The Complete Guide To Retirement Planning For 50-Somethings: Retirement Resources
AAA
  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

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

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

  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
RELATED TERMS
  1. Mandatory Distribution

    The amount an individual must withdraw from certain types of ...
  2. Auto Enrollment Plan

    An employer’s decision to sign employees up to have a percentage ...
  3. Backdoor Roth IRA

    A method that taxpayers can use to place retirement savings in ...
  4. Self Invested Personal Pension (SIPP)

    A tax-efficient retirement savings account available in Great ...
  5. Senior Move Manager

    Senior move managers (SMMs) help seniors downsize and relocate ...
  6. Medigap

    Also called Medicare Supplement Insurance, Medigap is health ...
  1. When can benefits be received from a provident fund?

    Find out when participants in provident funds can begin receiving benefits, including how funds can be used to finance important ...
  2. Is Social Security Income a perpetuity?

    Find out why Social Security income is not classified as a perpetuity, including what constitutes a perpetuity and the basics ...
  3. What types of investments are allowed in a provident fund?

    Read about the types of investments allowed in various provident funds around the world, including the Indian, Malaysian ...
  4. How does a provident fund compare to U.S. Social Security?

    Find out how provident funds compare to the U.S. Social Security program, including examples of income limits and contribution ...

You May Also Like

Related Tutorials
  1. Retirement

    Consolidating Your Retirement Money

  2. Retirement

    Analyzing The Best Retirement Plans And Investment Options

  3. Budgeting

    The Complete Guide To Retirement Planning For 40-Somethings

  4. Trading Systems & Software

    How To Analyze Corporate Bonds With Bloomberg Terminals

  5. Taxes

    The Complete Guide To Retirement Planning For 30-Somethings

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!