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Jim Lentini: Road map to retiring, part three

Posted: January 17, 2011 9:58 p.m.
Updated: January 18, 2011 4:55 a.m.
 

Now that we have covered part one, the 50s of accumulation and protection, and part two, the 60s of planning retirement assets distribution, we address the 70s, the period of wealth transfer.

This is the period when you should be enjoying retirement and preparing an estate plan to leave a legacy to your beneficiaries.

During this time period, you should work with your financial, tax and legal adviser and plan to do the following:

1. Create a systematic withdrawal strategy for IRAs and retirement plans:
* Be sure you take required minimum distributions (RMDs) by April 1 following the year you turn age 70 ½.
* Consider consolidating IRAs to simplify systematic withdrawals and RMDs.

2. Review your Social Security benefits:
* Age 70 is the maximum age to start receiving benefits.

3. Conduct a comprehensive financial review:
* Create an estate plan.
* Conduct a full beneficiary review on all accounts, wills, trusts and insurance policies.
* Review all policies for stretch guidelines, spousal benefits and restricted beneficiary options.

Jim Lentini, CLU, ChFC, IAR is president of Lentini Insurance & Investments Inc. He can be reached at (661) 254-7633. His column reflects his own views and not necessarily those of The Signal.

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