What factors should I consider in choosing a house and location for retirement?

Finding housing for retirement is an important component of planning for your future because housing costs are usually the largest and most expensive portion of a family’s budget. Rather than waiting to move to a new location after you retire, consider moving to your ideal location while you are still working.

Whether you stay in the same place or move, whatever you do will be more successful if you take time to think and do research. Everyone has similar basic …

What is the Required Minimum Distribution (RMD) Rule for Tax-Deferred Retirement Plans Like IRAs and 401(k)s?

“RMD” is an abbreviation for “required minimum distribution.” This is the amount of money that retirees age 70½ and older are required to withdraw from their tax-deferred plans such as IRAs and 401(k) and 403(b) plans. RMD rules are serious business. The penalty for not withdrawing the proper amount is a 50% excise tax on the amount not distributed as required.

For example, if you don’t withdraw a required $1,000 from your traditional IRA or tax-deferred employer plan, the tax …

Can Workers’ Income Reduce Their Spouse’s Social Security?

No. The earnings limit ($16,920 in 2017 for beneficiaries who are age 62 through full retirement age) applies only to the income of the person who is collecting a monthly Social Security benefit check. It is that person’s income that determines whether benefits are reduced. One dollar in benefits is withheld for every $2 in earnings above the earnings limit amount.

Where a working spouse’s income will have an effect, however, is in the taxation of Social Security benefits if …