Timothy Sumer

Sub Headline: Stretch IRAs Can Accomplish Double Duty for Your Retirement & Beneficiaries Synopsis: Individual Retirement Accounts (IRAs) have been around for more than 40 years through the Employee Retirement Income Security Act or ERISA. It’s a tax-deductible contribution plan that accumulates tax-deferred and is generally used for taxable retirement income. But there may be additional tax-advantaged distribution options that may benefit retirees as well as their beneficiaries. Content: IRAs accumulate tax-deferred, but not forever. Mandatory distributions come in to play at age 70½, where required minimum distributions (RMDs) or withdrawals are generated based on the Uniform Lifetime Table. Uncle Sam wants his due in taxes and RMDs are his way of extracting those taxes from your retirement plan. If distributions aren’t large enough, or if distributions are not made at all, a penalty tax of 50 percent of the amount that should have been distributed is generally asse

This is part four of five taken from the full episode of Right on the Money featuring the series, Small Business is the Backbone of the American Economy. Sub Headline: Over Valuation Is the Number-One Mistake if Your Business Is Your Retirement Plan Synopsis: It’s not uncommon for a small business owner to view the sale of their business as their retirement plan. They throw all their energies and profits into the business to bolster the valuation, so it’s not unusual they don’t have a 401(k) or IRA. That’s fine, if you can sell your business near its projected valuation. But most small business owners overvalue their sale price and often take less than anticipated. That’s why it’s important to create and maintain a personal retirement plan that isn’t dependent on the sale price of the business. Content: There are several cable shows that deal with small businesses and entrepreneurs. One of the most popular programs is “Shark Tank.” After viewing several episodes, one thin