Retirement withdrawals

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

Retirees tapping their long-term savings accounts for income in an emergency are advised to strongly consider reducing their withdrawal rates.

These retirement vehicles can be less complex and cheaper than alternatives.

“Find ways to generate income,” says one financial planner.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

Interestingly, the measure often used by analysts and planners just happens to be the one that doesn’t reflect how most clients actually invest or withdraw money.

Aside from income taxes, retirees will also pay consumer taxes and may face a 3.8% Medicare surtax.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.

The Social Security retirement rate is based on their highest 35 years of wage-indexed earnings.

The spike in the number of older employees in the workplace reflects a trend over the past decade.

Pre-retirees may consider funding a Roth account to take advantage of tax-free compounding and tax-exempt withdrawals in retirement, an expert writes.

Taking advantage of catch-up contributions is one of several methods that can help them get back on track.

Entrepreneur Abraham Okusanya explains in the latest episode of Financial Planning’s new In|Vest Podcast how he’s trying to help firms and planners tackle retirement distribution.

Advisors can protect clients’ estate planning goals post-Secure Act but the vehicle will have to change.

After developing a plan to cover their bills and emergency expenses, clients in a new marriage are advised to start working on their long-term goals.

Nearly 48% of younger Americans feel they are not saving enough to secure their lifestyles after leaving the workforce, a report finds.

Salary increases can make long-term planning more complicated if investors boost their lifestyle instead of their savings, an expert warns.

To reduce the risk of retiring early, seniors are advised to take on a part-time job or downsize to reduce expenses.

While there are strategies to help reduce risk, clients should recognize the order of investment returns is crucially important, an expert writes.