Things You Should Know About the Retirement Front

Some recent developments regarding retirement include:

• The IRS recently issued a private letter ruling reiterating that it will be flexible with the 60-day deadline for rolling money over from one tax-deferred account to another. The IRS will be lenient in situations where the taxpayer intended to roll the money over, but some event prevented the taxpayer from doing so.
• Due to a quirk in the Social Security benefits formula, individuals born in 1947 are receiving a lower percentage of income than seniors born in any other year between 1930-1948.
• The federal Eldercare Locator and the nonprofit Senior Service America published a free brochure entitled Employment Options—Tips for Older Job Seekers for older adults who are thinking about returning to work.

See Anne Tergesen, IRS Cuts IRA Owners Some Slack, W.S.J., Aug. 1, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.