8 Retirement Planning Opportunities
- Avoid mandatory tax withholding by making a direct rollover distribution to an eligible retirement plan, including an IRA.
- If you are 50 or older, take advantage of catching up on IRA contributions and certain qualified retirement plans.
- Maximize your IRA contributions.
- Convert from a Traditional IRA to a Roth IRA.
- Avoid taking IRA distributions prior 591/2; otherwise a 10% early withdrawal penalty may apply.
- Consider increasing your 401(k) and retirement account contributions.
- Take your Required Minimum Distribution (RMD) if you are past the age of 701/2.
- Determine the optimal time to begin taking Social Security benefits, which you can apply for between ages 62 – 70.
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