Hello, my name is Radon Stancil and I am a CERTIFIED FINANCIAL PLANNER™ practitioner.
Millions of people today are either in retirement or getting close to retirement. The purpose of this blog is to comment on everyday news and keep you up to date on the many issues in planning for long and prosperous retirement. There will be commentary on IRA, 401k and other retirement plans. Look for articles dealing with income planning and annuities also. I will also have videos and podcast. Please let me know if there are questions you would like me to consider that have not been addressed. You can email me by clicking here.
Can I do to the Stretch IRA myself or do I have to have an advisor?
You can set the Stretch IRA up yourself. The beneficiary form is what you use to create the Stretch IRA. But, it is not setting up the stretch IRA that is the hard part. The biggest reason why beneficiaries do not stretch their IRA, has nothing to do with the original owner doing everything right or not. …
Where can I go to get all the rules that I need to know about the Stretch IRA?
While you can go straight to the IRS at www.IRS.gov and and look up Publication 590 it is a rather complicate way to get your answers.It’s about a 130 pages long. But, it’s also difficult to understand some of those rules. And frankly, the rules change.What I would recommend is that you go to an advisor who specializes and working with individuals that are close to or in retirement. …
How does the Stretch IRA work?
Prior to 2002, the only option that a beneficiary had was to take a full distribution out of the IRA or 401k. After 2002, there was a provision put in place for inherited IRA’s where the beneficiary could stretch it over their lifetime.
You may be aware that at age 70 ½ for your IRA or 401k, you’ll be required to take minimum distributions, it’s based on your life expectancy and you have to take those distributions for the rest of your life. …
What is a Stretch IRA?
First of all it is not a product. I will say this a few times in this report becase some financial sales people and trying to position Stretch IRA as something that you have to buy.It is not something that you can buy.You see the term “Stretch IRA” is really just a descriptive term.The technical term is, …
Oprah-fy Your Retirement Plan
As a part of the farewell season for the most popular television talk show ever, you can go to Oprah.com and be part of history, according to the site, and Oprah-fy yourself. You upload your photo and overlay a picture of Oprah on top of it. Just like that, you are Oprah-fied. I was thinking about this concept and thought wouldn’t it be wonderful if I could upload my …
The Stretch IRA or Multi Generational IRA
You may have heard from someone say or read somewhere mention of a, Stretch IRA, Multi Generational IRA or Inherited IRA. The Stretch IRA can be easy to set up and then your beneficiaries and mess their inherited IRA up.
To give a little history first… Prior to 2002 if you happened to leave behind an IRA, 401k or other type of retirement plan to anyone other than a spouse the only distribution option available for the beneficiary was to take a lump sum. …
Where is the economy headed?
One of the biggest questions on the minds of retirees is, “Where is the economy headed?” There is good reason to ask this question. If you are thinking of retiring or have already retired, the economy could determine if your retirement will be prosperous or not. Of course, I am speaking about finances and not the most important things like family, friends, health, and spiritual well-being.
How to plan for income in retirement
Imagine you have retired and that you live longer than you ever thought you would. Prices are rising but you don’t want to risk your investments to keep up. Many today are beginning to see this as a reality. The financial threats that American retirees face now are different from any time before. The retirement years of today’s retiree will be unlike any time previously experienced. …
Tekelec - What the layoffs mean for your 401k plan
Raleigh NC - Tekelec, a company based in Morrisville, North Carolina, has confirmed layoffs as part of reductions. On Thursday Tekelec said they will continue to layoff 50 more. Wednesday, May 4, 2011 was there last day.
This type of thing is becoming an everyday occurrence. So, what if you get the notice you are laid off? …
How will the end of QE2 impact the markets and where should you put your money in preparation?
This is a great question and I wish I had a crystal ball to reveal the answer. Personally, I believe the stock market is in a high-risk position right now. To explain, let’s consider some of the things that have taken place in the past year or so. 1) The Bush tax cuts were extended. 2) The estate tax was raised to $5 million per person or $10 million per couple. …
How do I rollover my 401k into an IRA?
Before I answer this question, I think it is important to explain the difference between a 401k and an IRA. The taxation is similar but the way each can be used is different.
What is a 401k?
A 401k is part of an employer’s retirement benefit plan offered to employees. The employer controls the plan. …