Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
Social Security benefits serve an essential role in most Americans’ retirement plans. Yet many people — even soon-to-be retirees — know little about how the program works or how to get the most from the benefits they’ve earned.
If you get your health insurance through the public marketplace and are nearing age 65, don’t forget about Medicare.
You’ve inherited an individual retirement account, or IRA. Now what?
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.
For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.
My house is in my name and my son’s name. What happens if I need to go into a nursing home?
Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.
First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.
What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA?
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Gilbert, AZ 85296
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