Retirement Planning

July 29, 2013   Retirement Planning

What You Need to Know About Working After Retirement

A growing number of Americans are choosing to work into their retirement. Some desire to turn a lifetime hobby into a business, while others need to work out of financial necessity. If you are one of the many Americans planning to work after you retire, there are certain critical factors you must consider.   If you begin to take Social Security retirement benefits before you reach full retirement age, then take a job through which you will earn money above the Social Security earnings limit, your Social Security benefits may be reduced. In some cases, the Social Security administration will even require that you return previously paid out amounts. However, there will be no benefit reduction if you take a job after you have reached your full retirement age. Moreover, you can not be req...
November 14, 2012   Retirement Planning

What to Do with an Inherited IRA

IRAs are among the largest assets inherited by heirs and beneficiaries. These accounts have been able to grow to such large amounts because income taxes are deferred until the owner begins to take distributions, usually after reaching age 70 ½.   Those who inherit an IRA must be very careful to follow the rules, which are complicated and often confusing. It is possible to keep an account growing tax-deferred for decades, but an innocent error can cause the recipient to lose the tax-deferred advantage and force her to pay tax now on the entire account balance. As a result, it is critical to talk with an expert before making any decision or taking any action, and to understand all available options. Here are some to consider.   Cash Out Option Anyone who inherits an IRA can...
October 15, 2010   Retirement Planning

Six Biggest IRA Beneficiary Form Mistakes

By Robert A. Ross, J.D.
Americans hold nearly $15 Trillion in IRA’s and other qualified plans. If you have a retirement plan you have made a series of very wise deci­sions. Now you must take steps to protect and preserve what you have worked so hard for.   Do you want your heirs to have to chase after the IRA money? Better make sure you have an up to date beneficia­ry form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case of Kennedy vs DuPont that the plan administrator was not required to honor the divorce decree. William and Liz Kennedy were married in 1971 while William was an employee of DuPont and a participant in its Savings and Investment Plan. William designated Liz as the sole beneficiary of his plan benefits. When William and Liz divorced in 1994, the...
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