ProPublica is a nonprofit newsroom that investigates abuses of power. The Secret IRS Files is an ongoing reporting project. Sign up to be notified when the next story publishes. Or text “IRS” to 917-746-1447 to get the next story texted to you (standard messaging rates apply). Also: Do you have expertise in tax law, accounting or wealth management? We’d love to hear from you. … [Read more...] about The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says — ProPublica
Roth IRA
The 3 Biggest Roth IRA Mistakes I Made in My 20s
The Roth IRA (individual retirement account) is one of the most coveted retirement accounts available -- especially since ProPublica released information about Peter Thiel's $5 billion Roth IRA. But if you have no idea how it works and you're not armed with a game plan for success, you'll miss out on the true power of the Roth IRA. Although I had a general idea of how it works … [Read more...] about The 3 Biggest Roth IRA Mistakes I Made in My 20s
Is Roth IRA Better for Young Workers?
If you’re in the early stages of your career, you’re probably not thinking much about retirement. Nonetheless, it’s never too soon to start preparing for it, as time may be your most valuable asset. So, you may want to consider retirement savings vehicles, one of which is an IRA. Depend-ing on your income, you might have the choice between a traditional IRA and a Roth IRA. … [Read more...] about Is Roth IRA Better for Young Workers?
The 411 on 2021 Required Minimum Distributions
Susan Dziubinski: Hi, I'm Susan Dziubinski for Morningstar. Retirees don't have to take their required minimum distributions until year-end. But Morningstar's director of personal finance, Christine Benz, thinks it's a good time to begin strategizing about them. Christine, thanks for being here today. Christine Benz: Susan, it's great to be here. Dziubinski: Now, many of … [Read more...] about The 411 on 2021 Required Minimum Distributions
In light of ProPublica report, Congress looks primed to ravage IRAs
After ProPublica released their not-so-bombshell report on wealthy individuals and their taxes in June, Congress took notice. Different members of the House Ways and Means Committee (HWMC) have recently mentioned intent to craft legislation putting new restrictions on Individual Retirement Accounts (IRAs) and 401(k)s. These kinds of investment accounts were created to … [Read more...] about In light of ProPublica report, Congress looks primed to ravage IRAs