“Prevention is better than cure. Don't feel overwhelmed by all this. Would you remove your own kidney? You would go to a professional to get it done.” -Denise Appleby

 

Renowned IRA and retirement plans expert Denise Appleby joins our hosts Stephanie McCullough and Kevin Gaines for a crucial conversation on managing your retirement accounts effectively, especially as 2024 comes to a close.

 

Having trained thousands of financial, tax, and legal professionals, Denise shares her invaluable insights on year-end retirement planning strategies, covering the complexities of Required Minimum Distributions (RMDs) and the potential pitfalls of rollovers.

 

They talk about the challenges family members face when inheriting IRAs and handling 401(k) withdrawals, including those aged 73 and older.

 

In addition to RMDs, they also cover Roth conversions and Qualified Charitable Distributions (QCDs), giving you much-needed clarity on suitability assessments and precise reporting needs.

 

Denise explains the differences between transfers and rollovers, providing real-life examples of costly mistakes and IRS penalties that typically come from common misunderstandings. By sharing these cautionary tales, Denise demonstrates the importance of consulting knowledgeable financial advisors to guide you through these often-daunting processes, ensuring your retirement plan remains on track!

 

Key Topics:

• How to Manage Your Retirement Accounts Before the Year Ends (3:28)
• Navigating IRS Publications and Regulations (10:08)
• What’s Eligible for a Rollover? (22:24)
• Understanding Beneficiary IRAs and R&D (26:56)
• Direct Versus Indirect Roth Conversions (37:52)
• A Primer on Qualified Charitable Distributions (44:08)
• Stephanie and Kevin’s Key Takeaways (52:26)

 

Resources:

• DeniseAppleby.com
• Take Back Retirement Episode 12: What Women Need to Know About IRA’s, with Sarah Brenner
• Take Back Retirement Episode 20: Women + Roth IRA’s – What Should You Be Aware Of?
• Take Back Retirement Episode 58: Secure Act 2.0: New Retirement Account Rules, Same Old Message!
• Take Back Retirement Episode 78: The Essential Rules to Know When You Inherit an IRA

 

 

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You can find the transcript and more information about this episode at www.takebackretirement.com.

 

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