8 Retirement Planning Opportunities

 In Investment, Retirement, Taxes
  1. Avoid mandatory tax withholding by making a direct rollover distribution to an eligible retirement plan, including an IRA.


  1. If you are 50 or older, take advantage of catching up on IRA contributions and certain qualified retirement plans.


  1. Maximize your IRA contributions.


  1. Convert from a Traditional IRA to a Roth IRA.


  1. Avoid taking IRA distributions prior 591/2; otherwise a 10% early withdrawal penalty may apply.


  1. Consider increasing your 401(k) and retirement account contributions.


  1. Take your Required Minimum Distribution (RMD) if you are past the age of 701/2.


  1. Determine the optimal time to begin taking Social Security benefits, which you can apply for between ages 62 – 70.
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