Frequently Asked Questions
A single retirement account, like a 401(k), doesn’t make up a retirement strategy. Unless you hit the lottery, there’s probably not one single element that will help you reach your retirement goals. A holistic retirement approach should include sources for income (preferably at least some sources that are tax-advantaged and guaranteed for life), tax considerations, protection, and legacy planning. Guidance from a financial professional can help pull it all together.
There are typically three ways to receive guaranteed lifetime income—Social Security, a defined benefit pension from a private employer or the government, and an annuity. Everyone planning for retirement can create a retirement plan including one, two, or all three of these sources of guaranteed income. A financial professional can help you find out what retirement strategies fit your needs and your goals for retirement.
If your retirement account is with your employer, RMDs will most likely be required when you turn 70 ½. These types of accounts can include 401(k), 403(b), or 457(b) plans; Also, a traditional IRA SEP, SARSEP, or SIMPLE IRA will also subject to RMDs, as well as annuities held in your IRAs.
The person named in a will to carry out the wishes of the deceased for the distribution of his or her assets. The executor fulfills his or her duties under court supervision.View More Terms