1. The Complete Guide To Retirement Planning For 50-Somethings: Introduction
  2. The Complete Guide To Retirement Planning For 50-Somethings: Define Your Retirement
  3. The Complete Guide To Retirement Planning For 50-Somethings: Check Your Financial Status
  4. The Complete Guide To Retirement Planning For 50-Somethings: Medical Expenses
  5. The Complete Guide To Retirement Planning For 50-Somethings: Social Security
  6. The Complete Guide To Retirement Planning For 50-Somethings: Retirement Nest Egg
  7. The Complete Guide To Retirement Planning For 50-Somethings: Beneficiary and Estate Planning
  8. The Complete Guide To Retirement Planning For 50-Somethings: Life Cycle Changes
  9. The Complete Guide To Retirement Planning For 50-Somethings: Retirement Resources
  10. The Complete Guide To Retirement Planning For 50-Somethings: Conclusion

Having even a general understand of how the rules that apply to your retirement account can help you effectively manage your transactions and avoid errors. The following are some of the publications and literature that can be helpful in this area: § Social security.gov. This includes information about social security income, including when you should apply, a calculator that can help to determine the amount for which you are eligible, and information that can help you determine if your social security income should be subject to income tax.

§ Medicare.gov: This provides information about the different type of Medicare plans, explanations about eligibility, and information on how to sign up for Medicare.

§ Medicaid.gov: This provides information about the benefits available to eligible individuals who meet the low-income requirements. Medicaid ensures that eligible individuals receive benefits and services that are usually available under long-term care provisions.

§ Retirement planning literature from your employer. Your employer is required to provide you with an explanation of the rules, regulations and terms that govern your retirement account. This includes a summary plan description. Your summary plan description should be written in non-technical language, and cover issues such as eligibility for participating in the plan and receiving employer contributions, requirements for making withdrawals, as well as rules governing any loan provisions.

§ Retirement planning literature from your financial institution. If you establish IRAs and other retirement accounts the financial institution is required to provide with information explaining the rules that govern those accounts, including contribution limits, deductibility rules, tax treatment of distributions and when penalties would apply.

§ Retirement education sessions offered by your employer (if any). Employers often hold enrollments and educational seminars for their employees to help ensure that the employees understand their options for saving for retirement under the employer's retirement plan, the benefits of contribution to the plan if salary deferral contributions are allowed, their investment options, the rules regarding withdrawals and, in some cases, the tax impact of distributions as well as distributions strategies that could be considered to minimize tax impact on withdrawals.

§ IRS Publication 590, available at www.irs.gov. This publication provides a general explanation of the rules that govern traditional IRAs, Roth IRAs and your salary deferral contributions to SIMPLE IRAs. Topics covered include eligibility for making contributions, requirements for establishing IRAs, determining eligibility for deducting contributions and claiming the non-refundable tax credit, tax treatment for distributions, when the early distribution penalty applies and how it can be avoided, required minimum distribution rules and penalties that can apply for ineligible contributions.

§ Retirement tutorials at www.investopedia.com. These cover traditional IRAS, Roth IRAS, SEP IRAs, SIMPLE IRAs, qualified plans and 403(b) accounts. In addition to explaining the technical rules that govern these retirement accounts, the Investopedia tutorials provide retirement planning tips including tips for managing your investments, retirement income planning and estate planning tips.

Your team of retirement planning professionals should also be able to provide you with literature on retirement, tax and estate planning.

The Complete Guide To Retirement Planning For 50-Somethings: Conclusion

Related Articles
  1. Financial Advisor

    Closing in on Retirement? Read These Tips

    If you're within 10 years of retiring, you and your financial planner should heed these essential tips.
  2. Retirement

    5 Myths That Could Hurt Your Retirement

    If you're making financial and lifestyle choices based on these retirement myths, you could be missing out on benefits that could give you a better future.
  3. Financial Advisor

    Top Tips for Retirement Account Withdrawals

    Top things you need to know when it comes to managing the complex task of retirement account withdrawals.
  4. Financial Advisor

    8 Essential Tips For Retirement Saving

    Whether you're a saver or a financial advisor who wants to give clients a leg up, these 8 tips are essential for financial planning.
  5. Retirement

    Top Tips For Maxing Out Your Retirement Account

    If you are behind in your retirement plan contributions for the year, this is the time to figure out how to catch up.
  6. Financial Advisor

    How to Pay Minimal Taxes on Retirement Assets

    Withdrawing and spending during retirement can be complicated. Here are some tips on how to manage the process in the most tax-efficient manner.
  7. Retirement

    How a 401(k) Works After Retirement

    Find out how your 401(k) works after you retire, including when you are required to begin taking distributions and the tax impact of your withdrawals.
  8. Retirement

    How To Maximize Your Retirement Income

    Make sure you're maximizing your retirement savings with these strategies for those golden years ahead.
Frequently Asked Questions
  1. What is the difference between yield and return?

    While both terms are often used to describe the performance of an investment, yield and return are not one and the same ...
  2. What are the Differences Among a Real Estate Agent, a broker and a Realtor?

    Learn how agents, realtors, and brokers are often considered the same, but in reality, these real estate positions have different ...
  3. What is the difference between amortization and depreciation?

    Because very few assets last forever, one of the main principles of accrual accounting requires that an asset's cost be proportionally ...
  4. Which is better, a fixed or variable rate loan?

    A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest ...
Trading Center