Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
If you get your health insurance through the public marketplace and are nearing age 65, don’t forget about Medicare.
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.
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?