Partners' Network

Top 12 Concerns of IRA and 401k Accounts

Forty-six million people have IRAs, and 60 million workers participate in 401k retirement plans, yet the tax laws are unwieldy, complicated and unfair. Congress and the IRS, through inattention or inaction, have let the rules and requirements get out of hand. This program will tell you 12 things you must know about these accounts.

This is not a program on why you should participate, but how to not get hurt when you participate. I will explain what you could invest in, name beneficiaries, leave charitable bequests and make charitable contributions, when distributions can start and excessive penalties for not following the rules, warning beneficiaries about inheritances, terminating your job and how to switch accounts and when to withdraw prematurely from your 401k account, spousal rights to accounts and what prenuptial agreements do not cover, asset protection from the IRS and creditors including in a bankruptcy, converting a traditional IRA to a Roth IRA account, what to do in a year when you have no income and other things you must be aware of with these accounts.

This program will explain what could go wrong and how to avoid making mistakes that many people make.

IRA, 401k and 403b accounts are very common. Yet, the tax laws and legalities thwart the smooth handling of these accounts when there is a termination or death or inadvertent investment in some well-known publicly traded securities. A lot is simply not fair. However, it is what it is, and knowing some of what I will be talking about this Thursday might help you immensely.

I will be presenting an hour webinar for the East Brunswick Public Library as part of its Take a Business Break series on Thursday, November 17, titled Managing Your IRA, 401k and Other Retirement Accounts.

It is free, but you must register beforehand. I will also have an extensive handout that will be distributed to all attendees.

For those that do not know me, I am an emeritus partner at Withum, a top 25 accounting and advisory firm, one of Accounting Today’s 100 Most Influential People, the author of 30 books and an adjunct professor at Fairleigh Dickinson University. I am also accredited by the American Institute of Certified Public Accountants as a personal financial specialist and am admitted to practice before the United States Tax Court.

I look forward to “seeing” you on Thursday.

Contact Us

If you have any tax, business, financial or leadership or management issues you want to discuss please do not hesitate to contact me at [email protected] or click here.