WE HELP YOU EMBRACE THE 7 WORRIES IN RETIREMENT
THE CARDINAL GUIDE TO:
￭ Certified Public Accountant Ed Slott has developed a reputation as “America’s IRA expert” (see IRAHELP.com). Hans partnered with Ed and completed IRA-specific training with the goal to help clients with a skill set beyond that of a Certified Financial Planner™. Don’t try IRA planning on your own. Seek an advisor and attorney who know what they’re doing with IRAs.
￭ Transfer IRA money from custodian to custodian. Don’t touch the money unless you want to risk paying taxes on it.
￭ Update your beneficiary forms regularly. IRA money goes straight to the named beneficiary after death, bypassing the will.
￭ Required minimum distributions (RMDs) must start after age 72 now that the SECURE act has passed Congress. In simple terms, you have grown, you have postponed taxes for years, and the government wants their money. Mistakes are costly and the IRS isn’t very understanding.
￭ Stockpiling money in an IRA and taking only the minimum distributions so you can leave the rest to your kids isn’t a smart estate planning strategy. There are ways to pay the taxes during your lifetime and leave tax-free money to your heirs.
IRA Strategizing Continued.
￭ Long-term care implications for IRAs: This is the second place your caretakers usually go for money to pay a long-term care bill (after your Social Security check). IRA withdrawals are taxable as ordinary income, and your long-term care bill creates a corresponding tax deduction as a medical expense. But you need smart planning in order to optimize using your IRA for long-term care.
￭ For more information or help with your IRA, fill out the form below.
Cardinal Lessons with Hans.
Read our IRA chapters of “The Complete Cardinal Guide to Planning for and Living in Retirement” and the accompanying “Workbook” for free!
For quick instructions how to calculate your RMD, click the link below.
For a better understanding of the options available for an inherited IRA, click the link below.
For a better understanding of what The Secure Act, click the link below.
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