In-Service Distribution
Depending on your employer plan, you may be eligible for an in-service distribution if you are age 59 1/2 or older. This option may allow you to transfer up to 100% of your employer plan assets into a new or existing IRA account.
How do you know if you can take an in-service distribution? Ask your plan sponsor or ask us to initiate a conference call with you, us, and your plan sponsor.
Social Security and Retirement Income
Running comparisons of when to take/how much SS is expected in retirement, products that may be viable retirement income options, review of portfolio and risk tolerance (should be more conservative at this stage).
Part-Time Work
Full-time retirement may not be your cup of tea. Did you know that reportable income may allow you to continue to make Roth IRA contributions or participate in a 401(k) plan?
Working part-time may even postpone when you start to take Social Security until age 70. Discuss your options with a Georgia Services specialist and always consult with a tax professional in regards to potential implications.
Required Minimum Distribution (RMD)
Required Minimum Distributions (RMDs) are calculated by life expectancy charts that the IRS publishes each year.
As a result of the SECURE Act of 2019, the following RMD rules apply:
If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.
Failure to do so will result in a steep tax penalty of 50% applied to the RMD amount not withdrawn for that year.
Widowhood
For all of life's blessings, we as humans sometimes face unexpected and devastating life events. The emotional toll of losing your beloved partner is painful enough, but the surviving partner must now also deal with the financial aftermath.
Topics to consider, financial next moves, reorganizing and re-titling accounts/registrations.
Breaking Down the Parts of Medicare
Important Birthdays Over 50
