So, the news is out now that Linda, my partner for the past 26 years, is retiring at the end of 2020. The financial planning
If you’re over 70 ½, you have been forced to take an annual amount out of your IRA and pay income taxes on it. The
We keep hearing how little people have saved for retirement. If the government would like to stimulate retirement savings so that people are not solely reliant on Social Security, then combine the Roth and regular IRA’s. Give a tax deduction on the contributions in the year they are made, allow for tax free withdrawals during retirement and do away with the required minimum distributions.
My dad worked for the same company for all of his working life. He didn’t have a 401(k) and only a small IRA when he retired.