Your estate plan in California can include several documents, many of which may require beneficiaries, like any trusts you may have set up or intend to set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully.
[1] But you can use strategies, before and after you retire, to limit the amount of tax that you pay on Social Security benefits. Keep reading to find out what you can do, starting today, to minimize the amount of income tax that you pay after retiring. Key Take Issues Up to 50% of Social ...
Under previous law, a non-spouse beneficiary could take distributions from an inherited IRA over the beneficiary's life expectancy, resulting in advantageous income tax deferral (we called it the “stretch”). Under the SECURE Act, the “stretch” for most non-spouse beneficiaries has been reduced to...
The 2020 contribution and benefit limits have been released by the IRS. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased. The following limits are applicable to 401(k), 403(b), most 457 plans, an...
In most cases, the actions of the Federal Reserve lowering interest rates are a good thing because a lot of economic activity depends on the ability of businesses to borrow money. It is of course easier to borrow when interest rates are lower, but lowering interest rates too much could affect inv...
The IRS does a good job of providing the country's elder statesmen with ways to save for retirement. Some of the most popular investment vehicles the IRS provides access to for the benefit of US taxpayers include 401(k) accounts and a variety of IRAs. While both of these options provide a varie...
If you're approaching retirement or already retired, you may have a traditional IRA, SIMPLE IRA, or SEP. If you do, at a specific age you must take a minimum distribution. This minimum distribution is required by the government when you reach the age of 70 ½. It is not only done one time but this...