Among the best stories from Retirement Daily for Aug. 6 - 10: Do you find the tax code confusing? You're not alone. Plus, Medicare research, wills and trusts, and fixed annuities.
Guest contributor Brad Pistole, CEO of Trinity Insurance & Financial Services, asks, "Do you find the tax code confusing?"
"Most individuals, Pistole notes, "have a difficult time identifying the differences between an IRA, 401(k), 403(b), TSP, 457, and a Roth IRA account. Each of these accounts have specific rules for contributions and distributions. And these rules get even more complicated depending on your age. There are specific rules if you are under the age of 50 and 59½ and specific rules if you are above the age of 70½. These accounts require knowledge about many topics and the rules can be very confusing. Individuals who study these accounts on a daily basis struggle with keeping it all straight, and it seems the rules are always changing."
You'll want to read more from Pistole in Tax Issues and Distributions From Qualified Accounts, as he explains the rules for taking distributions from qualified accounts. Beware the magic number 59½.
And in case you missed them, here are some more highlights from Retirement Daily this week.
Here are some of the latest reports, surveys, and studies related to retirement, including research on Medicare, target-date funds and mental illness.
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Adviser Ken Waltzer says negative bias combined with poor analytical skills means that annuities are often a difficult sell, even when they might be useful.
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