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Consumption smoothing

Maximizing Income is No Simple Matter

by
Janet Kidd Stewart
The Associated Press

May 11, 2008
Q: I am 63, my wife is 61, and we both still work. Our goal is simple: We want to maximize our net retirement income. If we have too much income, our Social Security will be taxed, and our Medicare payment increased. After 70 1/2, there are mandatory withdrawal rules for our IRAs. The IRS, Social Security and Medicare all provide calculators, but none includes all these rules. Can you recommend a calculator that includes all these rules so I can determine my actual retirement income? -- B.L.

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He’s been a vocal critic of financial planning, even writing that “the financial institutions and advisers conveniently match our needs to the securities they’re peddling,” that “most professional advice is not worth the taking,” and that conventional financial planning “makes outrageously bad saving and insurance recommendations…putting a pretty face on risk and sell[ing] it.”

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