April is nearly here. Keep your IRA in Many of us associate April with taxes. We should also associate it with IRAs, for April is the month with the deadlines for IRA contributions and mandatory IRA The deadline for your 2011 IRA contribution is April 17, 2012. Yes, April 17. This year, April 15 is [...]
One year? Three years? Seven years? It You’ve probably heard that you should retain copies of your federal tax returns for 7 years. Is that true, or a myth? How long should you keep those quarterly and annual statements you get about your investment accounts? And how long should you keep bank statements before throwing [...]
New regulations mean plan sponsors will have to be more 401(k) plan sponsors will need to become 401(k) plan analysts. The Department of Labor is implementing new regulations for 401(k)s this year to address some longstanding issues. The intention is to make indirect plan costs visible and leave plan participants better Beginning April 1, the [...]
Explaining the difference, and what it means to be a Registered Investment Advisor. If you meet with a financial professional, be sure to ask a critical question. If you make an appointment with a financial consultant on behalf of yourself, your family or your company, make the following inquiry before the meeting ends: “Are you [...]
A look at some financial changes & the opportunities they may present. Every year brings some financial change, so here are some relevant changes relating to investment, tax and estate planning for 2012. Retirement plans. 401(k), 403(b) and 457 plan annual contribution limits rise slightly to $17,000, and you can contribute an additional $5,500 to [...]
Coming your way: some of the most significant changes in 30 years. The Department of Labor is following through on its promise to update the retirement plan landscape. Three major rule changes are scheduled for the near future. All retirement plan fiduciaries and administrators should be aware of them. #1: “Covered” service providers must fully [...]
What do you do when an account owner passes away? If your loved ones have invested, saved or insured themselves to any degree, you may be named as a beneficiary to one or more of their accounts, policies or assets in the event of their deaths. While we all hope “that day” never comes, we [...]
Two federal tax reform proposals could make them less attractive. Our federal government needs to reduce its massive deficit – and among the many revenue-generating ideas being discussed in Congress, two in particular could have disturbing consequences for employees saving for retirement. There is no need to panic yet – these ideas are a long [...]
A recap of contribution limit and phase-out adjustments. The IRS has announced cost-of-living adjustments to IRAs and employer-sponsored retirement plans for 2012, so here is what you need to know about the newly altered contribution limits and phase-outs for these plans. 401(k) & IRA yearly contribution limits. In 2012, these are the annual contribution limits [...]
The rules about contributing to both accounts in the same year. Will phase-outs affect your IRA contributions? Highly paid employees who contribute to workplace retirement plans can’t always maximize their IRA deductions. That is because of IRS phase-outs that kick in at certain modified adjusted gross income (MAGI) levels. A 2011 example. This year, you [...]
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