Annuity or Not?
We answer a “Money Talks” question about an annuity for inherited retirement funds.
Retirement Numbers Are Just Numbers—Not a Financial Plan for Retirement
Dr. Gene and Bil Lako, CFP®, discuss retirement numbers and how the Ten Year Rule is applied to a retirement account.
When to take Social Security?
Financial Planners Bil Lako, CFP® and Wes Hackney, CFP® discuss when to collect Social Security benefits.
Health Care Coverage in Retirement
If you are approaching retirement, before you plan your party, you need to consider how you will pay for health care coverage once you are no longer employed. Many retirees significantly underestimate how much they need to pay for medical expenses. For a close look at the questions you need to find answers to and items to discuss with your financial planner about health care in retirement, read this Insurance Know-How.
Catch-Up Contributions
If you are 50 years old or older by the end of your retirement plan year, you are eligible for a catch-up contribution allowed in IRA, 401(k), 403(b) and SIMPLE plans. For more information on the amount of the catch-up contribution allowed by each type of plan and other frequently asked questions, read this Financial Strategy.
Exceptions to the 10% Early Distribution Penalty
If you take a distribution from a retirement account before you reach the age of 59 1/2, generally, you will have to pay a 10% early distribution penalty. However, if you take an early distribution to pay for unreimbursed medical expenses or qualified higher education expenses, you may be able to avoid the early withdrawal penalty. For other common exceptions in which you may not be subject to the 10% penalty, read this C.P.A. Insight.
Is the Sale of Your Dental Practice Your Retirement Future?
If you are planning the sale of your medical practice to finance your retirement, you may need to increase the value of your practice.
Expanded IRA Rollover Rules
The Economic Growth and Tax Relief Reconciliation Act of 2001 included provisions that should simplify many investors’ retirement accounts, and possibly decrease the number of separate accounts needed.
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.
Fixed-Income Investment Selection
Fixed-income investments are designed to bridge the gap between after-tax income and your desired after-tax spending.