RMDs

Although the current year has been good for participants, many workers are not investing in a retirement plan.

Retirees should ensure that they take their first required minimum distribution from their tax-deferred retirement account in the year they reach 70 1/2 or face a 50% penalty.

Those who leave the workforce can maximize the tax benefits by donating a portion of their IRA assets directly through a qualified charitable distribution

The tax plan would make itemized deductions less valuable so some retirees would lose a deduction that covers payments for nursing homes, assisted living or inpatient hospital care.

The Internal Revenue Service granted relief to those hit by the storm by making it easier for retirement plans to give loans and hardship distributions.

The amount that can be transferred is equivalent to the HSA's annual contribution limit, which is $3,400 for singles and $6,750 for couples.

The withdrawals can be taken early in the year, late in the year or in installments throughout the year. Each approach has advantages to consider.

The withdrawals can be taken early in the year, late in the year or in installments throughout the year. Each approach has advantages to consider.

Clients should plan to replace roughly 80% of their pre-retirement income after they leave the workforce for good.

The average score of correct answers was 47%, and only 5% of respondents earned a grade higher than C.