With $1.4 million in your IRA at age 65, you have a robust nest egg that could potentially fund a secure retirement of 25 years or more. However, making sure that money lasts will require prudent planning. You’ll need to assess your income needs, balance investment risk and return, secure supplemental insured income streams, account […] The post I'm 65 With $1.4 Million in an IRA. How Do I Make Sure This Money Lasts the Rest of My Life? appeared first on SmartReads by SmartAsset.
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.
If you're in your mid-60s and still working, it may be time to start seriously planning for retirement. That doesn't mean you need to leave work immediately, but retirement is likely on the horizon. Imagine you're 65 years old, you have $250,000 in an IRA and expect to receive $3,000 per month from Social Security. […] The post I Have $250k in an IRA and Will Receive $3,000 Monthly From Social Security. Can I Retire in 5 Years at 70? appeared first on SmartReads by SmartAsset.