Required Minimum Distributions (RMDs) are calculated differently for distributions from multiple IRAs and multiple 401(k) plans. If you have more than one traditional IRA, the RMDs are calculated separately for each IRA but can be withdrawn from any of your accounts. However, if you have multiple 401(k) accounts, the RMD must be calculated for each…
Day: May 19, 2021
Taxation of Annuity Income
If you purchased an annuity that provides income in retirement, the portion of the payment that represents your principal is tax-free; the rest is taxable. The insurance company that sold you the annuity is required to tell you what is taxable. Different rules apply if you bought the annuity with pretax funds (such as from…
Resources for Financial Caregivers
May is Older Americans Month Financial caregivers are people who manage money for a loved one who may need help because of health problems or memory issues. If you don’t have a financial caregiver lined up, it helps to plan ahead in case you need help in the future. Understanding your options will allow you…