Submitted by Jim Blankenship on Mon, 10/13/2014 - 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.
Submitted by Larry Frank Sr. on Fri, 08/08/2014 - 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?
Submitted by Barry Glassman on Wed, 08/06/2014 - 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:
Submitted by Roger Wohlner on Wed, 07/16/2014 - 9:00am
Are you a retiree with most of your retirement investments in stocks? Good idea? No: Even as the markets near or notch records every day, stay conscious of risks of not diversifying between classes of assets.
A recent Wall Street Journalarticle discussed how retirement savers are putting more money into stocks. Two excerpts:
Submitted by Roger Wohlner on Thu, 06/12/2014 - 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).
Submitted by Joseph A. Clark on Fri, 04/11/2014 - 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.
Submitted by Jim Blankenship on Fri, 01/03/2014 - 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.
Submitted by Dan Crimmins on Thu, 12/19/2013 - 12:00pm
Are you about to turn 70? Six months after your birthday, the law requires you to start tapping your tax-deferred retirement accounts. The rules surrounding a withdrawal are complicated and fraught with tax peril. Here’s how to navigate them.
Note that you have until Dec. 31 of each tax year to take these withdrawals, called required minimum distributions (RMDs). That date is coming right up.