Retirement Tips
Ideally, saving for retirement should start as soon as you start earning money.
Most people don’t start to think about preparing for retirement until much later in life, when there is less time to save and invest.
Retirement planning starts with figuring out how much money you’ll need when you retire, your desired retirement age, and then a plan that will get you there.
Thinking About Retirement
When you’re thinking about your future, you can’t help but think about how you’ll spend your time in retirement. If you aren’t working day after day, what will you do with all that free time? How will you afford your expenses if you’re not working?
Here are some articles I’ve created that cover some of these initial retirement planning thoughts to get you started:
- How to Determine Your Income Needs for Retirement Planning
- How to Manage Your Retirement Savings
- Will You Work Past Your Normal Retirement Age?
- 3 Early Retirement Planning Ideas
Types of Retirement Accounts and Rules
There is no one size fits all retirement account. Each retirement account has eligibility requirements for who can contribute, and their own set of rules for early withdrawals or rolling them over into different types of accounts.
I like to give people information on all the different methods available for retirement planning and investments, so they can choose the retirement account that best matches their unique needs:
- Rules and Limits to Open an SEP IRA
- 7 Things You Need to Know About a Simple IRA
- What Are Deferred Compensation Plans?
- Should You Roll Over Your Pension into an IRA?
- 403b Maximum Allowable Contributions
- 401k Early Withdrawal Penalties
- 3 Things You Must Know About Inheriting an IRA
- Spousal IRA Contribution Rules
- Should You Invest in a Roth IRA or Thrift Savings Account?
- Four Reasons You Should Roll Your 401k into an IRA
{ 2 comments… read them below or add one }
I have a 457(b) account (12+ years) where I work and will be retiring in about 1 year (currently age 63). The company is being merged into another company that is not a non-profit and is not a U.S. company. What happens to my 457(b) plan if current company is dissolved and I have not retired? Can the money stay tax deferred in the fund administrator (VALIC) products and I would pay income tax as I withdraw the tax deferred funds? Or if my company goes away will I have to lump sum withdraw my retirement account and incur a huge income tax event? I understand that you can not roll over a 457(b) into anything but another 457(b)…is that correct?
Thanks!
Skip
@ Skip
You should be able to roll your 457 plan into an IRA once the merger takes place or you can leave it in the 457 plan until you decide to move it out.
You should not be forced to cash it out.
Incorrect on the 457. You can roll it into an IRA and I have helped many clients do so.