Jim Lorenzen, CFP®, AIF® Is your income common or uncommon? Most of us think our income is pretty normal, according to most of the studies
Jim Lorenzen, CFP®, AIF® While historic inflation rates average a bit over 4% and many people doing their own calculations may be using figures in
Congratulations—you’ve built up a healthy retirement nest egg, maybe even a couple million bucks in a traditional IRA. Cue the applause! No worry about tax traps now! But as you reach retirement and start thinking about how to spend it (or pass it on), Uncle Sam is waiting with a few surprise moves that could mess with your plans. These are the tax traps.
You’ve just inherited an IRA from someone not your spouse… usually a parent. Guess what! Your rules are different.