Your Assets

As you enter into the next phase of your life, you may be wondering which assets to use first. It may seem daunting to try and navigate the best course for utilizing your retirement savings, including preservation and growth of what remains. Age requirements, minimum distributions, taxation and when to begin taking Social Security may be looming large on the horizon. Great news! Congress has passed the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA’08). For the calendar year 2009, this means that required minimum distributions for those age 70 ½ and older have been suspended. This applies to qualified Defined Contribution plans such as 401(k) plans, traditional IRAs and 403(b)s. It does not, however, include defined benefit pension plans or Roth IRAs.

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If you have a number of retirement plans or accounts you’ve contributed to over your lifetime, consolidation may be an effective approach. For example, you may be able to combine assets into a single plan, ensuring streamlined monitoring of your retirement assets and possibly less expenses associated with having multiple accounts. Speak with your financial representative to learn more.

Here are some resources that may be helpful:
AARP - Managing Money in Retirement
Society of Actuaries Post-Retirement Risk Chart
Reducing Debt - CFP Board of Standards
Bankrate.com – Rates, news and information

TC47505(0309)