From time to time, I expect that questions will arise from readers regarding my blogs posts. When that happens, I will do my best to respond through the blog so that other readers will benefit from further explanation or additionally provided resources.
Unfortunately, the blizzard of 2010, also known as Snowmageddon or my personal favorite SnOMG!, hit us pretty hard here on the East Coast and delayed my first such response post — my sincerest apologies.
The first reader question I received asks, “What does the term “distribution” mean in the context of the IRA posts?” Distribution is simply the favored term of the IRS to describe a withdrawal, or taking your money out of an IRA. While I try to use basic terms whenever I can to make financial concepts easier to understand, sometimes even I tend to get hung up on certain words, especially when they are used in commonly referred to acronyms, like RMD (Required Minimum Distribution).
The second reader question was more personal and dealt with issues such as when to retire and how to best utilize limited income sources and investments in retirement. While I plan to cover retirement topics such as Social Security and supplemental retirement savings plans, in general, individual retirement planning is very personal. There are so many variables to consider that I always recommend contacting a financial advisor or retirement planning specialist who can assess your specific situation and retirement goals in more detail and provide you with individual advice. If you are not working with an advisor already, ask friends and family for a referral or you can use the CFP® Locator to find a Certified Financial PlannerTM in your area. You may also want to check out Healthy Wealthy & Wise, the NEA-Retired Guide to Maintaining Financial Security. Laid out in a question and answer format, this guide helps readers easily access the retirement topics that interest them most.
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