Avoid a required minimum distribution

Starting with age 70.5, you have to take a minimum distribution from retirement accounts such as 401k plans and traditional IRAs. However, if you extend your work by a few days into the new year, you are no longer required to take a minimum distribution of the funds in the retirement account from your current employer.

“For the right person, a good time to retire … is just a few days into the new year,” says Glenda K. Moehlenpah, a certified financial planner and investment advisor with Financial Bridges in Poway, Calif. “I have a client over age 70.5 who was planning on retiring on Dec. 31, and I convinced them to wait a week to delay the RMD from the current employer’s 401k plan.”

Look for a lucky break

If you’re divorced, you might be entitled to receive half of your ex-spouse’s full retirement amount. This can happen as long as they start collecting benefits when they reach their full retirement age.

More than that, you can still work and boost your savings even more for your nest egg as you’re collecting. Even better, claiming your ex’s benefits won’t affect them whatsoever. In fact, they would never even know you’re also getting a distribution.

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