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Smart money/Coming Soon

Annuity Tips, Creating Savings Goals, 401(k) Retirement Plan Myths

Monday, November 21, 2011  No comments

Each day, One Day Closer provides the articles from across the worldwide web that help you move one day closer to a sound financial situation, a retirement you always envisioned, a safe and secure financial future for you and your family. This will be added to throughout the day with important articles.

Quote of the Day:
There's never enough time to do all the nothing you want.
- Bill Watterson, Calvin and Hobbes

Articles of the Day:
Here are five useful tips for evaluating mutual funds, courtesy of U.S. News and World Report. http://bit.ly/uypI9l


Grandma's gift of choice (savings bonds) is going digital this holiday season. http://on.wsj.com/svEmWq

A smart question (and answer) from a worker with most of his assets in tax-deferred accounts. Should he move them to tax-free territory? http://bit.ly/rv8Jrz

Here are four tips to help you with annuities. http://bit.ly/vMcFLM

You shouldn't wait to shift your retirement plan back into balance, but in this volatile market, you should go through "real-time rebalancing" according to this Wall Street Journal article. http://on.wsj.com/voIncb

It is true -- the worst housing markets have the strongest buyer interest, according to this article from Yahoo! Finance. http://yhoo.it/ttJhJ0

Having goals helps. This Wall Street Journal article talks about saving $10,000 by next Thanksgiving. http://on.wsj.com/rNnAFy

When it comes to financial saving, most workers are playing catch-up. This Wall Street Journal article details how delaying retirement helps you financially (if you are a late starter to the retirement planning game). http://on.wsj.com/u17ulM

In a digital age here are four web tools to simplify your finances. http://on.wsj.com/sd7IzK

How do you set aside that extra $10 a week, or in simple terms, "trick yourself into saving." http://on.wsj.com/uN9FvO

This article provides an in-depth look at 401(k) retirement plan myths that just aren't true. http://bit.ly/sytqek

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
Ed:
I have your book, but unfortunately it is at my cabin so I don't have access right now. I am inheriting a Roth IRA from my wife, who recently passed away at 65. It was converted to a Roth in December 2008.

First question: Is it better to keep it as a separate Roth IRA, or add it into my existing Roth IRA?

Second question: Do I have to take RMDs on this account now or later?

Thanks,
John in AZ

A:
Question 1. As a spouse beneficiary you have two choices, other than taking a complete distribution.

A. You can establish a beneficiary Roth IRA or
B. Make it your own Roth IRA

If you select option B you will not have to take required minimum distributions (RMDs). With Option A, you would be required to take RMDs beginning in the year the deceased spouse would have attained age 70 1/2. Option B gives you the most flexibility. You can take distributions at any time (or not). It is your option. Distributions will be tax-free. Make sure you name your own beneficiary when you select your option.

Question 2. If you make it your own Roth IRA, you could combine it with your own Roth IRA.

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