ePub IRAs, 401(k) s Other Retirement Plans: Taking Your Money Out download

by Twila Slesnick PhD,John Suttle CPA Attorney

Author:

Twila Slesnick PhD,John Suttle CPA Attorney

ISBN13:

978-1413310313

ISBN:

1413310311

Language:

English

Publisher:

NOLO; 9 edition (July 10, 2009)

Category:

Business

Subcategory:

Personal Finance

ePub file:

1430 kb

Fb2 file:

1649 kb

Other formats:

mbr doc txt azw

Rating:

4.2

Votes:

265

Twila Slesnick PhD John Suttle CPA Attorney Personal Finance English

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There are retirement options for every individual and IRAs, 401(k)s & Other Retirement Plans: Taking Your .

There are retirement options for every individual and IRAs, 401(k)s & Other Retirement Plans: Taking Your Money Out is a good way to find out more about these plans. Banks are for making money for the bank! There are retirement plans/policies from Insurance companies that include some very nice guarantees, like no loss of principal, guaranteed interest rates and lifetime income for example.

Just inherited money from a retirement plan? Whether you have an IR. says Twila Slesnick, author of IRAs, 401(k)s & Other Retirement Plans. This book belongs on the bookshelf of anyone with a retirement plan. Here's where you'll find the answers. Kiplinger's Personal Finance. Kiplinger’s Retirement Report. News & World Report.

Take cash out of your retirement plan while avoiding taxes and penalties If you have a retirement plan, IRAs. She is the author (with John Suttle) of IRAs, 401(k)s and Other Retirement Plans: Taking Your Money Out (Nolo). Slesnick has a bachelor's, master's and P. all from the University of California, Berkeley. Series: Iras, 401(K)S & Other Retirement Plans. Paperback: 384 pages.

This book is no exception. There are many books on 401(k) and IRAs, but few that specifically cover so thoroughly the complex legal situations and exceptions of withdrawal from these plans. It becomes kind of a legal maze, but this book breaks it down simply in 200 pages. It covers pretty much every exception I could think of, but unfortunately doesn't cover any of them in much depth. That would take a much longer book, I'm sure

Take cash out of your retirement plan while avoiding taxes and penalties If you have a retirement plan, IRAs, 401(k)s & Other Retirement Plans is your comprehensive guide to taking money out of it. Make sense of the complex tax rules governing when you can - and when you need to - take money out of your plan, and how much you can take out. Most importantly, avoid the penalties that many folks have to pay because they don't take their required minimum distributions.

In plain English, this book discusses all common types of retirement plans, including 401(k)s and other profit-sharing plans, Keoghs, IRAs and tax-deferred annuities. It covers tax strategies before and at retirement, penalties for taking money out early, minimizing taxes, distributions you must take and distributions to your heirs.

Slesnick, Twila; Suttle, John C. Publication date.

Whether you have an IRA, Roth IRA, 401(k), Keogh or other retirement plan, this book will help you make sense of the rules for taking your money out. Even more important, it will show you how to avoid the stiff taxes and penalties that lurk in the fine print. It covers: tax strategies before and after retirement. required distributions and how much you need to take. penalties for taking money out early and how to avoid them. how to divide a plan at divorce. what happens to your retirement plan after your death. different rules for taking money out of an inherited plan.

John Suttle and Twila Slesnick . She lives in Dublin, California.

Strategies for Taking Your Money Out. by Twila Slesnick, PhD, Enrolled . by Twila Slesnick, PhD, Enrolled Agent, John C. Suttle, Attorney.

Get your cash out of retirement savings without giving away your nest egg to the IRS! Perhaps your retirement is on the horizon. Or you're changing jobs. Or are about to turn 70.5 years old.... Whatever is going on with your retirement account, IRAs, 401(K)s & Other Retirement Plans is for you! Make sense of the rules that govern distributions from retirement plans - and avoid the stiff taxes and penalties that lurk in the fine print. In plain English, this book discusses all common types of retirement plans, including 401(k)s and other profit-sharing plans, Keoghs, IRAs and tax-deferred annuities. It covers: tax strategies before and at retirement penalties for taking money out early minimizing taxes distributions you must take distributions to your heirs The 9th edition is completely updated with the latest tax rates, tables and methods for calculating required distributions. It also reflects the Pension Protection Act of 2006, a huge update to various retirement programs. With IRAs, 401(K)s & Other Retirement Plans as your guide, you'll know the rules, avoid the penalties and save for your future like a pro.

