Alessandro Biascioli | Istock | Getty Images Social Security beneficiaries will soon receive statements showing how much of their total benefits received in 2025 may be subject to federal taxes. Changes enacted by Congress this year mean there’s more reason to pay attention to those tax documents. The forms, known as the SSA-1099 or SSA-1042S,…
mapodile | E+ | Getty Images LAS VEGAS — Millions of households have individual retirement accounts, and simple mistakes can be expensive, experts warn. One of the most common IRA errors is overlooking beneficiary designations, which dictate who receives the account after you die, according to Brandon Buckingham, vice president for the advanced planning group…
Juanma Hache | Moment | Getty Images While many investors welcome a windfall, the rules for inherited individual retirement accounts are complicated — and mistakes can be costly. Since 2020, certain inherited accounts are subject to the “10-year rule,” and heirs must empty the balance by the 10th year after the original account owner’s death. …
If you inherited an individual retirement account, there is a key change for 2025 that — without action on your part before year-end — could trigger an IRS penalty of up to 25%. Starting in 2025, certain non-spouse heirs, including adult children, must start taking required minimum distributions, or RMDs, while emptying their inherited IRA…
Amid economic uncertainty, the best financial advisors can provide a steady hand to investors in any stage of life or with any level of wealth. Whether you’re early in your career or nearing your golden years, financial advisors can help you meet key milestones and address planning needs such as saving for retirement, investing a…
