Retirement Income
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Understand the complexities of retirement income, including Social Security benefits, pension plans, and IRA distributions. This guide provides detailed information on how Social Security benefits are calculated, including the impact of lifetime earnings and the age at which you begin receiving benefits. It also covers the taxation of pension income and IRA distributions, the rules for Required Minimum Distributions (RMDs), and special considerations for early retirees.
Highlights:
• Social Security Benefits: Calculated based on lifetime earnings, with adjustments for early or delayed retirement.
• Pension Income: Options include lifetime payments and joint and survivor payments, with tax implications.
• IRA Distributions: Taxable for traditional IRAs, non-taxable for Roth IRAs under certain conditions, with additional taxes for early withdrawals.
• Required Minimum Distributions (RMDs): Must begin by April 1 of the year following the year you turn age 73 for traditional IRAs, with a 50% penalty tax on under-distributions.
• Early Retirement: Options for avoiding the 10% additional tax on early withdrawals by following specific distribution rules.
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