As you age, the rules for withdrawing money from your IRA change. For many years, retirees had to start withdrawing money after age 70 1/2. Under new rules, you must start taking required minimum distributions (RMDs) every year after age 73, or face steep IRS penalties. While the specifics can get complicated, the basics boil […] The post Rules for Cashing Out Your IRA After Age 70 appeared first on SmartReads by SmartAsset.
People have many reasons for wanting to cash out their 401(k), such as sudden or unexpected financial hardships. While you may feel it's necessary to cash out your plan early, it could end up being an.
Annuities aren t new.
The annuity concept dates back to early Rome, when citizens would make a lump-sum payment to a contract called an annua in exchange for income payments received once a year for the rest of their lives.
As traditional sources of guaranteed retirement income such as pensions disappear, many retirees are wondering where to turn. An annuity may be the answer, but not all annuities are alike, and some may not be appropriate for you.
Learn about these products and whether you should invest in them.
Immediate Annuities vs. Deferred Annuities
There are two types of annuities: immediate annuities and deferred annuities.