Quellik

I purchased this book for clarification of "normal" removal of money from tax-deferred accounts. Unfortunately, the money spent was a complete waste for that purpose. I could find no mention, not a single comment, about this all important topie. "Normal" removal in my definition is removing reasonable sums of deferred money from accounts, between the ages of 59 1/2 and 70 1/2. While I have since discovered what I needed to know, I find it most odd that there is no mention of this topic.
That said, IF you wish information on the topic of either removing deferred money BEFORE 59 1/2 or AFTER 70 1/2, I would rate the book a 3 star on those issues. However even there, I would dig for details on some topics and find only general information.
As they say "the devil is in the details" and that certainly is true when it comes of tax-deferred investments and the IRS. While I have been happy with Nolo Press books in the past, I would keep looking before buying this one.

Mr_Mole

The reviewer plugging the "MarketBuster" book has totally missed the point of this NOLO book, which is given in the subtitle: Taking Your Money Out. The reviewer is talking about strategies for growing your account.

When you're in the savings/growing mode you're in a whole different situation than you're in when you're having to withdraw and/or live off your account. Going from one to the other requires a major change in strategy and, more important, a MAJOR change in mindset and, often, life style.

You're confronted with a whole new set of regulations, whether the reason for the change is retirement, inheriting an account, etc. The biggest change in mindset is that instead of the pleasant pre-retirement situation of watching the money accumulate, you have to recognize that you're now going to be watching it DECLINE. And unless you've got a tremendously more than sufficient account, you're going to have to live with the knowledge that you could outlive the account, possibly due to your own mistakes, some of which this book can help you avoid.

Four years ago I was confronted with making this shift a whole lot sooner than I'd planned, and with getting control of my retirement accounts under conditions where I had little help. Without the previous edition of this NOLO book, I would have been totally lost and probably made serious mistakes.

Now, one caveat: This book does not tell you how to MANAGE your withdrawals and account so as to produce INCOME; as one should expect from NOLO press as a LEGAL advice publishing house, it deals with the nuts, bolts, traps and hazards of the PROCESS of getting the money out.

In my situation I also found that there is not a whole lot of good material out there on the subject of managing your money and account IN the WITHDRAWAL stage, and this subject is affecting more and more people, as the country shifts from defined benefit (pensions) plans to plans like 401Ks and IRAs that place the job of investing and managing on the individual. (Written 2005)

The above paragraph is still true (Mar 2011), but with the "boomer wave" of retirements hitting the advice industry, the situation is beginning to change. I'm seeing more professional literature about managing accounts for income and sustainability and the use of more realistic/conservative estimates of expected returns. Catch 22 right now is that most investments these days with acceptable risk are also virtually income-less. (CDs, USA bonds).

It is a whole lot more complex, risky, and stressful than most people realize, especially considering the general abysmal education (lack of) even young people receive on the subject, let alone people my age who were raised to count on pensions, etc. (And thank goodness for Social Security, which while far from adequate, can still supply a firm base of about 30 to 50% of a retirement income; although that's another issue)

So I recommend this book as essential for the basic procedures, but you will also need additional information on how to manage your income account(s). Personally, in addition to a good fee based financial planner, I found invaluable help from folks who have actually been doing the job for years, especially in the forums of Morningstar, for example. But you have to be on constant alert for scamsters and the whole "how to be a billionaire" publishing crowd. You're going to have to invest some serious time and effort in educating yourself for a the whole new job of retirement, and this book is an excellent place to start, preferably BEFORE you actually have to start TAKING YOUR MONEY OUT.

Dalarin

This is the most informative book I have read on the subject of IRA's and 401K's. This book guides you through all the tax traps a
retiree faces when taking a distribution from his or her IRA or 401K and teaches you how to safely navigate this tax penalty mine field.

Slesnick and Suttle guide you through the maze of government regulations and IRS procedures, taxes, and penalties that if not understood,
have the potential to seriously deplete your retirement savings.

This book also explains in great detail the many different types of IRA beneficiaries, the methods for their designation, and the and the
resultant tax consequences for each.

I bought a copy of this book read it cover to cover and was really impressed. As a matter of fact I was so impressed that I bought a
second copy and gave it to my son who is a tax attorney. His impression of the book was that it is very good reference.

Brick my own

Whether you inherit an I.R.A, or have a 401, or 457 B, etc, it is covered in this book. This is not how to save or plan per se, but more about implications of your actions or thereof after you inherit or begin withdrawals from different kinds of retirement plans. I wish I had this book prior to inheriting an I.R.A. after my parents died, but hopefully I shall make better decisions now. Minimum required distributions based on life expectancy, penalties, asking IRS to "forgive penalty", it's all covered. You can read this well organized book or all the many documents on the IRS site. I don't know of another book like it with the actual IRS tables at the back.

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