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.
September 21st is World Gratitude Day.
I am sure you don’t need me, or anyone else, telling you what you should be grateful for, but as I reflect on the notion of gratitude in light of the work that I do, there are several things that stand out.
Take your IRA Required Minimum Distribution.
The IRS requires IRA owners to begin taking taxable distributions from their IRAs after they turn 70 ½. Failure to do so can result in an IRS penalty equal to 50% of your Required Minimum Distribution amount (aka RMD).
To avoid this penalty you must take your RMD no later than April 1 of the year after the year you turn 70 ½. If you turned 70 ½ this year, then your first RMD is due no later than April 1, 2017.