Withdrawals from 401Ks

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Setting Retirement Income (Pt. 1)

Submitted by Larry Frank Sr. on Monday, November 3, 2014 - 12:00pm

How much can you spend in your retirement? Answering this pivotal question requires you look hard at your current spending and how long you can expect to live – and at new approaches to using both factors in your plan.

An important part of your annual update of your retirement plan is new facts and circumstances. The problem: You may overlook important variables even as basic as the right retirement age.

Delaying 1st IRA Payouts

Submitted by Jim Blankenship on Monday, October 13, 2014 - 12:00pm

For most folks, when you reach 70½, you must start taking money from your retirement accounts every year. A little flexibility exists in the first year for you to plan withdrawals to your tax advantage.

Wise Retirement Withdrawals

Submitted by Larry Frank Sr. on Friday, August 8, 2014 - 12:00pm

Saving for retirement is one thing, spending those savings wisely another. One school of thought says you must withdraw consistently from your savings to simply avoid exhausting cash before you die. Another believes in adjusting withdrawals depending on changes in your later years. Which is right for you?

5 IRA Withdrawal Mistakes

Submitted by Barry Glassman on Wednesday, August 6, 2014 - 3:00pm

When you put earned income into a tax-deferred account such as an individual retirement account or a 401(k), Uncle Sam eventually wants those taxes. The Internal Revenue Service requires you to take required minimum distribution (RMD) withdrawals. You must know when and how much to take, though, or you face hefty penalties.

Here are the top five mistakes people make with RMDs and how to avoid them:

Your Retirement Checklist

Submitted by Roger Wohlner on Thursday, June 12, 2014 - 12:00pm

Are you within a few years of retirement? Time right now to get your financial house in order and here’s what to include on your pre-retirement financial checklist.

401(k)s. You need to determine if you want to leave the plan and its assets with your soon-to-be-former employer, roll assets into an individual retirement account or take a distribution (the last choice likely results in a hefty tax bill).

Changes for Inherited IRAs?

Submitted by Joseph A. Clark on Friday, April 11, 2014 - 12:00pm

Relationships and finances confuse you enough already. Then your spouse dies. During a hurricane of emotions you must make tough decisions about such money matters as individual retirement accounts – amid ever-changing rules about money available to you from a spouse’s IRA. By this summer, the rules might change completely.

IRA Withdrawals in Your 60s

Submitted by Jim Blankenship on Friday, January 3, 2014 - 12:00pm

Everybody chimes in on what you can and cannot withdraw from your individual retirement account before you reach age 59½ or on what you must or must not do with your IRA after you reached 70½. What do you do in the interim? You actually have all the control. Here’s why.