Are you ready to do a rollover or dreading the need to do a required distribution? David explains some recent updates that may make this a bit easier for you.
From rollovers to required distributions, we have a lot to talk about on today’s podcast! Are you aware of the changes that have been made recently as well as the rules regarding each of these things?
The life expectancy table changed, which could impact your required distributions. David talks through the different amounts you need to pay attention to, depending on your age. A lot of his clients would rather not take anything out of their account, but the government requires it in order to tax it. This change results in less money required to be taken out, but if you do need more to live off of, you can still take out as much as you need.
Another change has to do with IRA rollovers. There are a lot of strict rules about how to do it, which can often be confusing. How does it work if you are switching brokers? How can you avoid problems while doing the rollover? David discusses what’s allowed and what’s not when doing an IRA rollover. He walks through step-by-step what the process would look like if someone wanted to do a big rollover. Don’t forget about creative solutions, such as a Roth conversion. The vast majority of times, when moving IRAs around, you want to do a direct transfer, custodian-to-custodian.
Be sure to come back for next week’s episode as David answers some listener questions.
Listen to the entire episode or skip ahead using the timestamps below.
0:30 - Today we’ll talk about something for everyone.
1:09 - What recent changes have been made?
2:30 - Why does the life expectancy table change matter?
7:34 - How can you do an IRA rollover without issue?
10:45 - David shares a client example of a rollover.
“If you’re moving your IRAs around--the vast majority of times, you want to do a direct transfer, custodian-to-custodian."
– David Dickens
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
Advisory Services offered through CreativeOne Wealth, LLC an Investment Advisor.
Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. None of the information contained on this website shall constitute an offer to sell or solicit any offer to buy a security or any insurance product.
Any references to protection benefits or steady and reliable income streams on this website refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by insurance company. Annuities are not FDIC insured. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice.
The information and opinions contained in any of the material requested from this website are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.