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Follow These Rules For Your IRA

new year resolution rules ira

Being the start of a New Year, everyone makes New Year Resolutions, and this year all I ask is that you make your exit strategy and retirement plan one of them. We can help you start that process and evaluate your current IRA if you have one.

Setting up an IRA for your retirement can be a good investment, but it’s not a simple process. Watch out for these common mistakes from the start:

  • Not getting professional advice.Don’t try to do it on your own. Accountants & financial planners, have studied the complex financial and tax rules for retirement vehicles.
  • Naming the wrong beneficiaries, or not naming any at all.Making your minor child a beneficiary will require a court-appointed guardian to manage the money until the child turns 18. If you fail to name a beneficiary, it is likely the IRA will become payable to your estate upon your death. This unnecessarily subjects the IRA to estate taxes.
  • Confining yourself to the form.Most account agreements allow little space in which to name more than one beneficiary. Attach a sheet of paper with the information of all beneficiaries and exactly how you want the account to be distributed.
  • Thinking your financial institution keeps records of everything.In this age of mergers and acquisitions, who knows where your records could be? Keep copies of your account agreement and beneficiary designations, and let your family know how to find them.
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Over decades of working with various types of businesses we have discovered Fisher is the perfect fit for clients who demonstrate the following characteristics.

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Your business has already proven to be successful through continued growth.

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Your market has a real need for your product and/or service.

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You are not a follower but instead you tend to lead or aspire to lead in your market.

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You understand the importance of learning how to improve your financial navigation.

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You are teachable despite of your previous success and you continue to seek personal development.

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