Author: News Room
The rollover is the most frequent IRA transaction, but most people do only a few rollovers during their lifetimes. Mistake are a result of this inexperience, leading to unnecessary taxes and penalties. Most of the time a rollover that is done correctly is tax free. An rollover done incorrectly causes the rolled over amount to be included in gross income and taxed as ordinary income, except for any portion that was after-tax, or nondeductible, money. There also might be a 10% early distribution penalty for those under age age 59½. Plus, there can be a 6% penalty for making an…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The sight of two giant US Hercules planes disgorging bulletproof cars on to the runway in Nuuk has moved President Donald Trump’s obsession with Greenland into a new, dangerous phase.The US national security adviser, vice-president’s wife, secretary of energy and other officials are ostensibly arriving later this week on a “private visit” to watch the national dogsledding contest on the geopolitically vital island. A trip to the US military base in the far north of Greenland is also likely.It is an explanation…
United Airlines announced Monday that it’s increasing the fees on its rewards cards that allow access to its airport lounges and offering new perks to cardholders. The cost of an individual United Club membership is being increased from $650 or 85,000 reward miles to $750 or 94,000 miles a year. Only the passholder will be able to access the United Club lounge network.It’s also creating a new “All Access” membership tier that lets customers bring up to two guests into the company’s airport lounge at a cost of $1,400 or 175,000 miles. UNITED AIRLINES APOLOGIZES TO WOMAN WHO SAYS CREW ASKED…
The recent passing of Gene Hackman and his wife Betsy Arakawa reveals a profound truth about our current approach to later life. Their deaths—occurring days apart and discovered only by chance—serve as a stark reminder that our current conception of retirement planning is dangerously incomplete. By nearly any standard, Hackman, a celebrated two-time Oscar winner, had achieved what most would consider success and presumably retirement financial security. Yet, at 95 and suffering from advanced Alzheimer’s disease, he was unable to respond when his 65-year-old wife reportedly succumbed to a virus in their New Mexico home. For approximately a week, he…
Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldDealmakers are being forced to reassess expectations for a surge in activity this year, as stock market falls and policy uncertainty from the new Trump administration have held back takeovers and initial public offerings. As the end of the first quarter approaches, the volume of takeovers globally has risen more slowly than many advisers expected at the end of last year when investment banking stocks hit record highs in anticipation of a “Trump bump”. The number of deals announced since…
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A Roth solo 401(k) can make up for the loss of your access to an employer-sponsored retirement plan. Planning for retirement is crucial, especially for self-employed individuals or those without access to employer-sponsored retirement plans. One effective option to consider is the Solo 401(k), also known as an Individual 401(k) or Self-Employed 401(k). This plan offers significant tax advantages and flexibility, making it an excellent choice for business owners without full-time employees. What is a Roth Solo 401(k)? A Roth Solo 401(k) is a retirement savings plan designed specifically for self-employed individuals or business owners with no full-time employees, except…
Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldChina said it was ready for any “unexpected shocks”, ahead of US President Donald Trump imposing higher tariffs on the world’s second-biggest economy and rival superpower.Premier Li Qiang, responsible for the Chinese economy under leader Xi Jinping, told foreign business leaders gathered in Beijing on Sunday that uncertainty and instability were rising, but China would choose the “correct path” of globalisation and multilateralism. “We have preparations for possible unexpected shocks, which of course mainly come from external sources,” Li said. The US is…
This article was written byFollowSmall deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well, you can land a Jumbo on the spread and still have clearance for take-off. From time…
A mega backdoor Roth conversion is a retirement plan strategy that can allow individuals to allocate money to the Roth tax strategy above and beyond both traditional 401(k) and IRA limits. When done correctly, the conversion of assets from traditional after-tax contributions in a 401(k) plan to a Roth account doesn’t trigger a taxable event. However, there are complexities and important testing challenges associated with a mega backdoor Roth conversion. For a mega backdoor Roth conversion to work, a retirement plan must have certain plan design elements in place, including the following: Traditional after-tax contributions — To start the process,…
