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Sep 16, 2021

Retirement is a crossroads in life and we must choose a path to take. With this decision comes many questions.

As the famous poem by Robert Frost details, a crossroads is a time to reflect and think over our decisions. Today, we are going to discuss three big questions that may come up when it comes to retirement and which path you should be taking.

Our first question is about taking in income while also withdrawing from Social Security.  A common reason that this happens is when someone decides to retire from the corporate world and start their own business. In this situation, you will want to make sure you are setting yourself up successfully when it comes to the taxes you will have to pay.

Another question a lot of our clients ask is whether there is a way around minimum distributions on our IRAs. 70 used to be the minimum distribution age, but it has now gone up to 72. Unfortunately, there are not many ways you can avoid meeting the minimum distribution without being penalized. Although if there is a market crash like in 2008 or after the coronavirus pandemic, sometimes minimum distribution requirements will be delayed. You can also decide to donate your minimum distribution to a charity in which case you will not be taxed.

Lastly, we want to discuss IRAs that are part of an employer's 401(k). Contributing to an IRA in a 401(k) has a few perks. While individually set up IRAs have an annual contribution limit, employer IRAs don't.  Sometimes employers also match up to a certain percentage. Make sure you research your IRA and 401(k) to see how you can benefit.

Whether you are at the crossroads of retirement or developing your retirement plan these questions will provide you with valuable information on making the best decisions for yourself and your future.


What we discuss on today's episode: 

1:33 – The questions people face

3:15 – Social security and owning a business

5:44 – Paying into Social Security

8:15 – Required minimum distributions

13:01 – If you can dream it segment

15:46 – 401k with a roth option


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