Getting the Most from Your Retirement Dollars

Check these resources for more information about the tips covered in the workshop.

Early Distribution Penalty Tax

Required Minimum Distributions

Waiver of penalty for failure to take your Required Minimum Distribution

Indirect rollovers: If you miss the 60-day deadline

Qualified Charitable Distributions

Why take voluntary distributions from retirement accounts & delay Social Security

  • Lance Ritchlin, Why 401k And Social Security Coordination Is Critically Important, 401kspecialist.com, http://bit.ly/Why401k (This article is targeted at financial advisers, but you may still find some of the information helpful.)
  • James I. Mahaney and Peter C. Carlson, Rethinking Social Security Claiming in a 401(k) World, Pension Research Council Working Paper, The Wharton School, University of Pennsylvania. Available at http://bit.ly/RethinkSocSec. (This paper was written before the recent changes in Social Security claiming strategies and therefore contains some dated information. However, it is still the most thorough discussion on this topic that I am aware of.)

Asset Location

New Tax Law Effective in 2018

Money Smart Week 2018 is April 21 – 28

Money Smart Week 2018 is April 21 – 28. Check the online calendar to find events near you.

MSW is led by the Federal Reserve Bank of Chicago. Classes are taught by registered partners who agree that their programs will be educational and not commercials.

How will the Tax Cuts & Jobs Act of 2017 affect you?

There are lots of moving parts to the new tax law, making it difficult to know how it will affect you beginning in 2018.  In three posts that I wrote for University of Illinois Extension’s Plan Well – Retire Well blog, I explain these changes.

  1. To see how your 2018 return will compare to your 2017, Check this head-to-head, line-by-line comparison of your 2017 and 2018 tax returns
  2. To understand how the changes will affect you, you need to know something about Tax Rates
  3. Other changes include Inflation Adjustments, IRAs, 529 Plans, ABLE Accounts, Student Loans, & Estate Tax
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