Watch Out for Retirement Plan Penalties and Taxes When You Withdraw
Bob Richards Bob Richards–Marketing and Financial ServicesIf you planned to retire in 5 years, but have hit hard times, you may be tempted to dip into one of your retirement funds. Don’t unduly damage your retirement plan by randomly grabbing a distribution. Qualified retirement plans such as the 401(k), 403(b), 457, and an IRAs offer tax-deferred compounding of your savings [...]
Categories: retirement plans Tags: retirement funds, retirement plans, retirement savings
Plan for Retirement: Retirement Options for Income
Bob Richards Bob Richards–Marketing and Financial ServicesAs soon as the sluggish economy recuperates, a possible labor shortage might cause employers to entice their experienced employees to not retire or to come out of retirement. While such a scenario seems not likely with unemployment near 9%, but demographics make the US ripe for a labor shortage and ripe for a plan [...]
Categories: plan for retirement Tags: retirement jobs, retirement plans, social security benefits
Don’t Rush Decisions about your Pension Funds
Bob Richards Bob Richards–Marketing and Financial ServicesAs retirement day approaches, your company’s human resources division might prompt you regarding how to proceed with your pension funds. Family and co-workers will suggest a range of options. Nevertheless until you have a clear idea on how well you see yourself sailing through your retirement years, avoid making permanent decisions. Irreversible decisions are [...]
Categories: pension funds Tags: annuitizing, balanced portfolio of stocks and bonds, lump sum, retirement plans, retirement strategies
Qualified Plan and IRA Minimum Withdrawal
Bob Richards Bob Richards–Marketing and Financial ServicesThe intention behind creating qualified plans is to aid the workforce in saving a significant amount for their retirement. Many plans permit the tax-deductible contributions and tax-deferred growth during the accumulation years. On the whole, these programs require an IRA minimum withdrawal (often called IRA minimum distributions or RMD) at age 70½. RMDs are taxed [...]
