Inheriting Your Spouse’s IRA? Don’t Stretch, You Might Have Better Options: Spouses inheriting an IRA have unique benefits compared to other beneficiaries. You may not need the “stretch IRA” strategy.

An Ask the Hammer listener inherited an IRA and qualifies to stretch it over their lifetime. They skipped RMDs for 2021 and 2022 but caught up later. Recent IRS guidance offers relief for some beneficiaries, but this listener likely still needs to take their 2023 RMD. The guidance only applies to those using the 10-year distribution rule, not those stretching the IRA. To avoid penalties, they should take their 2023 RMD before year-end. However, future RMD rules remain unclear due to ongoing legislative changes and lack of finalized regulations.

Nicole Gopoian Wirick, JD, CFP®, the founder of Prosperity Wealth Strategies, delves into the changing dynamics of financial management in marriages.

Be sure to check out the new functionality and watch the latest FinStream videos.

During a recent episode of ‘Ask The Hammer’, Jeffrey Levine with Robert Powell to dissect the integral topic of financial planning.

Are you ready for an unexpected expense? An Emergency Fund can help. Learn how to build it, how much you’ll need, and why it’s necessary!

High-income earners, be aware: your Medicare premiums could see an increase due to the Income-Related Monthly Adjustment Amount (IRMAA).

Divorce poses unique challenges for female entrepreneurs, particularly when it involves dividing business assets. This summary, based on a Retirement Daily webinar, outlines key considerations for women business owners facing divorce.

Amidst 2023’s economic fluctuations, it’s crucial to initiate strategic year-end financial planning. This guide offers six essential steps to bolster your personal finance management. Discover effective tactics to maximize savings and secure financial prosperity not just for the immediate year, but extending into the future. Learn proactive financial strategies today to build a resilient and thriving financial portfolio.”

Strategies to Reduce Taxable Income : In this episode of “Ask the Hammer,” Jeffrey Levine from Buckingham addressed a common concern: how to lower taxable income for the year. Levine emphasized that the best approach depends on individual circumstances. He suggested several strategies, including contributing to employer-sponsored retirement plans like 401ks or 403bs, utilizing Health Savings Accounts (HSAs), and leveraging Flexible Spending Accounts for healthcare or dependent care.