News on Individual Retirement Accounts

Do you understand your pension plan?

2010-02-22T09:30:34Z

<div id="subtitle">Defined-benefit vs. defined-contribution plans</div><div><p>In the past, the thought of retiring with a pension was very likely to raise images of a secure and steady retirement income after years of loyal service. </p><p>But times have changed. </p><p>Many pension plans used to be defined-benefit plans, in which the payments that you received from your employer wer...

Obama makes auto IRA, retirement savings a focus

2010-02-22T13:44:29Z

<div id="subtitle">Obama gearing up effort to boost Americans' retirement savings via auto IRA, other measures</div><div><p>President Barack Obama is launching an effort to help Americans save more for retirement, hoping a government nudge or two can get them to do what many are unable to do on their own.</p><p>The package includes programs to guarantee all ...

Tips To Save Tax For The Retired Individuals

2010-02-22T13:57:32Z

Most of the retired individuals try to scour the web pages looking for latest stock strategies, hot market trends and newer ways to make money and getting the most out of their current investments. However, after paying tax all their life, they feel that they are not going to deal with the IRS issues anymore. But, little do they bother to know about how retirement Income is taxed, pension and Annuity Income taking...

How to Roll Over Your 401(k)

2010-02-22T14:16:19Z

Are you planning to retire in the near future, or have you recently or left your job where you had a 401(k)? The good news is that since these accounts are tied to your employer, once you cut your ties with that employer, you?re generally entitled to do what you wish with those funds. Unfortunately, many individuals take losses and/or penalties by withdrawing their funds. The best option is to rollover your 401k into an individual retirement account (IRA).<br><br>A...

Start thinking now about 2010 taxes

2010-02-22T18:07:11Z

<div id="subtitle">Looking ahead: It's not too early to start doing some tax planning for 2010</div><div><p>It's not too early to start thinking about your 2010 taxes — even though the deadline for filing 2009 returns is still months away.</p><p>Some of the credits and deductions put in place last year will continue. Others will disappear. And there are some new things to consider.</p><p&...

H&R Block settles nationwide IRA lawsuit

2010-02-23T01:33:50Z

<div><p>NEW YORK (Reuters) - H&amp;R Block Inc will pay as much as $20.2 million to settle a New York lawsuit accusing it of fraudulently marketing retirement accounts that caused hundreds of thousands of mostly lower-income clients to lose money.</p><p>New York New York AG Cuomo, will repay up to $19M in fees</div><div><p>H&amp;R Block Inc. will refund up to $19.4 million in fees to customers who bought an individual retirement account product, which the New York attorney general claims was ...

H&R Block settles nationwide IRA lawsuit: Cuomo

2010-02-23T01:36:35Z

SHOULD YOU ROTH?

2010-02-24T12:09:19Z

SHOULD YOU ROTH?

By most accounts the single best retirement savings plan is the Roth IRA. The main reason: Since you've already paid tax on the money going in, you don't have to pay taxes on accumulated gains when you withdraw money during retirement. But strict income limits have prevented highly compensated employees from opening an account. A $100,000 earnings cap on anyone wanting to shift money from a traditional IRA to a Roth also acts as a limit on the well-off.

Half of workers changing jobs cash out 401k

2010-02-24T13:00:21Z

<div id="subtitle">Warnings to save ignored as half of workers changing jobs cash out 401K</div><div><p>Millions of workers take a huge chance with their retirement savings every year: They cash out their 401(k) accounts when they lose their jobs or move to new employers.</p><p>When people cash out, a chunk of their money just disappears.</p><p>Employers and financial advisers have war...

Retirement Q&A: Required Minimum Distributions

2010-02-24T23:33:48Z

<div id="subtitle">Retirement Q&amp;A: Required Minimum Distributions</div><div><p>When you reach 70 1/2 and you have IRAs or certain other tax-deferred retirement accounts, the IRS requires you to take out some of the money to begin paying the taxes. Failure to make a mandated withdrawal, called a required minimum distribution, or RMD carries a tax pena...

Retirees benefit from 2009 distribution exemption

2010-02-24T23:34:39Z

<div id="subtitle">Relief from required retirement account distributions helpful but temporary</div><div><p>Hundreds of thousands of retirees have more money in their accounts thanks to a one-time waiver of a government required withdrawal that kicks in after age 70.</p><p>Investment advisers say it's saved tens of thousands of dollars for many by allowing them to keep their money invested as the stock market beg...

Self-Directed IRA: Is it Even Legal?

2010-02-25T04:10:27Z

The self-directed IRA has given rise to many questions. People often ask me whether it is actually even a legal strategy. The fact is that you have been able to buy other assets (including real estate) within your IRA account since the early days when IRAs were created. In reality is that the IRS generally only prohibits investments in artwork, stamps, rugs, antiques, gems and insurance contracts. So other assets ...

Obama unveils measures to spur retirement saving

2010-02-25T11:29:03Z

<div><p>WASHINGTON (Reuters) - U.S. President Barack Obama announced new measures on Saturday to encourage Americans to save more money for retirement, a move the White House said would put the economy on a stronger footing in the future.</p><p>Obama, in his weekly radio and Internet address, said the government wo...

Give Your IRA an Annual Checkup

2010-02-25T13:30:47Z

Anything we expect to last a long time has to be maintained ? our vehicles, our homes, our health, and yes ? even our IRAs. Each year around tax time, give your IRA an annual check up to make sure you're benefiting from the account.<br><br>Check your contributions. When you set up an IRA, there is no employer to take your retirement contribution out of your paycheck for you in the same way people contribute to a 401(k) plan. It's an ?individual? retirement account,...

TO ROTH, OR NOT TO ROTH

2010-02-25T17:51:04Z

<div><h1>TO ROTH, OR NOT TO ROTH </h1><p>It has been one of those perverse things. The wealthier you are, the more sense it makes to convert a traditional IRA, where you pay taxes when you withdraw the money, to a Roth IRA, where you pay taxes on money when it goes in. But the rules have only allowed people with modified adjusted gross income no greater than $100,000--those less likely to have big IRAs--to convert a traditional IRA to a ...

Genesis of Pension

2010-02-26T00:59:35Z

Retirement plans constitute one of the key elements of every society?s financial security system. Of course they are of utmost importance for the elderly, but they have great effect on the functioning of the national economy and everyone?s welfare. Human life can be divided into three main phases: youth, productive years, and retirement. Youth is the period when a person, through education, acquires human capital, i.e., the ability to earn income throughout one?s productive life. Acquisition ...

Retirement Planning Tips

2010-02-26T07:04:50Z

Planning for your retirement is something you'll do throughout most of your life (ideally!) A retirement plan is more than figuring out how you will live out your golden years once you've stopped working ? it's also a great way to figure out your current finances and improve your overall money management.<br><br>Getting Started Planning For Retirement<br><br>If you already have some investments or a retirement account, take a look at how...

Is My Money Really Safe?

2010-02-27T17:52:54Z

<div><p>When IndyMac bank failed this summer, the lines of nervous account holders trying to withdraw their money made headlines everywhere. But that was an anomaly.</p><p>The Federal Deposit Insurance Corp. has taken over ten other banks this year without incident....