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Retirement Planning

Required Minimum Distribution (RMD)

The Internal Revenue Service (IRS) requires individuals with an Individual Retirement Account (IRA) to withdraw a minimum amount each year once they reach the age of 70½. This is known as the Required Minimum Distribution (RMD). It is important for IRA owners to understand and comply with this rule to avoid potential penalties and maximize their retirement savings. Let's delve deeper into the concept of RMD and its implications for retirement planning.

Coverdell Education Savings Account

A tax-advantaged savings account, formerly known as the Education IRA, that was introduced through the Taxpayer Relief Act of 1997 for the sole purpose of covering qualified...

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IRA Transfer

When discussing IRA funds, it's important to understand the concept of a direct transfer. This refers to the movement of IRA funds from one provider to another without the o...

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IRA Rollover

When discussing financial planning, one important term to understand is "rollover." This refers to the transfer of funds from one qualified retirement plan, such as a 401(k)...

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Qualified Retirement Plan Definition

A qualified retirement plan is a valuable tool for both employers and employees, offering tax advantages that are granted by meeting specific criteria outlined in the Intern...

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