Timothy Sumer

We learn how to apply the RMD rules when an individual has multiple accounts.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA What Are the Aggregation Rules That Apply When an Individual Has More Than One IRA? Individual Retirement Accounts (IRAs) are popular investment vehicles that offer tax advantages for saving for retirement. Many individuals choose to have more than one IRA to diversify their investments or take advantage of different tax benefits. However, when it comes to reporting and aggregating these accounts, certain rules apply to ensure compliance with the Internal Revenue Service (IRS) regulations. The aggregation rules come into play when an individual owns multiple IRAs. These rules are essential to accurately calculate tax liabilities and determine the required minimum distributions (RMDs) from the accounts. Here are the k

Losing a life partner is one of the hardest moments in a person's life. Unfortunately, one person in every relationship will be faced with this difficult reality. Speaking personally, my number one objective, if I were to pass away, is to make sure money is the last thing my wife needs to worry about. ...not only during the grieving process but for years (and maybe decades) to come. I'm sure I share this sentiment with many of you. However, because of the lack of real retirement planning in our industry, I find many retirees don't have a real answer for what happens to their plan if one spouse passes away earlier or later in than was originally estimated. Many focus on the loss of income from Social Security and pensions. This makes sense. Given the situation, the potential loss of income can be substantial. However, there is a lot more at play here... The surviving spouse will face numerous unexpected tax hurdles. They will see certain expenses rise bot

Nick Lowitt, Peak Pro Financial Vice President of Sales Development, breaks down a simple strategy to help non-spousal inherited IRA beneficiaries minimize taxes, supplement retirement income and build a tax-free legacy.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Inheriting an individual retirement account (IRA) from a loved one can be both a financial blessing and a complex dilemma. While it offers an opportunity for wealth transfer, the rules regarding inherited IRAs can often be confusing and leave individuals in a quandary. However, recent changes have been made that aim to simplify the inherited IRA dilemma. Traditionally, when a non-spouse beneficiary inherited an IRA, they were required to take distributions from the account over their lifetime, also known as the "stretch IRA" strategy. This allowed beneficiaries to ex

Traditional Ira And Roth Ira Hello financial wizards! Today we're going to talk about two of his most confusing financial instruments, the Traditional Fury and the Ross IRA. So why sleep well when you can spend hours deciphering the difference between the two? But don't worry. Our friendly neighborhood financial experts are here to make things easier for you. Let's start with a traditional IRA. It's like that clumsy cousin who always points up when not invited to family gatherings. You don't want to talk to him too much, but you still need to be polite. Just like his traditional IRA, he can enjoy tax deductions for chores now and pay the government later. yay! Next up is the Ross IRA, the life of the party. This guy knows how to have fun - you pay taxes upfront, but enjoy tax-free withdrawals down the road. please look!  So which one should you choose? Well, it depends on many factors, such as your current tax bracket, your expected tax bracket in ret

If you have any ta deferred assets, eventually you will have to take RMD's. Required Minimum Distributions. This is a handy free online tool that can show you how big those RMD's could possibly be. Here is the link to the Schwab RMD calculator Here is another video on RMD's. For my video on the SECURE Act, click here. The gear I use in my videos Canon Camcorder Vivitar Wide Angle lens USB Microphone Shotgun Microphone Green Screen Ring Light LED Video lights *these are affiliate links*... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to planning for your retirement, it is important to have a clear idea of the amount of money you will need to have saved. However, planning for retirement is not just about saving money but also about considering the distribution of savings. The most common method of di

Individual retirement accounts (IRAs) are a great way to save for retirement, but some special rules apply. This video focuses on required minimum distributions (RMDs) for traditional, SIMPLE and SEP IRA owners who are 70 1/2 or older.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Required Minimum Distribution (RMD) is the amount of money that individuals are required to withdraw from their Individual Retirement Accounts (IRAs) and other retirement accounts each year once they reach the age of 70.5 years. The RMD is subject to tax and helps ensure that individuals don't accumulate assets in their retirement accounts indefinitely. The IRS has set specific rules for calculating and distributing RMDs for IRA owners, which must be followed to avoid penalties. The RMD is calculated based on the account balance, the IRA owner's age,

