Articles by Jeremy Portnoff, CFP®, CFS®, CTS™
Is a roth ira conversion right for you?
What is so special about a Roth IRA you might ask? Well it's the fact that qualified withdrawals (after the account has been in existence for five years and you are age 59 and 1/2) are tax free forever. It's a great tool for building tax-free retirement income and significantly growing family wealth through a Stretch IRA.
The "stretch" IRA
Perhaps you have heard of the "Stretch IRA. " You might wonder, "where might I open one of these retirement accounts? Well, the answer is nowhere, because they don’t exist. There is no IRA officially named as a "Stretch IRA. " The "Stretch IRA" refers to the ability to stretch inherited IRA funds over a beneficiary's own life expectancy. In fact, every IRA can be a Stretch IRA.
Beware the 50% penalty on ira required minimum distributions!
As 2007 comes to a close, there is one particular IRA issue that you may need to be aware of. If you have reached age 70 ½, you are generally required to start taking mandatory distributions from your IRA’s, 401k’s, and other employee retirement plans.
Latest Articles
By Jeremy Portnoff
- Is a roth ira conversion right for you?
- The "stretch" IRA
- Beware the 50% penalty on ira required minimum distributions!