I would like to give some love to two under-appreciated retirement plans: (1) the Simplified Employee Pension (SEP), and (2) the Solo 401(k). Both are available to any person who generates income from self-employment.
Public employees in Massachusetts do not contribute to the Social Security system, but many of them contribute through other jobs. Some also have spouses who take part in the Social Security system. Both scenarios are affected by two federal laws.
My 401k consulting services are provided as a level-fee financial advisor as defined by the Department of Labor in their Fiduciary Rule. I will build your investment policy statement and produce plan-specific investment recommendations and reports.
First, delay taking social security until age 70 by working either full- or part-time. Second, withdraw annually from your IRAs or 401(k)s based on the IRS’s minimum requirement tables.