7 common retirement/tax mistakes and how to avoid them paid Impact_Partners
If you fail to take your RMD each year, the IRS will impose a 50% penalty on the amount you should have taken. For example, if the RMD is $10,000, and you didn’t take it, you must take $15,000. $5,000 is the penalty for not taking $10,000, and taxes are paid on $15,000, not on $10,000.I believe permanent life insurance is the best kept secret in retirement legacy planning.
*This is a hypothetical example and not intended to imply any past or future performance. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.Your 401/IRA is your money, but some plans require spousal consent before taking a distribution. Whoever is listed as the beneficiary on the IRA Form will inherit the 401/IRA.Spouses have many options when inheriting a 401/IRA, including a rollover or transfer to his/her own IRA.
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