Retirement withdrawals

There’s a powerful source of income hiding in your client’s home.

Investors are advised to do a Roth conversion before year-end to make the most of the federal tax deduction for state and local income taxes, which could disappear next year.

Relying too much on tax-loss harvesting to generate an income is a common mistake that clients should avoid after they retire.

Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts.

Workers can improve the odds of getting bigger Social Security benefits after they retire by asking for a salary raise from their employer.

One-third of households headed by Americans aged 65 and older derive 90% of their retirement income from Social Security, according to a GAO report.

Clients should learn to reduce their housing, transportation and food costs, cut unnecessary expenses, and develop the habit of packing their lunch to work.

Clients can enjoy their later years without the worries of work, but will also lose the additional earnings.

Clients who intend to name minor children as beneficiaries of their IRAs should take taxes into consideration before making a decision.

Clients' statements have invaluable information and are a great launch pad for discussing retirement planning.

An average 50-year-old woman in New York should begin socking away 49% of her income to her retirement account to live comfortably in her golden years, according to UBS study.

Saving too much for retirement could force clients to take loans or make withdrawals that would carry taxes and penalties.

One guideline to remember is that retirees should continue being invested in stocks, which produce high returns and pay dividends.

The IRS is relaxing some rules to make pulling money from retirement plans easier after hurricanes Irma and Harvey, but clients should remember the taxes and penalties associated with withdrawals are unchanged,

Life after work is much more complicated now than the industry assumes it to be, says former HelloWallet founder Matt Fellowes.

Early withdrawals from employer-sponsored plans can derail retirement, but may be necessary.

Between taxes and penalties on early withdrawals, many clients will only be getting 65 cents for every dollar they take out.

Not tapping tax-deferred retirement accounts until the age of 70 1/2 can be a wrong move, as required minimum distributions can be big enough to push retirees to a higher tax bracket.

Clients should start shoring up their savings by chipping in as much as they reasonably can to their employer’s retirement plan, especially if it comes with a matching contribution.

Clients should be especially mindful of market movements during the "fragile decade," the span beginning five years before retirement until five years after retirement.