Common question....If you are over 70 1/2 you can withdraw your Minimum Requred Distribution MRD from any one of your IRA accounts.  Make sure and calculate your MRD for each IRA , add those amounts up and withdraw from one singe IRA if you like.  

Also, you could merge all your IRA accounts together...your broker can transfer IRA accounts from other institutions.   

 Retiring?... Need health insurance?

 Look for plans and prices in your area...here's the link:  Healthcare.gov

Make sure and call your IRA custodian and withdraw your MRD before year end.  And, you'll want to call your employer plan (401k or 403b) and request a withdrawal.

Starting Jan. 1, 2015 you can only make one rollover from an IRA to another IRA in a 12-month period. A rollover is described as withdrawing the funds from one IRA, holding them for less than 60 days and then depositing them into another IRA account.

Taxpayers can still make as many trustee-to-trustee transfers as they like over the course of a year.  Your IRA custodian (generally a bank or broker) will ask you to fill out a transfer form to request an IRA transfer whenever you would like.  Sure you can have multiple IRA accounts...but it may make sense to consolidate into one, especially if you need income or are approaching 70 1/2.

We're looking forward to Thanksgiving and the Holidays!...thank your for visiting RetirementThink!

Social Security recipients will get a 1.7 percent cost-of-living raise starting in January, the Social Security Administration announced this week.

For the average retired person receiving Social Security, monthly payments will rise $22 to $1,328 from $1,306. The average couple’s benefits would rise to $2,176 from $2,140.

Retirement savers will be able to sock away a little more in their 401(k)s and other retirement plans for 2015, according to plan contribution limits announced today by the Internal Revenue Service.

Next year the elective contribution limit for employees who participate in 401(k)s will increase to $18,000, from $17,500 for this year. That’s the amount that a saver can contribute annually on a tax-deferred basis, and it also applies to many plans offered by nonprofit and government employers. Boomers, take note: The catch-up contribution for employees aged 50 and over will also increase by $500, to $6,000, so someone in that age group could contribute a total of $24,000. 

Not common any more- but remember some employers still offer a defined benefit (DB) plan, or as it is commonly called a pension plan.  It's completely separate from your 401k or 403b plan..  Generally you have two choices on receiving these retirement funds.

Many defined-benefit pension plans allow employees to choose to receive all the retirement money they’ve earned over the years in a single lump-sum payout when they call it quits, or you may be able to select h income at  a certain age....it's an annuity payout over your life expectancy or a payout over your life and your survivors lifespan (joint tenant with right of survivorship).

Most often, retiree's take the lump sum and rollover to their own IRA...very common to control those funds and set up income withdrawals when they need the money.  Consult with you financial planner if you do have a separate pension plan.

A lot of people are counting the days until they turn 62.  Many people take their benefits early!..Sure they reduce their benefits but they are ready to head out of the cubicle.  Here's a great Motley Fool article to help you decide when to take your benefits.  

We have been on vacation this month at RetirementThink..hope you had a great summer!..Looking forward to fall..visit us often!

3. Deciding when to apply for Social Security is about quality of life
With this in mind, the question of when to apply for Social Security benefits is less about some impersonal cost-benefit analysis and more about your needs and quality of life.

If you need income now, then you should take Social Security. If you don't, then you should defer. Additionally, if taking Social Security early will facilitate an earlier retirement -- which, in turn, will improve the quality of your life -- then you should absolutely do so.

This is the reason 62 remains the most prevalent age for retirees to claim benefits. And it's the reason you shouldn't hesitate to do so yourself if you believe it's the best option.

3 Things To Know Before Taking Benefits Early

Make sure to visit our Rollover Center...

We'll explain the options available for your retirement plan and discuss IRA accounts!

Here's a common question..."I'm rolling over my 401k or 403b plan to my personal IRA, will I receive the check?"

Yes, many plans will send the check directly to you..the check is made payable to your custodian and you'll forward to your broker or advisor.  It's a good idea to write your IRA account number in the memo box of the check and then forward to your advisor.  many IRA accounts can do direct transfers to your advisor, however your 401k employer plan will generally have to send the check to you.

Even if the check comes to you, it's still a direct rollover.

Did you leave your employer recently?  

Here's an important rule many people are not aware of.  If you left your employer and you left in the year you were at least age 55;  you are allowed to take money from your plan penalty-free.  

Remember you generally trigger a penalty under age 59 1/2...so you'll get a penalty free withdrawal.  Yes- you will pay taxes but, you'll enjoy penalty- free withdrawals from now until 59 1/2.  If you roll fund into your IRA..your IRA will not offer a age 55 rule.  You'll trigger a penalty if you withdraw prior to 59 1/2.  make sure and think about this age 55 rule before you move funds from your old employer.

Leaving your employer after age 55?  Leave money iin this plan and you will have access to these funds without any penalty.