While drawing income from retirement accounts is common for most retirees, some may find that other income sources are more beneficial for a period of time. After age 70 1/2 though, the IRS requires you to begin withdrawing money from certain retirement accounts, regardless of whether you need it, or not. And if you miss the deadline, the penalties can be pretty severe.
The Labor Department’s Fiduciary Rule would have required that all advice from advisors (related to retirement savings and investments) be solely “in the best interest” of their clients. For an advisor to meet that requirement, the advisor would have had to act as a “fiduciary” when advising clients.
As you plan for your retirement your primary focus is on building assets to provide a source of income for your retirement years. The goal is to accumulate wealth, either on a taxable or tax deferred basis, that will generate sufficient earnings and growth combined with mandatory distributions from tax qualified plans and social security benefits to support your lifestyle in the years you are not working.
