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The Retirement COLLAB Blog

What are the Required Minimum Distribution (RMD) rules for IRA's?

 This post was last updated on April 30, 2023, to reflect all updated information and best serve your needs.

The IRS established required minimum distribution (RMD) rules on IRAs and similar tax-deferred savings plans to eventually collect on the taxes previously deferred. RMD rules require you to begin making withdrawals from certain retirement accounts when you reach age 73.

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What You Need to Know About Joint Tenancy

Let’s just get right to the point; joint tenancy is a legal arrangement involving two or more individuals co-owning property. All parties share equal rights, title, and obligations. “Property” can include bank accounts, businesses, or personal items but joint tenancy most often pertains to real estate. 

These ownership arrangements can be made between business partners, married or unmarried couples, friends, or family members. Joint tenancy also includes right of survivorship. This means that if one owner passes away, the surviving owner(s) can immediately take ownership without going to probate court.

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What Does Transfer On Death Mean?

Usually, when people think of estate planning, they imagine filling out a will or establishing a trust. However, some assets allow you to name beneficiaries directly through a process called transfer on death (TOD). 

Transfer on death can be beneficial in various circumstances, particularly if you want to avoid probate. Today we’re going to discuss the ins and outs of TOD and when it is most beneficial. 

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The Top 5 Benefits to Investing in Yourself

Investing in our friends, family, and community is a natural behavior. Sacrificing our time, money and effort to benefit others is altruistic, helping us feel that we provide real value in the world. But for all that you spend to help others, how much do you spend on investing in yourself? 

Investing in yourself is more than setting up a retirement account or buying a home. Rather than planning for the future, self-investment is most often directed toward the present. It manifests in several ways, such as:

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What is a Family Trust and Do I Need One?

The world of family trusts is not just for the fabulously wealthy, the aristocrats, or the savviest of investors. Most do not know what a family trust is, and fewer still ask whether they need one. 

We will cover some of the basics of trusts to help shed some light on a topic that so many people could benefit from.

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What’s the Difference Between a Trust and a Will?

As you begin estate planning, you will face difficult choices, further complicated by the current pandemic. However, it’s essential that you have a plan in place to protect your loved ones financially. There are many different ways you can do so. 

Today, we’re going to discuss two of them. Wills and trusts are both estate planning tools, meaning they help you control who inherits your assets after you pass away. The similarities between the two end there, though.

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The Top 4 Things You Should Include In Your Will

When it comes to estate planning, having a comprehensive and well-planned will is essential. Without this crucial document, your loved ones could face various legal and financial challenges once you’re gone. 

However, while a will is vital, not everyone knows what to include. Fortunately, we’re here to help. Here are the top four things you should have in your will. 

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Does My Company Need a Safe Harbor 401(k)?

For many workers, the benefits package a company offers is almost as important as the salary that goes along with it. One of the benefits that workers are most interested in is the retirement plan. People want to know that they are going to be okay after they stop working, and in most cases, they are relying on their employer to help make that a reality when it comes to saving. 

Many companies offer retirement plans such as a 401(k). However, these plans can come with bureaucratic red tape and regulatory loopholes to jump through – which can make them more difficult to implement. Because of these difficulties, some companies choose to opt out of plans like 401(k)s altogether.

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Common Questions for Safe Harbor and Profit Sharing 401(k) Plans

Planning for retirement brings forth many questions. Which type of account is best? How much should I be saving? 

Everyone’s unique situation brings a different answer. However, the more you know about planning for retirement, the better off you will be in the future. 

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What is the Difference Between Health Insurance and Health Sharing?

Most Americans are familiar with health insurance. We pay a premium to receive access to a health network. While some receive health insurance as a benefit from their employers, others must seek coverage on their own. 

The quality and type of health insurance often correlates with monthly premium. Higher quality insurance costs more than basic programs. However, other factors such as the policyholder’s individual health status affects the price of health insurance as well.

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