The federal government made some tax law changes at the end of 2019. There were a lot of changes in IRA's, 401Ks and other provisions. In this video we will discuss three things that changed in IRA rules. The first change is that they eliminated the stretch option on inherited IRA's and replaced it with a 10 year rule. For RMD effective 2020, the age was raised to 72 and lastly, no contribution limit on the traditional IRA. Other tax law changes involve birth or adoption distribution, non tuition fellowship, compensation for IRA purposes, and non deductible IRA contribution can be made with certain foster care payments. #2019taxlawchanges #taxlaw #IRA Trusted Advice. Personally Delivered.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The year 2019 has brought a bunch of changes to the tax laws that affect Individual Retirement Ar

How will the SECURE Act 2.0 Impact Your Finances? Top 10 important changes and how they may impact your retirement. University of Holistic retirement planning Online Course Download Free Information: ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The SECURE Act 2.0 is a proposed extension to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The new legislation includes significant changes to retirement planning that adjust current policies to better suit the changing workforce. One of the most notable changes in the SECURE Act 2.0 is the expansion of retirement savings options for more types of workers. The bill would allow long-term part-time workers, including those who work as little as 500 hours a year, to participate in retirement savings plans. This would provide greater access to pension plans

The original SECURE Act of 2019 extended the age from 70 ½ to 72 where you are required to take Required Minimum Distributions (RMDs) from your IRA accounts. Now with the passing of the Omnibus Bill, SECURE Act 2.0 extends Required Minimum Distributions (RMDs) beginning date to age 73, starting in 2023. If you are nearing retirement, you need to stay up to date on these changes, and how they may affect your retirement portfolio. Pay attention to the details including how the penalties for not taking withdrawals on time will affect you… ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips With the passage of SECURE Act 2.0, Required Minimum Distributions (RMDs) are phased in over the next 10 years. Here’s the breakdown of when you need to take RMDs: In phase #1: RMDs will now start at age 73, starting in 2023. If you have already started RMDs, this will not change for you. If you tur

Henssler Associate Logan Daniel, CFP®, CRPC®, discusses choosing between a Traditional IRA and a Roth IRA for your retirement savings. Watch the rest of the Planning Priorities series at: Fan and Follow Henssler: Facebook: Twitter: LinkedIn: Instagram: YouTube: ... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to planning for retirement, choosing the right investment vehicle is critical. Two popular options for retirement savings are Traditional IRA (Individual retirement account ) and Roth IRA. But which one is right for you? Here are some things you need to know to decide whether to contribute to a Traditional IRA or Roth IRA. Traditional IRA: A Traditional IRA is a retirement account where contributions are made with pre-tax dollars. That means you can deduct your contribution on your tax return, and t

You have questions, Tom has answers! Send us topics and questions at or email us at asktom@talkmoneywithtom.com Visit Our Website: To book an introductory meeting with Tom: Tom Vaughan is a Certified Portfolio Manager and CEO of Retirement Capital Strategies. Retirement Capital Strategies is a registered investment advisor located in San Jose, California. DISCLAIMER: The opinions voiced in these presentations are for general information only and are not intended to provide specific advice or recommendations for any individual(s). The information provided herein is obtained from sources believed to be reliable, but no reservation or warranty is made as to its accuracy or completeness. Tom Vaughan and Retirement Capital Strategies are not responsible for investment actions taken by viewers. For more details, please read our full disclaimer at #investmentincome #retirementplanning #retirementsavings #retirementgoals #investmentstrategy #talkmoneywithtom #investing #

A Traditional IRA (Individual retirement account ) is a type of tax-deferred retirement savings plan designed for individuals. With a Traditional IRA, individuals can contribute a portion of their income to the account on a pre-tax basis, reducing their taxable income in the current year. The funds in the account grow tax-deferred until they are withdrawn, usually in retirement, at which point they are taxed as ordinary income. There is also a tax advantage for contributions made to a Traditional IRA, as they may be tax-deductible, subject to certain income and contribution limits. Additionally, Traditional IRAs may offer a wider range of investment options compared to employer-sponsored retirement plans such as 401k. However, there are also contribution limits and required minimum distributions for Traditional IRAs that investors should be aware of. #TraditionalIRA #retirement #money #investing #taxdeferred #taxdeductible #investmentoptions #taxadvantaged #requiredminimumdi

