Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
Age 55 seems to be a magical number…but very few individuals can realize an early retirement.
Many birthdays are key to successful retirement planning…and as these birthdays creep up, you need to do some planning.
Workers over 50 can contribute an extra $5,500 this year to their 401(k), 403(b), 457.
Sixty percent of employers offer some sort of retirement plan but only about fifty percent of employees take advantage of the plans offered.
According to the Employee Benefit Research Institute’s latest study on borrowing, about 20% of IRA participants have outstanding loans from their plans.
A rollover IRA is when you transfer money from a retirement account into an IRA.
Congress and the IRS decided that you could not leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin your mandatory withdrawals.
Age 55 seems to be a magical number; still young enough to travel or start another career.
Congress realized a couple of years back that most workers will not have enough retirement savings set aside for their golden years.