Retirement

A 457 Plan is a nonqualified salary reduction retirement plan that is available to government workers, including municipalities. There is no tax on the money you save through this plan or on what it earns until you take the money out. The catch is you can't take any money until you leave your job.

When you leave your job, you have basically three options: You can take all the money and pay tax on the money without penalty; If you are under 70 1/2, you can take installments on the money; or if you are under 70 1/2 you can leave the money in the plan. To determine which choice is suitable for your situation, please contact a CPA in your area.

Yes. Services for tax advice and/or income producing property are fully deductible as an itemized deduction, subject to the 2% limitation. If tax and non-tax items are discussed with your CPA or lawyer, try to get an itemized bill segregating the tax and non-taxable components.

Yes. Roth IRA contributions can be made at any age providing you have earned income. However, they are subject to various income limitations.

You can begin to collect Social Security when you reach age 62, providing you qualify. The amount you collect will be at a reduced rate compared to what you would have collected if you waited to the full retirement age of 65 through 67 depending on your date of birth.

You can work while you receive Social Security retirement (or survivors) benefits. While you are working, your earnings will reduce your benefit amount only until you reach your Full Retirement Age.
Social Security uses a formula to determine how much your benefit must be reduced:
If you are under full retirement age (62-66) for the entire year, SS deducts $1 from your benefit payments for every $2 you earn above the annual limit.
People who turn 66 in 2013 can earn up to $40,080, and then $1 of benefits will be withheld for every $3 earned above the limit.
For 2012, that limit is $14,640 ($15,120 in 2013). In the year you reach full retirement age, SS deducts $1 in benefits for every $3 you earn above a different limit, but SS only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2012, the limit on your earnings for the months before full retirement age is $38,880 ($40,080 in 2013).
Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

You can collect disability benefits from Social Security if you become severely disabled before full retirement age after six months providing you have: 1.) enough Social Security credits and 2.)a physical or mental impairment that's expected to prevent you from doing substantial work for a year or more, or a condition that's expected to result in death.

If you are divorced, and were married for 10 years or more you could be eligible for a widow's or widower's benefit on the record of your deceased ex-spouse.

In light of the current budget situation, SS has suspended issuing Social Security Statements.
To request a detailed statement of your employment history, Go to the Social Security Administration website at http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/72 and click on the Request for Social Security Earnings Information and mail it to the address on page two of the form.
The Social Security Administration says to “Please allow four months from the date you submit the form for a response.”