The Complete Cardinal Guide





IRA Strategizing

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.

Related Blogs.

Age 70 or 71? Where you should put your retirement savings now

In 2020, the Secure Act made sweeping changes to retirement savings, affecting not only how you can save but also how you can distribute these savings. Right as the Secure Act went into effect, the Cares Act was passed as a response to the Coronavirus. The Cares Act...

Donating to charities and over age 70 ½ ? Do it in a tax efficient way!

Many people, especially in retirement, choose to give some of their savings to charities that are close to their hearts.Whether that is weekly tithings to the church, monthly recurring donations to your alma mater, or holiday giving at the end of the year, if you are...

How to use your IRA money more effectively in retirement

Many people in their 50’s, 60’s, and 70’s, have a huge hunk of money sitting in their IRA or 401(k). Unless you are over age 72, you are not yet required to take distributions from these accounts and, if you are like most of our clients, you do not have a plan for...

3 Tax Benefits of Roth IRAs in Retirement

In retirement, taxes change a lot. A source of many of these changes comes from the fact that most retirees are now drawing from their IRAs for income.  Roth IRAs are going to give retirees a triple crown of tax benefits with a proper plan in place for how to use this...

Should I leave my IRA to my kids?

The purpose of an IRA, or a 401(k), is to fund your retirement and provide income when you are done working.  While many retirees use their IRA for this exact purpose, others view it as a wealth transfer vehicle. Many people stuff a large portion of their savings into...

A Guide to IRA Relief from the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed March 27, 2020, offers relief for qualified individuals suffering from COVID-19, specifically in terms of your retirement accounts.  Make sure to not pull out or put money into these retirement...

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.

Useful Documents.

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.

Calculate Your RMD as Easy as 1,2,3

For a better understanding of the options available for an inherited IRA, click the link below.

Spousal IRA Beneficiary Decision Tree

For a better understanding of what The Secure Act,  click the link below.

The Secure Act: Here’s What It Means For You



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