6 IRA Moves to Take During 2024

You are receiving this email because you signed up to receive Bob Carlson's free e-letter Retirement Watch Weekly, or you purchased a product or service from its publisher, Eagle Financial Publications. [Carlson's Retirement Watch Weekly] [Retirement Reports](www.retirementwatch.com/retirement-resources/) [Retirement Articles](www.retirementwatch.com/retirement-articles/) Brought to you by Eagle Financial Publications 6 IRA Moves to Take During 2024 by Bob Carlson Editor, [Retirement Watch]( 07/14/2024 SPONSORED [A Game-Changer for Retirement Living]( [image]( Did you know the average cost of retirement is $951,000? Will you have enough? I hope so… A recent study revealed that the average amount held in a retirement account today is just $88,400. That means that the typical worker has a $862,600 gap between their actual savings and their retirement. So, you need a strategy that not only gives you income, but that grows that income over the next few years. I built an income strategy to solve the looming issues most retirees face. [This truly is a game-changer for retirement living—watch the presentation here.]( [CLICK HERE...]( Fellow Investor, [Bob Carlson]The halfway point of 2024 has passed. This is a good time to plan how you’ll manage IRAs for the rest of the year. Don’t be like most people and scramble in November and December. Here are some key steps most people should consider. Donate via a QCD. A qualified charitable distribution (QCD) is the best way to make charitable contributions when you are age 70½ or older. You instruct the IRA custodian to distribute money or property directly to the charities of your choice. The distribution isn’t included in your gross income. It counts toward any required minimum distribution (RMD) you have for the year. You can take QCDs up to $100,000 during the year. Consider a Roth conversion. This is an important tax and estate planning strategy for many of my readers. That’s why I regularly remind you about it. The next few years are an important time to consider converting all or part of a traditional IRA into a Roth IRA, because income tax rates are scheduled to increase after 2025. Another good time to consider a conversion is any time an investment in a traditional IRA loses value. You’ll be converting the assets at a lower value than a few weeks or months earlier, which means you’ll be converting them at a lower income tax cost. Take RMDs from your traditional IRAs. The first RMD now is required by April 1 of the year after turning age 73 for anyone who turned 72 after 2022. It will jump to 75 in 2033. Anyone who turned 72 before 2023 should be taking RMDs. Too many people wait until near the end of the year to take RMDs. There are at least two problems with that. Events might intervene to keep you from executing the transaction by Dec. 31. I recommend taking the RMD early in the year to be sure it is completed. Also, many people don’t realize that IRA custodians become overwhelmed in the last few weeks of the year with transactions people procrastinated about all year. Some custodians won’t take orders for RMDs and some other transactions late in the year. Others let you submit the orders but say they can’t promise to have them executed by Dec. 31. [Retirement in a Box: From Zero to $2,500 a Month]( [image]( There is a way retirees can collect thousands of dollars per month for the rest of their lives -- tax-free. Plus, this tax-free income source is 100% legal and approved by the IRS. And here’s the kicker: even if they don’t have enough money put away yet for retirement... even if they’re over age 60... they can still get thousands of dollars a month from this opportunity. [Click here to find out more.]( [CLICK HERE...]( Take RMDs from inherited IRAs. The rules for inherited IRAs were upended after enactment of the SECURE Act in 2019 and were upended again in early 2022 when the IRS issued proposed regulations with several surprises. You might be subject to the 10-year rule, which lets you take distributions in any pattern you want in years one through nine after inheriting, but mandate that the IRA be fully distributed by the end of year 10. If the original owner of the IRA was taking RMDs, you must take annual RMDs during years one through nine and fully distribute the IRA by the end of year 10. The RMD rules for inherited IRAs apply to both traditional and Roth IRAs. Consider new contributions. There no longer is an age limit for making contributions to either traditional or Roth IRAs. You can make contributions at any age. But your contribution can’t exceed your earned income for the year from either a job or self-employment. If you have some earned income this year, consider whether you want to add to a traditional or Roth IRA, up to the annual limit of $7,500 for anyone over age 50. Plan rollovers. There are many types of rollovers to consider, but there are at least two many people should consider. (A conversion of a traditional IRA to a Roth IRA technically is a rollover.) If you have money in a former employer’s 401(k) plan, you might want to move those funds to an IRA using a tax-deferred rollover. People with multiple IRAs of the same type might decide it is time to simplify their financial lives by consolidating into one IRA. This can be done through tax-deferred rollovers. It is best to have the rollovers done directly from one custodian to another so you don’t risk falling into one of the traps of the 60-day rollover rule. To a better retirement, [Bob Carlson] Bob Carlson Editor, Retirement Watch Weekly Editor’s Note: Congress is spurring on the most dangerous retirement threat of the last 50 years. One of America’s top retirement researchers reveals the deadly truth behind this government move…plus the ONLY way to fully protect wealth in the coming months. [Click Here for the Full Story.]( SPONSORED [Don't miss this peculiar signal]( [image]( Our cutting-edge A.I. technology has just pinpointed one stock that's set to outperform everything else in the market. This breakthrough could be a game-changer. This is a rare occurrence, but global conflict and election tensions might be the #1 cause. [Stay tuned here]( – you won't want to miss this opportunity. [CLICK HERE...]( Want More Retirement Advice? Check out my website, [RetirementWatch.com](, where you’ll find hundreds of free articles covering every aspect of retirement planning. Popular Posts: [Marital Deduction - Dos and Don'ts]( [The Overlooked Triple Tax Saving Tactic]( [10 Basic Rules for Every Estate Plan]( [How to Vary Spending During Retirement]( New to the Retirement Watch Community: SeniorResource.com Retirement is often viewed as a period of life filled with relaxation, leisure, and the freedom to pursue passions and hobbies. However, transitioning into retirement also brings about a new set of financial challenges. While you may no longer face the daily grind of commuting or work-related expenses, there are several costs that can suddenly appear, potentially disrupting your financial stability. Understanding these costs and planning for them can help ensure a smoother and more enjoyable retirement. [Here are 10 costs that can unexpectedly arise in retirement.]( About Bob Carlson: [Bob Carlson]Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. About Us: Eagle Financial Publications is located in Washington, D.C. – only a few blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. 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