In your 60s and 70s…
Consider opting for early Social Security benefits.…
But only if your payout won't be taxed (if you're making less than $12,000 in 2005). If you earn more, those early benefits will be reduced by $1 for every $2 you make above that $12,000 threshold. Taking a reduced amount before you're 65—you're eligible at 62—makes more sense than waiting three years for the full benefits.
Begin your traditional IRA and 401(k) withdrawals when you turn 70
You'll face a stiff penalty if you don't start taking out money at this time. Contact the brokerage, fund company, or bank where you've invested for assistance on how to calculate and collect your withdrawal amount.
By Suze Orman
http://www.oprah.com/omagazine/
