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Make decisions when you are comfortable

What a traumatic time, mourning the loss of a loved one.  Soon to follow will be the financial decisions make, often creating even more stress. 

It is critical that your options be thoroughly explained to you, seek help from a trusted advisor before making any decisions.

 
You have a few options:

  • You can Rollover the balance of the funds to an IRA without incurring a tax liability. You may continue the tax deferral on future growth until you reach age 70½. At that time you are required to begin taking regular annual withdrawals.
  • Depending on your age, you may want to take the distribution as an income stream based on your life expectancy.
  • Keep the account in deceased spouse’s name, allowing for stretch in the future.

Take your time in making decisions, rarely is there a critical time crunch to get this done.  Year end tax planning would possibly be one of the reasons to move a little quicker, but don’t be pressured into making decisions until YOU are comfortable.

Invest in Balance

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An Individual Retirement Account (a traditional IRA) is a tax-deferred personal retirement fund. You can contribute up to $5,000 a year or $6,000 if you are age 50 or older. Depending on how much you earn and your marital status, the money you invest may be tax-deductible (deductible IRA) or not (non-deductible IRA).

Some types of IRAs include:

  • Traditional IRA
  • Roth IRA
  • Education IRA, now called Education Savings Accounts
  • SEP IRA
  • SARSEP IRA
  • SIMPLE IRA
 

Traditional IRAs are either Regular or Rollover IRAs.

Note: Your thrilled to know that IRAs grow tax-deferred until you take the money out at retirement or after 59 and 1/2 .

Link to the IRS site for more information http://www.irs.gov/retirement/participant/article/0,,id=188232,00.html

The question today–are you still putting money into an IRA?  Finding a lot of folks struggling to make it happen these days.

Invest in Balance–BALC–Believe, Advise, Lead, Capitalize.

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