Your Social Security benefit is recomputed annually as long as...

Your Social Security benefit is recomputed annually as long as you work, so your current earnings may ultimately increase it. Credit: iStock

I claimed Social Security this year at 66, but I still work full time. Is my benefit adjusted to reflect the fact that I still pay Social Security taxes? I feel good, and as long as my health holds out, I'd like to work another four or five years. Also, what's my deadline for taking Required Minimum Distributions [known as RMDs] from my IRA and 401(k)? How long can I continue contributing to these accounts?

Your Social Security benefit is recomputed annually as long as you work, so your current earnings may ultimately increase it.

You can contribute to your current employer's 401(k) plan even after age 70½. And you don't have to take an RMD from that plan until you stop working there, unless you own 5 percent or more of the business that employs you.

You can keep contributing to a Roth IRA as long as you have earned income, regardless of your age. And if you own the Roth IRA, you never have to take minimum distributions. (A heads-up for your heirs: Roth IRA beneficiaries do have RMDs.)

But you must take your first RMD from a traditional IRA and stop contributing to the account by April 1 of the year after turning 70½. If you're 70½ in 2014, for example, that deadline is April 1, 2015. You may want to take it in 2014, however, because the deadline for all subsequent RMDs is Dec. 31. That means if you don't take the first RMD until the 2015 deadline, you'll take the second RMD in the same tax year.

THE BOTTOM LINE Even after age 70½, you're not required to take distributions from a current employer's 401(k) plan unless you own 5 percent or more of the company.

WEBSITES WITH MORE INFORMATION nwsdy.li/RMDchart and nwsdy.li/iradistributions

TO ASK THE EXPERT Send questions to Ask the Expert/Act 2, Newsday Newsroom, 235 Pinelawn Rd., Melville, NY 11747-4226, or email act2@newsday.com. Include your name, address and phone number. Questions can be answered only in this column. Advice is offered as general guidance. Check with your own advisers for your specific needs.

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