Which records to keep and how long during one’s lifetime depends on the type of record being considered.
See this page for guidelines: Organize Your Important Papers.
In regard to estate issues after someone’s lifetime, you should keep the estate financial records 7 to 10 years or more from the time the estate was settled (not the date of death). It is necessary to keep records for this length of time because, if income on the estate was underreported …
To calculate your RMD, divide the amount of money held in your tax-deferred account(s) at year end by the number of years left in the account owner’s life expectancy and take out at least that amount. The amount of your RMD withdrawal is then added to your other taxable income for the year and taxed according to your marginal tax rate. Thus, the whole amount of a distribution or withdrawal from an IRA, 401(k), 403(b), or other tax-deferred retirement savings …
You have both immediate and longer-term situations to address. Short term, you have to put food on the table for you and your daughter and provide shelter and basic needs for both of you. You need income. A source of temporary short-term income can be programs for which you apply through the department of social services or other charitable organizations that offer food assistance, medical insurance, rental and energy assistance, and sometimes cash assistance. Contact your county department of social …
Fixed annuities are similar to bank certificates of deposit (CDs) in that they earn a guaranteed interest rate for a set period of time. Two major differences are that fixed annuities are tax deferred and often provide a higher return than bank CDs. Yes, you can roll over or exchange a fixed annuity for a new annuity. Check to make sure that surrender charges don’t apply, however. Typically, a minimum deposit of at least $5,000 will be required. Investment experts …
