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103 of 104 people found the following review helpful
5.0 out of 5 stars Pay attention to the sub-title (Mar 2011 update)
The reviewer plugging the "MarketBuster" book has totally missed the point of this NOLO book, which is given in the subtitle: Taking Your Money Out. The reviewer is talking about strategies for growing your account.

When you're in the savings/growing mode you're in a whole different situation than you're in when you're having to withdraw and/or live off your...
Published on May 5, 2005 by Catherine Michael

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75 of 82 people found the following review helpful
2.0 out of 5 stars Taking Your Money Out
I purchased this book for clarification of "normal" removal of money from tax-deferred accounts. Unfortunately, the money spent was a complete waste for that purpose. I could find no mention, not a single comment, about this all important topie. "Normal" removal in my definition is removing reasonable sums of deferred money from accounts, between...
Published on December 12, 1999 by Jerry Eveleth


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103 of 104 people found the following review helpful
5.0 out of 5 stars Pay attention to the sub-title (Mar 2011 update), May 5, 2005
Verified Purchase(What's this?)
The reviewer plugging the "MarketBuster" book has totally missed the point of this NOLO book, which is given in the subtitle: Taking Your Money Out. The reviewer is talking about strategies for growing your account.

When you're in the savings/growing mode you're in a whole different situation than you're in when you're having to withdraw and/or live off your account. Going from one to the other requires a major change in strategy and, more important, a MAJOR change in mindset and, often, life style.

You're confronted with a whole new set of regulations, whether the reason for the change is retirement, inheriting an account, etc. The biggest change in mindset is that instead of the pleasant pre-retirement situation of watching the money accumulate, you have to recognize that you're now going to be watching it DECLINE. And unless you've got a tremendously more than sufficient account, you're going to have to live with the knowledge that you could outlive the account, possibly due to your own mistakes, some of which this book can help you avoid.

Four years ago I was confronted with making this shift a whole lot sooner than I'd planned, and with getting control of my retirement accounts under conditions where I had little help. Without the previous edition of this NOLO book, I would have been totally lost and probably made serious mistakes.

Now, one caveat: This book does not tell you how to MANAGE your withdrawals and account so as to produce INCOME; as one should expect from NOLO press as a LEGAL advice publishing house, it deals with the nuts, bolts, traps and hazards of the PROCESS of getting the money out.

In my situation I also found that there is not a whole lot of good material out there on the subject of managing your money and account IN the WITHDRAWAL stage, and this subject is affecting more and more people, as the country shifts from defined benefit (pensions) plans to plans like 401Ks and IRAs that place the job of investing and managing on the individual. (Written 2005)

The above paragraph is still true (Mar 2011), but with the "boomer wave" of retirements hitting the advice industry, the situation is beginning to change. I'm seeing more professional literature about managing accounts for income and sustainability and the use of more realistic/conservative estimates of expected returns. Catch 22 right now is that most investments these days with acceptable risk are also virtually income-less. (CDs, USA bonds).

It is a whole lot more complex, risky, and stressful than most people realize, especially considering the general abysmal education (lack of) even young people receive on the subject, let alone people my age who were raised to count on pensions, etc. (And thank goodness for Social Security, which while far from adequate, can still supply a firm base of about 30 to 50% of a retirement income; although that's another issue)

