Ask An Expert

Q: I am planning to take my Required Minimum Distribution out of my IRA next year. What should I do? — R.F., Orlando A: Have your financial planner or the custodian of your

IRA perform the RMD calculation for you and choose the payment option that best meets

your needs. You can receive the required distribution monthly, quarterly, semiannually or annually depending upon your income goals. Another good idea is to make the distribution automatic each year based upon the custodians updated RMD calculation so you don’t forget to take the required amount of withdrawal. — David Blount

Q: I was told I can increase my Social Security benefit after I start receiving benefits. How do I do this? — M.R., Sorrento

A: Once you start receiving benefits, cost-of-living increases are the basis for a higher benefit. Occasionally, if a person continues working and had low income or zero income years, the new income will replace the earlier year and can result in an increased benefit amount. — Beth Fleming Brown

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.