After scrimping and saving most of your life, you’re getting close – you’re thinking a lot about when you can retire. This can be an exciting thought, but also pretty scary. It’s around this time in your life that you start to realize:
- you’re at the point in your life where you must get a handle on your financial situation – but where do you start?
- floating along as you have been, without direction or guidance, has got to change – but how?
- you really could use a second opinion on what you’re doing financially – a way to validate that you’re doing the right things
- procrastination is no longer an option ? time is running out. Retirement is just around the corner!
The Important Little Details
Along with all of the decisions you have to make, don’t forget to consider the little details. Handling even simple things like moving your retirement accounts can require attention to an enormous amount of detail.
For example, in a simple rollover of a 401(k) to an IRA, we need to consider Net Unrealized Appreciation treatment, several different kinds of 72(t) (early withdrawal) sections in the Internal Revenue Code, as well as future considerations with regard to making the new IRA “stretch”. Clearly there is a lot to think about, and a lot of places that you can make mistakes. This is probably one of those times that it pays off to get some assistance from a professional.
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Jim Blankenship, CFP®, EA