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Retirement Savings Required Minimum Distributions (RMD’s)

Many people turning 70 see themselves in the prime of their life. A pervasive problem among this group is this idea of a Required Minimum Distribution (RMD) from their retirement savings accounts. Many people do not like to withdraw money

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Posted in Investment Income, IRA, Retirement

Retirement Plan Early Distribution Tax Consequences

Payments received from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions must be reported to the IRS and are usually subject to an additional 10 percent tax.  Distributions you

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Posted in Retirement

2011 Retirement Plan IRS Limitations

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small.

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Posted in IRA, Retirement

Contributing to an Individual Retirement Plan

If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know

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Posted in IRA

Hardship distributions from retirement plans not taxable

If your money is locked away in an ever-decreasing 401(k) or IRA account and you need it to stay afloat, relief may be on the way. Heavy penalties, including regular income tax as well as a 10% additional penalty usually

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Posted in Retirement
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