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

Three reasons to delay filing your 2017 income taxes.

Here are 3 reasons to delay filing your taxes:

  1. Did you pay mortgage insurance premiums in 2017?
  2. Did a lender forgive part of your mortgage?
  3. Did you have higher education expenses that you would rather have claimed under the Tuition & Fees above-the-line deduction instead of the Hope or Lifetime Learning Credit?

These tax breaks were just extended through the end of 2017 as part of the budget bill passed last week. (They had expired at the end of 2016.) To take advantage of these, you may need to wait until tax forms and tax prep software has been updated. Or, file an amended return

Will the new Social Security rules affect you?

The File & Suspend strategy and the use of restricted applications for many future filers are ending, thanks to the the Bipartisan Budget Act of 2015.

To find out whether you're affected, go to the Resource tab. Click on Strategies for Claiming Social Security Benefits. You'll find a link to my blog post and to the best detailed sources about who's affected.

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