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Will My Social Security Benefit Be Reduced Or Taxed? [Flowchart]

Social Security is a significant and welcome guaranteed income source, even for affluent retirees. Whether your benefit is reduced or taxed depends mainly on five items:

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Do I Have To Change My Health Insurance When I Retire?

Health is the #1 ingredient for a happy retirement. And healthcare options for people approaching retirement can be confusing. This is especially true for those 

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Year-End Financial Planning Checklist

As 2018 draws to a close, it’s time to begin organizing your finances for the new year. To help you get started, we’ve put together a list of key planning topics to consider.

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Which Retirement Savings Vehicles Are Subject to the RMD Rules?

In addition to traditional IRAs, simplified employee pension (SEP) IRAs and SIMPLE IRAs are subject to the RMD rules.

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What If You Fail to Take RMDs As Required?

You can always withdraw more than you are required to from your IRAs and retirement plans.

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Should You Delay Your First RMD?

Remember, you have the option of delaying your first distribution until April 1 following the calendar year in which you reach age 70½ (or April 1 following the calendar year in which you retire, in some cases).

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How Are RMDs Calculated?

RMDs are calculated by dividing your traditional IRA or retirement plan account balance by a life expectancy factor specified in IRS tables. Your account balance is usually calculated as of December 31 of the year preceding the calendar year for which the distribution is required to be made.

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When Must RMDs Be Taken?

Your first required distribution from an IRA or retirement plan is for the year you reach age 70½. However, you have some flexibility as to when you actually have to take this first-year distribution. You can take it during the year you reach age 70½, or you can delay it until April 1 of the following year.

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What Are Required Minimum Distributions (RMDs)?

Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire).

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