So I recommend this book as essential for the basic procedures, but you will also need additional information on how to manage your income account(s). Personally, in addition to a good fee based financial planner, I found invaluable help from folks who have actually been doing the job for years, especially in the forums of Morningstar, for example. But you have to be on constant alert for scamsters and the whole "how to be a billionaire" publishing crowd. You're going to have to invest some serious time and effort in educating yourself for a the whole new job of retirement, and this book is an excellent place to start, preferably BEFORE you actually have to start TAKING YOUR MONEY OUT.
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49 of 50 people found the following review helpful
5.0 out of 5 stars Thorough coverage for the tax professional. Easy to use., December 30, 1998
By A Customer
I do taxes. I have been a "tax professional," working for a reputable CPA firm, for eighteen years.
I imagine that most people think that we always read the most obscure laws, regulations and treatises on tax subjects before we make our decisions and recommendations. The fact is that most professionals are delighted to find publications which make good information easy to find. This book does that.
"How to Take Your Money Out" gives thorough coverage to a very complicated subject. Equally important is that it is almost enjoyable to read and that finding what you are looking for is easy. It is well organized and well indexed. When I looked for answers, I found them, on the first shot.
There are plenty of people, both professionals and taxpayers, who are wondering what to do about IRA and other retirement plan distributions. Having this book on the shelf will give you confidence that you'll know where to look when you need the answers.
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42 of 42 people found the following review helpful
5.0 out of 5 stars Single Best Resource Book on Retirement Plan Distributions, January 14, 2000
By A Customer
In my career, I work almost exclusively with retirees, and I have found this book to be the best resource for Retirement Distributions. It explains the rules in a concise manner, and includes the special rules for Roth IRAs. This is an especially good reference book for advisors because it goes in depth- not just the basics.
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39 of 40 people found the following review helpful
5.0 out of 5 stars Good Reference Work for a "Taxing" Subject, May 15, 2000
By A Customer
Verified Purchase(What's this?)
IRS rules for withdrawing money from IRAs are pretty complicated. This book, like others from Nolo Press, offers very specific coverage of these rules. I was looking for information on how IRAs can relate to Living Trusts, and I found it here. You have to pay attention, but the book is written in easy-to-understand English as opposed to legalese.
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75 of 82 people found the following review helpful
2.0 out of 5 stars Taking Your Money Out, December 12, 1999
By 
Jerry Eveleth (Livermore CA USA) - See all my reviews
I purchased this book for clarification of "normal" removal of money from tax-deferred accounts. Unfortunately, the money spent was a complete waste for that purpose. I could find no mention, not a single comment, about this all important topie. "Normal" removal in my definition is removing reasonable sums of deferred money from accounts, between the ages of 59 1/2 and 70 1/2. While I have since discovered what I needed to know, I find it most odd that there is no mention of this topic.
That said, IF you wish information on the topic of either removing deferred money BEFORE 59 1/2 or AFTER 70 1/2, I would rate the book a 3 star on those issues. However even there, I would dig for details on some topics and find only general information.
As they say "the devil is in the details" and that certainly is true when it comes of tax-deferred investments and the IRS. While I have been happy with Nolo Press books in the past, I would keep looking before buying this one.
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16 of 16 people found the following review helpful
5.0 out of 5 stars Be Careful. Table S on Page A/30 is outdated, May 12, 2000
One important area of the tax law has changed since this book was last revised in October 1998. Table S on Page A/30 has been revised for the year 2000 by the IRS -- make sure you get a copy of the updated table. Or see if the Nolo Press offers a newly revised edition.
Everything else is great -- 5 stars
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14 of 14 people found the following review helpful
5.0 out of 5 stars The EssentialToolTo Determine RMDs, January 12, 2000
By 
I find this book to be a vital part of my search for a strategy to make IRA minimum required distributions at age 70 1/2. The section on inherited IRAs is especially enlightening. I wish more had been said about non-spouse beneficiaries and the need to express a need for per stirpes clauses when the IRA owner selects such beneficiaries per the standard form of many trustees whereby the beneficiary's share goes to the surviving beneficiary if said beneficiary dies before the IRA owner. By per stirpes the deceased beneficiary's share goes to his/her children not to the living beneficiary (s). Sorry this is not clear but there is a need for some clarification in this area of beneficiary designation. CGM
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36 of 42 people found the following review helpful
5.0 out of 5 stars A must for any IRA or 401k owner, July 9, 2000
Very well written and easy to read with lots of examples. I found this a great reference and is a must own for anyone with an IRA or other qualified plan. Great for anyone looking to know the tax rules and distibution methods of their retirement plans.
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16 of 17 people found the following review helpful
5.0 out of 5 stars Excellent even if you're not 59 1/2 years old, November 9, 1998
By 
H. Brady (Palo Alto, CA USA) - See all my reviews
(REAL NAME)   
This is a great resource--clear, concise, easy to digest, well indexed, and written for the lay person. Knowing the rules for taking money out of your retirement accounts is important even if you're still putting money away--it allows you to make much better decisions about your investments.
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10 of 10 people found the following review helpful
5.0 out of 5 stars Crucial Information, July 20, 2006
Verified Purchase(What's this?)
This book contains must have information for anyone owning an IRA. I had a previous version and wanted to keep current as I approach the magic age. This book tells you how to avoid fines and penalties from the dastardly IRS. Keep as much of your hard earned savings as possible for as long as possible by reading this book several times then saving it for future reference. I also marked many pages for my beneficiaries just in case. Do yourself a favor and invest in this book.
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IRAs, 401(k)s & Other Retirement Plans: Taking Your Money Out
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