TROY, Mich., Dec. 17, 2015 /PRNewswire/ -- With over 25 years' experience in financial advising and planning, Leon LaBrecque, managing partner of LJPR Financial Advisors, announces the launch of his new book, 50 Good IRA Ideas, which highlights the many ways that IRAs can be tools for financial growth. Likening IRAs to the concept of a Swiss Army Knife, LaBrecque outlines how to use IRAs for everything from paying for your child's college, to building a financial legacy, to saving thousands in taxes.
"There are generally two types of happy retirees: those with an IRA and those who will have one," said LaBrecque, who advises that IRAs are recommended for nearly everyone, making the book's numerous strategic ideas relevant across the board.
Two of the 50 ideas are particularly useful as 2015 comes to an end: the qualified charitable distribution and the 60 day roll-over.
Qualified charitable distribution (Idea #7) is the perfect way for a retiree to support their favorite charitable cause while saving significant amounts in taxes. Those over 70 ½ years can give their required minimum distribution to charity, instead of taking it home as income. This avoids paying tax on the distribution and reduces taxable income. For those planning to give, this is a smart way to be generous. It's a win for the charity and the taxpayer.
The 60 day roll-over (Idea #2) provides a year-end strategy to avoid tax underpayment penalties. If you have under-withheld your taxes throughout the year, you're at risk for federal and state penalties. Once per year you are allowed to temporarily withdraw money tax-free from your IRA. You can take a distribution and choose to withhold 100 percent of it, sending the funds to federal and state tax payments instead of your pocket. This payment counts as tax withheld throughout the year, thus saving you from paying penalties. Just be sure to return it within 60 days and only use this trick once per year, which is a new restriction.
With these ideas and more, the book serves to educate the public, spark interest in retirement strategies and support an individual's financial health. A large number of the 50 tips can be implemented by any individual with an IRA. Other, more complex ideas should be carried out by a certified public accountant.
"IRAs are powerful tools," shared LaBrecque. "Like tools, they require skill to build something strong and lasting. Read the instruction manual, and when in doubt, hire a pro."
To request a copy of the book, which is currently available for free, visit FiftyGoodIRAIdeas.com. For more information or to evaluate your own retirement strategy, contact LJPR Financial Advisors at LJPR.com or by calling 248.641.7400.
About LJPR Financial Advisors
LJPR Financial Advisors is a Michigan-based company headquartered in Troy. LJPR is a fee-only independent wealth management firm specializing in individual retirement planning, investment management, executive financial counseling, nonprofit investment services, estate planning and tax planning. For over 26 years, the team of professionals has been offering a comprehensive menu of fiduciary services.
SOURCE LJPR Financial Advisors