Wall St. Journal: “Individual retirement accounts funded with 401(k) assets count among your traditional IRA assets during a Roth IRA conversion. The language is confusing, since many custodians refer to such accounts as rollover IRAs. But they are technically traditional IRAs. Any IRA labeled as a SEP, SIMPLE or contributory is included, as well. . . . Here is where the ‘back-door’ method comes into play:”
Bloomberg.com: “The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged. The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams . . . .”
Center for Retirement Research: “At what age should you begin claiming Social Security benefits? If you’re approaching retirement, it’s the most important financial decision you’ll likely make. The Social Security Claiming Guide sorts through all the options near-retirees need to consider. Presented in an easy-to-read, colorful format, the Claiming Guide shows you where to begin, spells out how much you can get, and answers frequently asked questions about how the claiming process works.”
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Lawyers USA: “For the first time, as of Jan. 1, 2010, individuals with an adjusted gross income of more than $100,000 can convert an existing IRA or 401(k) account into a Roth IRA. Estate planning attorneys should contact their clients about this opportunity, and lawyers should consider whether to take advantage of the change for their own retirement plans. Previously, only those who made under $100,000 could convert to a Roth IRA. The Tax Increase Prevention and Reconciliation Act of 2005 abolished the income limit as a means of raising revenue, but the change doesn’t take effect until 2010.”
Arizona Republic: “Take your Social Security money early? Or hold out for a bigger monthly stipend? Whether out of necessity or a fear of leaving cash on the table, most Americans aren’t waiting until the traditional retirement age of 65 to put that government check in the bank.”
See also “You can change mind even if getting early benefits.”