Retirement

Generally, if you qualify for Medicare coverage based on your own employment record, the coverage can never be cancelled. If the Medicare insurance is based on your spouse's employment history, you might lose it when you get divorced. The key factor Medicare will consider is the length of the marriage. If you qualified for coverage based on your spouse's employment and remained married for at least 10 years, the Medicare coverage will stay with you even after you are divorced. If you were married for less than 10 years and did not work long enough to qualify for you own Medicare insurance, Medicare can drop you from its program.

No. Your annual contribution to a Roth IRA is not a deduction on your tax return. Distributions at age 70 and a half are not requires. Contributions after age 70 are allowed. Distributions are not taxable. IRA minimum distribution rules do not apply.

Visit http://www.medicare.gov/Nursing/Overview.asp to get current information from the US Government .

401(K) plans are designed to encourage long term retirement savings by employees. In some plans, the employer may contribute a matching percentage to the employee's contribution amount. 401(K) plans must meet a variety of IRS rules. Speak to your local CPA about setting up a 401(K) plan for your company.

You will take a permanent monthly reduction in benefits if you begin collecting Social Security before full retirement (ages 62-67 depending on your date of birth).
You can go to the SSA website and read the "Retirement Information For Medicare Beneficiaries" fact sheet, or use the SSA Retirement Estimator to see how different retirement dates will affect your benefit amount and also find other information you can use to help you decide when to start your benefits in the "Near Retirement" section of the Retirement Planner.
The SSA website is http://www.ssa.gov

Regardless of your age, you are not subject to the 10% early withdrawal penalty on 457 plan contributions and earnings. However, the penalty may apply to non-457 plan assets that are rolled into your 457 plan and subsequently withdrawn prior to age 59½.

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.