You might contribute to your IRA for decades to help pay for your retirement. But if you donât need all the money, you may want to leave whatâs left to your children or grandchildren. However, if you want to ensure they get the most from this inheritance, youâll need to do some planning.
Hereâs a little background: Up until a couple of years ago, when you left the proceeds of your IRA to your beneficiaries, they could choose to âstretchâ required withdrawals over a long period, based on their life expectancies. These required withdrawals were generally taxable, so this âstretch IRAâ allowed your beneficiaries to greatly reduce the annual taxes due, while benefiting from longer tax-deferred growth potential. And the younger the beneficiary, the longer the life expectancy and the lower the withdrawals, so this technique would have been especially valuable for your grandchildren or even great-grandchildren.
Part-time employees won’t be included in Virginia’s new auto-IRA program after a contingent of Senate Democrats rejected Gov. Ralph Northam’s proposal to broaden an initiative meant to encourage more lower-income workers to save for retirement.
Joanne Mathers: ‘Sentenced to death for collecting census papers’
Tomorrow marks the 40th anniversary of Joanne Mathers who was shot dead by the IRA in Derry
Mother of one Joanne Mathers was murdered on April 7, 1981.
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Forty years on from one of the most ‘heinous’ IRA murders of the Troubles, the PSNI says the investigation remains open.
On April 7, 1981, mother-of-one Joanne Mathers was shot dead by an IRA gunman as she helped a resident to fill in a census form at a house in Anderson Crescent.
The honours graduate had given up her work in town planning to raise her son who was two-years-old at the time.
What Parents Need To Focus On When Encouraging Young Adults To Save For Retirement forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Northern Ireland: Appeal for attacks on police to stop
A group of rioters threw petrol bombs and set police cars on fire in a Belfast suburb during a second night of violence, police say. The clashes took place in a loyalist, or pro-UK, area.
Dozens of police officers were injured in two nights of violence
Police in Northern Ireland appealed for calm on Sunday and warned against returning to the dark days of rioting, following two nights of unrest in the troubled British-ruled region.
A crowd of 20 to 30 people launched an orchestrated attack on police on Saturday evening, according to the authorities.