
Changing Careers After Military Service in San Diego? How AAFMAA Wealth Management & Trust Can Help With the Financial Transition
5+ day, 2+ hour ago (646+ words) A successful financial transition can start well before a servicemember receives a final military paycheck. AAFMAA military wealth management takes a long-term approach to this period by helping clients examine their current financial position and consider how income, expenses and…...