Assets, a financial planning firm, has released a guide to understanding different sources of income in retirement.
The recently announced guide includes advice regarding IRAs, 401(k) plans, required minimum distributions (RMDs), tax rollovers, annuities, and Social Security benefits.
More information can be found at https://assets.net/what-counts-as-income-in-retirement-exploring-your-options
The new guide from Assets is designed to help people of all ages - and at every stage of life - understand more of the income possibilities available to them during the golden years, including defined benefit and contribution plans.
A recent report from CNBC shows that 55% of American citizens lack a comprehensive strategy for retirement, and many are not aware of the different sources of income in later life that may be available to them. The guide from Assets discusses various ways retirees can accumulate funds and offers tips for creating a robust retirement portfolio. “While the idea of no longer having to wake up and go to work each day can be liberating, it also presents unique financial challenges as you transition away from a paycheck,” says a spokesperson. “We aim to give you the tools you need so you can effectively plan for your future and ensure you have enough money to live comfortably when it comes time to hang up your hat at your job.”
Readers will find an explanation of how workers can contribute to different types of retirement plans throughout their careers, such as an IRA or 401(k), as well as the required minimum distribution regulations that determine how much money must be withdrawn annually from these accounts after retirement.
The guide also looks at tax-exempt exchanges of funds, also known as rollovers, in which a person takes resources from a certified retirement annual income account and transfers it into a different investment vehicle within two months, thereby reducing taxes and penalties.
Retirement annuities and their advantages for providing a steady, post-work stream of income are covered, along with a discussion of the various annuity types, including immediate or deferred options.
In addition, the guide examines the role of Social Security benefits as part of retirement income planning, with practical advice on how individuals should choose when to apply, as this decision can affect the total amount paid out over time.
Interested parties can find more details at https://assets.net
Release ID: 89114559
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