Pivotal Financial
IRA BLOG
The commentary on this www.pfisfinancial.com reflects the personal opinions, viewpoints and analyses of the author, Greg Lynch, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.
401(k) Contribution Limits Increase for 2025
By Sarah Brenner, JD Director of Retirement Education There is some good news for retirement savers! The IRS has released the cost-of-living adjustments (COLAs) for retirement accounts for 2025, and many of the dollar limit restrictions on retirement accounts...
New Rule: All IRA RMDs Must Be Satisfied Prior to Doing a Roth Conversion
By Andy Ives, CFP®, AIF® IRA Analyst Yes, you read that title correctly. This rule was confirmed in the 2024 final SECURE Act regulations, released this past July. If a person has multiple IRAs, even if they are held at different custodians, the total...
Trusts as the Beneficiary and Inherited IRAs: Today’s Slott Report Mailbag
By Andy Ives, CFP®, AIF® IRA Analyst QUESTION: Hello, I’m working with a retired client who has a sizable IRA. He set up a trust and named it as the beneficiary of the IRA, assuming that the trust would reduce or eliminate the income tax liability. Is this the...
Turn Your Clocks Back, and Pay Attention to the Roth IRA Clocks
By Ian Berger, JD IRA Analyst Don’t forget to turn your clocks back this weekend! With that reminder comes another: pay attention to the Roth IRA distribution clocks. The key point to remember is that there are two different clocks, each used for a different purpose....
3 IRA Tasks to Complete by the End of 2024
Sarah Brenner, JD Director of Retirement Education The year 2024 has flown by and the holidays season will soon be upon us. That means time is running out on year-end IRA deadlines. You will want to be sure to get the following three IRA-related tasks done...
The Zombie Rule
By Andy Ives, CFP®, AIF® IRA Analyst This article is NOT about the “ghost rule” applicable to non-living beneficiaries. That payout rule applies when a non-person beneficiary (like an estate) inherits an IRA when the original owner died on or after his required...
Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025
By Ian Berger, JD IRA Analyst The year is flying by, and before we know it 2025 will be here. With the arrival of the new year, several new provisions from the 2022 SECURE 2.0 law that impact retirement plans will become effective. One of the changes allows certain...
QTIP Trusts and Successor Beneficiaries: Today’s Slott Report Mailbag
Ian Berger, JD IRA Analyst Question: We have a client who has children from a previous marriage. Upon the husband’s death, he wants to make sure his current spouse has access to income from his IRA. But he also wants to make sure the remaining balance, when she...
You Missed the October 15 Deadline to Correct an Excess IRA Contribution – Now What?
By Sarah Brenner, JD Director of Retirement Education October 15, 2024 has come and gone. This was the deadline for correcting 2023 excess IRA contributions without penalty. If you missed this opportunity, you may be wondering what your next steps should be....
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