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Simplified Retirement Thoughts for Physicians in 2011
By Dr. David Edward Marcinko MBA CMP™
www.CertifiedMedicalPlanner.com
[Publisher-in-Chief]
As a reformed certified financial planner and stockbroker, and current CMP™ professional charter holder for more than a decade, I am always amazed at how complex and convoluted some medical colleages and other folks make IRAs and their retirement planning.
So, please allow me to offer this brief checklist of advice on how to KISS your IRA in 2011!
What to have in an IRA?
Assets that are expected to generate the greatest relative pretax returns, such as:
- fixed-income investments expected to yield high returns
- stocks with high dividend yields
- stocks expected to be held short term
- mutual funds that emphasize stocks paying high dividends
- mutual funds that expect to hold stocks short term.
What not to have:
- collectibles (e.g., art objects, antiques, and stamps)
- tax-free, tax-deferred, or tax-sheltered vehicles (e.g., municipal bonds, Series EE U.S. savings bonds, or variable annuities)
- investments in individual foreign securities or mutual funds that hold primarily foreign securities.
Activities to avoid:
- borrowing from the account
- creating unrelated business taxable income, which may result from ownership of an interest in a partnership or S corporation or from purchasing securities on margin or borrowing to acquire real estate.
Assessment
So, what’s in your IRA, doctor? Do you have a Keep It Simple and Sane [KISS] checklist?
Conclusion
And so, your thoughts and comments on this ME-P are appreciated. Do you KISS your IRA like me? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
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Filed under: CMP Program, Op-Editorials, Portfolio Management, Retirement and Benefits | Tagged: CMP, david marcinko, IRA, www.certifiedmedicalplanner.com |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Dr. Marcinko
Thank you for this list.
Glenn
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CRS Charitable IRA Rollover Fact Sheet
The Congressional Research Service (CRS) periodically issues fact sheets that are helpful to taxpayers. On December 20th the CRS published a fact sheet on IRA Charitable Rollovers.
The rollover was first passed in the Pension Protection Act of 2006. On December 17, 2010, the President signed H.R. 4853 and the IRA Charitable Rollover is effective for all of 2010 and 2011.
There are seven major features of the IRA Charitable Rollover. Under the bill, the rollover is called a Qualified Charitable Distribution (QCD). To be a QCD, it must meet seven specific requirements.
• Regular or Roth IRA — The distribution must be made by an IRA owner from his or her account. It may not be made from other types of qualified retirement plans, but those plans may be rolled over into an IRA and then qualify for the distribution.
• Age — The IRA owner must be over age 70½ when the QCD is made. A QCD for the year the individual turns 70½ is permitted, but must be made after that age.
• Charities — The recipient must be a public charity qualified to receive tax-deductible contributions.
• Maximum — While there is no minimum QCD amount, the maximum per year is $100,000.
• Taxable Income — The QCD is not reported in your taxable income. This means that it does not affect your other charitable gifts, which may be as much as 50% of your adjusted gross income in one year.
• IRS Custodian — The transfer must be directly from your IRA custodian or trustee to the charitable organization.
• Taxable Income — The QCD is normally made from an IRA that is potential taxable income. If you have an IRA with both taxable and non-taxed contributions, the IRA withdrawal will be first from the taxable portion of your IRA. Because it is not included in taxable income and it is distributed to charity, there will be no taxable income to you from a QCD.
Editor’s Note: The bill signed by the President on December 17th 2010 has a very important provision. Because it was very late in the year, many individuals found it difficult to complete their 2010 QCD this year. Therefore, the bill allows you to make your 2010 QCD in January of 2011. For some friends of charities, they can make two QCDs in 2011 — one in January and the normal 2011 QCD during the balance of the year.
Source: Children’s Home Society of Florida Foundation
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I’ve heard rumors that the world economy may turn its back on the American dollar and base value on some other denomination. If that should happen, what effect will that have on Americans’ savings? Will the supposed resultant inflation be any worse than inflationary cycles in the past? And if it doesn’t crush the US economy even flatter, will it stimulate a boom in exports?
I’ve got to fund my IRA soon, and I’m wondering if I should by into foreign currency. But then comes the question of which currency. No wonder the price of gold is soaring.
Darrell K. Pruiitt DDS
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