Most adults between the ages of 25 – 50 years old don’t have a good idea of how much annual income they will need when they retire. Here is a way that you can calculate a savings goal for retirement.
When getting ready for retirement, most people plan for costs like basic living expenses, housing, health care, transportation and recreation. One thing you may not be planning for is the cost of assisting your adult child financially.
Inheriting an IRA divides you into two groups: a non-spouse or a surviving spouse. The rules and options for what to do with an IRA you inherit are different for each group.
A surviving spouse who inherits an IRA has a lot of flexibility in deciding what to do with the account. Proper planning and knowing your options can help you establish lifetime income opportunities, avoid paying higher taxes or penalties, and create a lasting legacy for your beneficiaries.
