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Is the well-known trading adage, \u201csell in May and go away\u201d actually good advice? Joe Anderson, CFP\xae and Big Al Clopine, CPA discuss this in YMYW podcast episode 34 before diving into retirement planning, sharing common IRA and Roth misconceptions and beneficiary blunders that could cost your family thousands. Original publish date May 28, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro
02:26 - \u201cYou can contribute up to $5,500 (to an IRA); if you\u2019re over 50 you get a $1,000 catch-up so $6,500\u201d
04:01 - \u201cIf you\u2019re in a low tax bracket you might not get that much benefit. You might as well do a Roth contribution so you forgo the tax benefit today but all future income, growth and principal are tax-free later. Here\u2019s the caveat \u2013 you need earned income\u201d
04:29 - \u201cEarned income has to be salary or positive profits from your self-employment business\u201d
09:01 - \u201cIf you don\u2019t have an IRA already established and you try to do a direct rollover, you\u2019re going to find yourself with some problems\u201d
14:59 - \u201cDid you know that you can use your spouse\u2019s earned income if you\u2019re not working to do a Roth or IRA contribution?\u201d
16:03 - \u201cA couple of other basics when it comes to the Roth: there is no required minimum distribution (RMD)\u201d
23:08 - \u201cThese are retirement accounts. They\u2019re for retirement; they shouldn\u2019t really be used for other things\u201d
28:52 - \u201cWe\u2019re talking about IRAs, some mistakes you might be making with the overall retirement accounts; we talked about the basics \u2013 how much you can contribute, AGI limitations, penalties, RMDS. But one that people forget about is the beneficiary designation\u201d
33:10 - \u201cWe encourage our clients and I\u2019ll encourage you guys as well to be looking at your beneficiary statements on all IRAs, 401(k)s, 403(b)s every few years; make sure they\u2019re up to date\u201d
36:16 - \u201cThere is such thing as an IRA trust\u201d