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The Economics of Aging
Money management is a very important aspect of retirement; it is all too easy to get slapped with extra fees or taxes for any of a multitude of reasons. Contributing to an IRA can still give you tax benefits, but withdrawing money too early can carry a hefty penalty. And in retirement there is an extra tax for working and making too much money and if, at age 70 1/2, you don’t start taking a required minimum distribution from your tax-deferred retirement-accounts the IRS will take a whopping 50% of what you should have withdrawn. You should make sure you’re managing your finances with these factors in mind, so that you can enjoy your retirement without the risk of paying more taxes and fees than you have to. For more information visit this article by Selena Maranjian with Madison.