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University Of Illinois Extension Explains Rules for Retirement Plans

Karen answering questions.

Karen answering questions.

A group of individuals and couples attended a class on February 28, 2012 at the Lake County Extension Office in Grayslake to learn “Who Gets the Money?” The program focused on rules for taking distributions from tax-deferred retirement savings plans including how to avoid penalties, types of distributions, what happens after the death of the account owner, and information about Roth IRA’s. This is just one of the many programs that Karen Chan a Certified Financial Planner presents in her role as a Consumer Economics Educator for University of Illinois Extension in Lake and McHenry Counties.
Karen stressed two things that anyone with an IRA or employer retirement plan should do: name primary and secondary beneficiaries, and investigate which distribution options your particular plan allows for you and for your heirs. The workshop handout can be downloaded from the Extension website at
Karen suggested two other Extension websites that may be useful when planning your retirement. Learn how to choose a financial advisor at Find timely, objective financial information on her blog at
Check the Extension website for upcoming workshops at or you can hear Karen speak on WRLR 98.3 on March 8, 2012 at 4:00PM.

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