Tame yearly inflation means very little change.Over the past 12 months, consumer prices have increased very little. The latest Consumer Price Index (September) shows 0.0% yearly inflation and only 1.9% core yearly inflation. That means no cost-of-living adjustment for Social Security, and very few IRS adjustments to retirement plan contribution limits.1
Roth IRA & traditional IRA contribution limits stay the same for 2016. Those 49 and younger in 2016 can contribute up to $5,500 to their IRAs, while those 50 and older will be able to contribute $6,500.2
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Be sure you understand your options. When the owner of an IRA passes away, his or her heirs must be aware of the rules and regulations affecting Inherited IRAs. Ignorance can lead straight toward a tax disaster.
Please note that this is simply an overview. Rather than use this article as a guide, use it as a prelude before you talk to a financial services professional well-versed in IRA rules and regulations. Inherited IRA rules are remarkably complex, and that conversation is essential Ten common “reasons” why someone does not plan for retirement. #10: “I’m too busy”
Stop procrastinating. How does the saying go? The best time to plant a tree is 30 years ago. The second best time is … TODAY. #9: “It’s too soon” It’s NEVER too soon. The sooner you start planning, the better chance you stand of having the kind of retirement you want. #8: “It’s too late” Think again. Even if you’ve already retired, it’s important to consider how you’re receiving income and how long it will last. What is enough? If you’re considering retiring in the near future, you’ve probably heard or read that you need about 70% of your end salary to live comfortably in retirement. This estimate is frequently repeated … but that doesn’t mean it is true for everyone. It may not be true for you. Consider the following factors:
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Hi, I'm Daniel Shub, AIF®, RFC®I write about retirement planning and investing. Archives
May 2020
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