The recent budget agreement did more than authorize the federal government to engage in additional borrowing, it also changed the rules for claiming Social Security. Going forward, two claiming strategies that had given some couples the potential for higher lifetime benefits will no longer be available.
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The following information is provided to assist you with questions concerning rollover(s) into government/public sector Employer Deferred Compensation Plans (Code Section 457), for eligible public safety officer and other governmental/public sector employees. As with all income tax-related concerns, retirees should consult with the Internal Revenue Service or their Tax Advisor.
457b rollover distributions Retiring Public Safety officers and government-Public Sector employees
A big drop in the value of a retirement portfolio is enough to give any investor pause. But when you are living off your investments in retirement or nearing that point, it may feel like the stakes are higher than they were when you had years or decades before you would start to use your money. So retirees need a plan for how to deal with sudden drops in the value of their investments.
Read the Quarter 4 2015 Public/Government Sector Newsletter
Whatever the size of your nest egg, retirement will likely mean big changes in your financial life. Sources of income can shift, as can expenses. And financial priorities often change as you move from saving for retirement to generating income from your hard-earned retirement savings.
Step 1: Understand your options
READ JULY’S PUBLIC SECTOR/GOVERNMENT NEWSLETTER
If you’re fortunate enough to be among the 29% of Americans with a company-funded pension plan or a government/public sector employee, you probably have to make a one-time, irrevocable decision to select what form you want to receive your benefits.
READ APRIL’S PUBLIC SECTOR/GOVERNMENT NEWSLETTER
Married couples have a bit of an edge with Social Security. Of course, the basic Social Security rules apply to everyone equally, but married couples can take advantage of some strategies that may help to significantly increase lifetime benefits. Some require short-term sacrifice. In other words, you’ll have less Social Security income in the first few years of retirement, in order to get larger benefits later.
READ JANUARY’S PUBLIC SECTOR/GOVERNMENT NEWSLETTER
With pension plans becoming as rare as the gold watch at retirement, most of us need to face up to this stark reality: We will likely need to fund much of our retirement on our own. And that means saving early and often, taking full advantage of tax incentives, and investing wisely. To find out how, read September’s Government/Public Sector newsletter.