The SECURE Act 2.0 In this episode of Berry's Bites, Chris Berry answers the question: What is new with Secure Act 2.0? ___________________________________________________________ Certified Elder Law Attorney and Certified Financial Planner Christopher Berry of Castle Wealth Group answer questions on retirement and estate planning every Wednesday at 1pm. Register here or give our office a call at 844-885-4200. Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning , and tax planning from their Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi offices. Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy. With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blue

Your starting RMD age (likely) just changed. Do you know how it affects your income and tax plan in retirement? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to At the end of 2022, SECURE Act 2.0 was passed, and with it, changes are coming to the retirement planning space. RMD rules, QCD limits, retirement contributions, 529 to Roth Rollover, and more... All of these areas are seeing some massive adjustments. In today's video, we talk about 3 major changes coming to required minimum distributions. Timestamps: 0:00 Your RMD Age is Changing... 0:12 SECURE Act 2.0 Explained 0:48 The New RMD Rules 1:42 No Roth 401k RMDs/25% RMD Penalty 3:17 How will this impact your retirement tax plan? - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan" 🍿 Subscribe to our channel: 🏆 Join our Weekly Email

If you do not use the room....you'll lose the room.....FOREVER! In this educational video, I am going to teach you why it is better to get taxes done sooner than later. Also in watching this video, you will see why it is in your best interest to speak to a properly trained IUL specialist about your financial future. To your abundance! Doug Andrew Key Moments In This Episode ======================== 0:00 Introduction & Summary 1:00 The advice to take minimum distributions 2:48 The strategic rollout 3:53 The max-funded IUL 4:40 Understanding the tax brackets 7:45 Logical decisions vs emotional decisions 11:05 Want to know more? Get a free copy of my books! Go to: www.laserfund.com Go to: www.entitlementabolition.com Go to: www.free10keysbook.com Are you an advisor interested in what we teach? Go to: www.iulinsiderpro.com What To Watch Next ======================== How a Max Funded IUL Can Earn Tax Free Returns that are Safer & Higher than Banks Offer Did

To learn more about Jim's upcoming FREE virtual events go to In the first video of this Roth IRA Conversion webinar series, Jim Lange discusses an overview of this webinar including discussing for the first time, in-depth, his four top advanced Roth IRA Strategies as well as the basics of making a Roth Conversion. 00:00 - Intro 01:44 - Things You Can Control vs. Things You Can't Control - The Market 06:25 - What We Will Cover 10:35 - What is The SECURE Act 12:00 - SECURE Act: Potential Impact on Child 14:25 - The SECURE Act Exceptions 19:25 - Tax Cuts and Jobs Act of 2017 20:15 - Compare Tax Rates of 2017 and 2022 Like what you've heard from Jim so far? Call our offices at (412) 521-2732 if you're in the Pittsburgh area or call toll-free at (800) 387-1129 and schedule an appointment to meet with Jim! Go to to get all of Jim's incredible content and his books and learn how you can Retire Secure! #retirement #retirementplanning #rothira #rothirac

Today on Your Money, Your Wealth® podcast #313 with Joe Anderson, CFP® and Big Al Clopine, CPA, a retirement plan spitball analysis for an engineer wondering if he can afford to retire, required minimum distribution questions answered, and discussion on when to stop contributing to tax-deferred accounts, when to start Roth conversions, and a conversion strategy for someone with no income. Plus, "conversation" - not advice - about Joe's possible wallet syndrome, and a limerick and music from Paul Lemire. Access the transcript and financial resources, ask your money questions:  Free Download: Cracking the Financial Code at Any Age: 00:00 - Intro 00:53 - Am I Financially Ready for Retirement? Retirement Plan Spitball Analysis (David, Sacramento) 13:48 - Coronavirus Related Distribution Repayment and Roth Contribution Withdrawals into SIMPLE IRA (Johnny No Dough) 22:16 - Roth Conversion Strategy with No Income? (Jeremy, Cookeville, TN) 26:17 - Required Minimum Di