Cover image for Cracking your retirement nest egg (without scrambling your finances) : 25 things you must know before you tap your 401(k), ira, or other retirement savings plan
Title:
Cracking your retirement nest egg (without scrambling your finances) : 25 things you must know before you tap your 401(k), ira, or other retirement savings plan
Author:
Malaspina, Margaret A., 1944-
Publication Information:
Princeton, NJ : Bloomberg Press, 2003.
Physical Description:
217 pages ; 24 cm
General Note:
Includes index.
Language:
English
Contents:
Introduction : get your exit strategy ready. Understanding the basics -- Cast your retirement savings into the right role. Decide whether your primary goal is to generate income from your retirement savings or to preserve as much of its value as you can for the next generation -- Know the facts about your pension and retirement savings plans. It's easier to maximize your income, lower your taxes, and avoid penalties if you understand your pension and retirement savings plans. Get the essentials in order -- When to get started-and how. Give yourself two to five years to put your investment strategy in place, six months to one year to get paperwork in order -- Organization, consolidation, and paperwork. You need a "back-office" plan to make your job easy and convenient -- How to choose, change, and keep track of your beneficiaries. Your beneficiary form is the will for your retirement account. Keep it in a safe place. Types of retirement plans -- Your workplace pension plan. Think about your goals and your skills before you choose how you want to take retirement income from a pension plan -- Individual retirement savings accounts. Even if you have never had an IRA, chances are there could be one in your future -- Small business retirement savings plans. Similar rules, but fewer protections, apply to small business retirement plans. Know the rules for rollovers and withdrawals -- Rollovers and withdrawal options for workplace retirement savings plans. You have more options for tax savings and control if you understand the eligibility rules and deadlines -- Required withdrawals from your retirement savings plans. You're required to begin minimum withdrawals from most accounts at 70, but there are some ways to delay. Avoiding taxes and penalties -- Minimizing taxes. Your decisions about withdrawals-how much you take, when you take it, and from what accounts-affect your taxes -- Penalties-and how to avoid them. You can always get at your retirement savings penalty free, if you know the ropes -- Important dates and milestones. From age 55 to age 90, the IRS is watching you. Mark these birthdays on a special calendar. The best strategies for handling retirement assets -- Play it smart with your social security. You can receive social security income early or hold out for a higher benefit if you wait -- How to choose-and when to change your investment strategy. Your investment strategy in retirement should be realistic, optimistic, uncomplicated, and easy to execute.
ISBN:
9781576601266
Format :
Book

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HD7105.45.U6 M32 2003 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

This series provides pictures of the lives and works of some of the world's greatest artists and their influence on the world of art. Each title includes: reconstruction artwork of particular scenes from the artist's life; examples of the artist's work at various stages of their life with text to link their life and work; and the life story and photographs of the artist. This title focuses on the life and work of Edgar Degas.


Reviews 1

Publisher's Weekly Review

The title may be unwieldy, but the book is not: Malapsina's modest volume is a simple, straightforward guide to the Byzantine subject of retirement planning. Twenty-five short chapters instruct readers on the basics of plan types, on organizing, withdrawing from, rolling over, avoiding taxes on and investing in plan assets, and on "special situations," such as domestic partnerships, women's retirement, inheritance, company stock and estate planning. Even those who fancy themselves knowledgeable about pensions and defined contribution plans may find new information here. For instance, Malaspina points out that, contrary to popular belief, most large companies in the U.S. still offer traditional, defined benefit retirement plans that reward loyalty and deliver a regular percentage of pre-retirement wages. (The problem is, the modern workforce doesn't stay in one place long enough to maximize these benefits). Designed as a reference rather than a sit-down read, this book is brief and clear. But readers should not misled: retirement rules are frequently convoluted and arcane, and a book is no substitute for a competent attorney or financial planner. But if used as a broad outline to retirement planning issues, Malaspina's volume can serve to highlight important areas for further consideration. (Jan.) (c) Copyright PWxyz, LLC. All rights reserved


Table of Contents

Introduction: Get Your Exit Strategy Ready Understanding the Basics
1 Cast Your Retirement Savings into the Right Role
Decide whether your primary goal is to generate income from your retirement savings or to preserve as much of its value as you can for the next generation
2 Know the Facts about Your Pension and Retirement Savings Plans
It's easier to maximize your income, lower your taxes, and avoid penalties if you understand your pension and retirement savings plans
Get the Essentials in Order
3 When to Get Started--and How Give yourself two to five years to put your investment strategy in place, six months to one year to get paperwork in order
4 Organization, Consolidation, and Paperwork You need a "back-office" plan to make your job easy and convenient
5 How to Choose, Change, and Keep Track of Your Beneficiaries
Your beneficiary form is the will for your retirement account
Keep it in a safe place
Taking Your Retirement Money
6 Your Workplace Pension Plan Think about your goals and your skills before you choose how you want to take retirement income from a pension plan
7 Individual Retirement Savings Accounts Even if you have never had an IRA, chances are there could be one in your future
8 Small Business Retirement Savings Plans Similar rules, but fewer protections, apply to small business retirement plans
Know the Rules for Rollovers and Withdrawals
9 Rollovers and Withdrawal Options for Workplace Retirement Savings Plans
You have more options for tax savings and control if you understand the eligibility rules and deadlines
10 Required Withdrawals from Your Retirement Savings Plans You must begin minimum withdrawals from most accounts at 70 1a
2 But there are some ways to delay
Minimizing Taxes and Avoiding Penalties
11 Minimizing Taxes Your decisions about withdrawals--how much you take, when you take it, and from what accounts--affect your taxes
12 Penalties--and How to Avoid Them You can always get at your retirement savings penalty free, if you know the ropes
13 Important Dates and Milestones
The Feds are watching you from age 50 to age 90
Mark these birthdays on a special calendar
The Best Strategies for Handling Retirement Assets
14 Play It Smart with Your Social Security You can receive Social Security income early or hold out for a higher benefit if you wait
15 How to Choose--and When to Change--Your Investment Strategy
Your investment strategy in retirement should be realistic, optimistic, uncomplicated, and easy to execute
16 How to Create Your Income Strategy Limit your first withdrawal to 3 percent to 5 percent and raise the dollar amount you withdraw to keep up with inflation
17 When an Annuity Makes Sense An annuity can guarantee you income for life, but costs and the health of the issuer vary widely
18 When a Roth IRA Conversion Makes Sense It's a great, tax-savvy way to pass on wealth to your heirs
But the window of opportunity for conversion may be small
19 When You Don't Need Your Retirement Savings for Income
You need a special strategy to maximize wealth transfer and minimize taxes
Special Situations
20 Early Withdrawals from Your Retirement Savings
You can get around the 10 percent penalty tax
21 Company Stock in Your Retirement Accounts You co