Make the Most of Your IRA
Investors have two options for their individual retirement accounts (IRAs). The first option is a traditional IRA, the second option is a Roth IRA (named for the account's congressional sponsor), which features — among other benefits — the ability to accumulate tax-free earnings under certain circumstances. In this report we'll discuss the features of the traditional IRA. You may want to review material outlining the Roth IRA — or talk to your financial planner — before you make a decision as to which IRA is right for you.
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Retirement Account Distributions After Age 70½
If you have assets in a qualified retirement plan, such as a company-sponsored 401(k) plan or a traditional Individual Retirement Account (IRA), you'll want to be aware of several rules that may apply to you when you take a distribution.
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Frequently Asked Retirement Income Questions
When should I begin thinking about tapping my retirement assets and how should I go about doing so?
The answer to this question depends on when you expect to retire. Assuming you expect to retire between the ages of 62 and 67, you may want to begin the planning process in your mid- to late 50s. A series of meetings with a financial advisor may help you make important decisions such as how your portfolio should be invested, when you can afford to retire and how much you will be able to withdraw annually for living expenses. If you anticipate retiring earlier, or enjoying a longer working life, you may need to alter your planning threshold accordingly.
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Planning the Withdrawal of Your Retirement Assets
If you have assets in a qualified retirement plan, such as a company-sponsored 401(k) plan or a traditional Individual Retirement Account (IRA), you'll want to be aware of several rules that may apply to you when you take a distribution.
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