retirement Archives - Page 4 of 4 - Runnymede Capital Management

Qualified Charitable Distributions from IRAs on Hold in 2015

update

On December 16, 2015, there was an update to this post.

Before reading this, please reference the up-to-date information at:

Qualified Charitable Distribution from IRAs Permanently Extended

For those of you at least 70½ years old, you are probably very aware of minimum required distributions (MRDs) that you are required to withdraw every year from your retirement account(s). What you may not know is that The Pension Protection Act of 2006 enabled IRA owners, age 70½ or over, to directly transfer up to $100,000 per year tax-free to an eligible charity. This option could be used for distributions from IRAs, regardless of whether the owners itemize their deductions. Moreover, the transfer counts as your required minimum distribution (RMD) but does not boost your adjusted gross income. As of this writing, however, Congress has not passed legislation permitting tax-free transfers from IRAs to charity.

Three Reasons to Combine Old 401k and IRA Accounts

It is not uncommon to have multiple 401(k) accounts after switching jobs several times over a career. According to a Fidelity survey, almost a third of people who transitioned jobs were not sure what to do with their old 401(k) or 403(b).¹Changing jobs is a busy time so thinking about what to do with your old 401(k) is often not a priority. If you are among the many busy people who have multiple retirement accounts at different firms, this post is for you.

Will you benefit from Obama’s “MyRA” retirement accounts?

During President Obama's State of the Union speech, he offered up a new kind of retirement account called “MyRA.” While details are somewhat limited right now, here is what Obama said, It's a new saving bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.