Inherited IRA errors may cut into your inheritance, experts advise. Here’s how to steer clear of them.
Receiving an inheritance can be exciting for many, but when it involves individual retirement accounts (IRAs), the regulations can be quite intricate, and errors could lead to significant penalties. Starting in 2020, certain inherited IRAs are subject to a “10-year rule,” meaning beneficiaries must withdraw all funds by the end of the tenth year after […]
Financial Experts Recommend Fully Contributing to Your 401(k) and Roth IRA Each Year, But How Many Individuals Can Truly Manage It?
Maximizing Retirement Accounts: A Challenge for Many When it comes to retirement accounts, maximizing contributions is often highlighted as solid advice by financial experts. It sounds practical, sure. And for some folks, it is. Yet, personal finance guru Dave Ramsey’s firm, Ramsey Solutions, suggests that while building wealth through contributions can be beneficial, it isn’t […]
These states do not impose taxes on your Social Security, 401(k), IRA, or pension income.
People generally devote many years to get ready for retirement. Whether through the social security system, investing their savings, or contributing to pension plans, it can be a bit of a chore at times—yet, in the end, that effort often pays off, allowing one to enjoy life’s later years comfortably. It’s clear that one foolproof […]
Can we revisit how to contribute IRA funds to eligible charities?
Dear Liz: Please address recent inquiries regarding how to make a qualified charity distribution from an IRA using a debit card. Some large mutual fund companies inform their customers that checks drawn from IRA accounts for charitable donations qualify as QCDs. So, whether you use a check or a debit card, it seems like they […]
Roth IRA and Roth 401(k) contributions: ‘It’s strength versus choice,’ advisor says
laylabird | E+ | Getty Images Contributing to a Roth 401(k) or a Roth IRA can be a strong strategy for accumulating wealth for retirement. However, there isn’t a tax-free upfront payment for these contributions, which means you won’t avoid taxes when withdrawing in retirement. Additionally, the original account holder isn’t required to withdraw funds. […]
Well-known newspaper leader and writer Ira Ellenthal has passed away at 88: ‘Unique in every way’
Ira Elenthal, a notable figure in the newspaper industry, known for his leadership at the New York Daily News and the Atlantic, passed away peacefully in 1988 at his Old Greenwich, Connecticut home. A native of Queens, Elenthal was deeply rooted in the newspaper realm, with a father who worked in the business. He took […]
Irish Woman Sues Disney for Series Depicting Her as IRA Assassin
Ireland’s Marian Price is suing Disney over her depiction in a series set in 1970s Belfast, amid significant conflict between Ulster Protestants and Catholics during that time. The show, I Won’t Say Anything, centers around the disappearance and murder of Jean McConville, a mother of ten who went missing in 1972. This true story follows […]
Authorities act to remove 82-year-old convicted IRA terrorist
Potential Deportation of Former IRA Members from the US Long-time residents in North America, including convicted IRA members, may be facing action from U.S. authorities. Gabriel Megahee, 82, has been living in New York for decades, but a letter from the Department of Homeland Security on June 20 indicated that his “parole” has ended after […]
Where should I invest my money after taking it out of my IRA?
Financial Questions and Insights In collaboration with WBEZ, we’re collecting your inquiries regarding money and finance, offering insights weekly from trusted sources. Seventy-year-old Linda, hailing from Oak Forest, expressed concern over managing her retirement fund. She mentioned: “In October 2025, I can withdraw from my IRA without facing penalties. I invested $50,000 over the last […]
At 66 and retired with $1.9M in an IRA, should he buy a vacation home outright or finance it?
The 66-year-old retiree is facing a classic dilemma that many encounter when considering how to add some excitement to their retirement years. He detailed his situation in a post at the R/Resignation Forum. Recently retired and living quite comfortably on Social Security and pensions, he has no mortgages and around $1.9 million in savings. Now, […]