Avoid Making This Mistake with an Inherited IRA

www.Profile-Financial.com If you are the beneficiary of an inherited IRA, avoid immediately withdrawing the money. If you make an immediate withdrawal, you might forfeit the tax-deferred status of the account and be subject to paying taxes. A proper withdrawal strategy for an inherited IRA can minimize your tax bill....(read more)

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When you inherit an IRA, it can be a great way to build wealth and save for retirement, but it can also be a source of confusion and frustration. To ensure that you make the most of your inherited IRA, it's important to avoid making any costly mistakes. One of the most common mistakes people make with an inherited IRA is failing to properly name the beneficiary. It's important to make sure that the beneficiary designation form is properly filled out and that it matches the name of the person who will be inheriting the IRA. If there is a discrepancy between the two, it could result in the IRA being distributed to the wrong person. Another mistake to avoid is failing to take the required minimum distributions (RMDs). When you inherit an IRA, you are required to take RMDs, which are based on your age and the amount you have in the account. If you fail to take the required RMDs, you could be subject to a hefty penalty, so it’s important to make sure that you are taking the required distributions each year. It's also important to avoid making any changes to the inherited IRA. When you inherit an IRA, you are not allowed to make changes to the account, such as transferring money out or making any investments. Doing so could result in the account being disqualified, which could result in taxes being owed on the entire balance of the IRA. Finally, it’s important to be aware of the tax implications of an inherited IRA. Depending on the type of IRA you inherit, you may be required to pay taxes on the distributions. It’s important to be aware of the tax implications and to make sure that you are taking the necessary steps to ensure that you are paying the correct amount of taxes. Inheriting an IRA can be a great way to save for retirement, but it’s important to make sure that you are avoiding any costly mistakes. By following the tips above, you can ensure that you are making the most of your inherited IRA. https://inflationprotection.org/avoid-making-this-mistake-with-an-inherited-ira/?feed_id=72339&_unique_id=63f3ec877a5d2 #Inflation #Retirement #GoldIRA #Wealth #Investing #Bonds #CFP #FinancialPlanning #investinginIsrael #MutualFunds #retirementplanning #Stocks #InheritedIRA #Bonds #CFP #FinancialPlanning #investinginIsrael #MutualFunds #retirementplanning #Stocks

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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