Photo credit: Simon Wijers. Unsplash.
In 2017 the first baby-boomers turned 70. Happy birthday! However, if you had your 70th birthday between January 1 and June 30 of this year, the IRS says you must take your first IRA “required minimum distribution” (aka RMD) this year as well.
Well, OK. Technically, you really have until next year. More about that below.
photo credit: Vitaly. Unsplash.com.
The Social Security Administration projects a 2.2% increase for those receiving retirement benefits in 2018. While this is actually the biggest increase in years – 2017 saw an increase of only 0.3% and 2016 social security recipients saw no increase at all – it’s not likely to bump you into a new tax bracket.
In dollars, the projected increase adds up to about $28 per month for the average social security recipient.
As my grandfather, himself a longtime social security beneficiary, is fond of saying, “it’s better than a stick in the eye”.
I have been a member of the Ed Slott Elite IRA Group for nearly a decade. One of the benefits of membership is that twice a year I get to geek out on the latest rules and regulations regarding IRAs and retirement plans with over 400 financial advisors from around the country.
This is also one of the best opportunities in the industry to meet with other like-minded advisors to learn how to help our clients make the most of their retirement assets, and take a deep dive into the estate and financial planning strategies that benefit them most.
This spring’s conference in Kansas City, Missouri, did not disappoint. In the future I may do a more detailed blog post on one or more of the topics below. In the meantime, follow along as I share some of the highlights of the spring conference.
The IRS allows IRA and Roth IRA contributions to be funded right up until you file your taxes or until the tax filing deadline (not counting extensions), whichever comes first.
Many of today’s women know a lot about money. Janet Yellen is the Chair of the Board of Governors of the Federal Reserve System. Christine Lagarde leads the International Monetary Fund. And countless other women have accumulated a sizable net worth simply by saving and investing – just like many men have.
Still, a gap exists between men and women when it comes to personal finance and investing. According to studies done by global money management firm, Blackrock, less than half of all women have any interest in investing.
Or so they say.