Planning for Retirement ?

NYC Comptroller Pushes City-Sponsored Retirement Plan:
In New York City, three-fifths of private-sector employees don’t have employer-based retirement plans.
Sign up for your employer 401k or other type of retirement plan. Try to save 5% – 10% of your monthly gross income.
How many jobs have you held during your work life? Chances are more than a few. Have you kept track of your retirement benefits?
NB: A reverse mortgage can benefit retirement.

Taxation on Retirement account

If retirement account has been funded with after tax money, the cost basis will be tax free withdrawal. Example:
Rose owns a traditional IRA and has made $3,000 in nondeductible contributions to the plan for the past 20 years. When she reaches age 60, she decides to retire and take a lump-sum distribution from her IRA. She can recover an amount equal to her cost basis ($60,000) tax free; the remaining amount will be considered interest earnings and will be subject to ordinary income taxation.