Take the mystery out of your retirement plan! University of Illinois Extension Educator Karen Chan will present a telenet reviewing the rules for taking money out of IRA's, 401(k)'s and other retirement plans. The workshop will be Tuesday evening, August 21 from 6:30 - 8:30 p.m. Karen, also a Certified Financial Planner, recently said, "Retirement accounts are powerful tools, but the rules may be confusing. Many people make simple mistakes. Mistakes when rolling over money from one financial institution or employer to another could cause taxes to be withheld. Someone might fail to start taking annual distributions at the right time, and face stiff penalties. Understanding a few of the rules can help you make the best decisions."

The workshop, Who Gets the Money?, will explain the various rules for taking distributions from tax-deferred retirement savings plans for those younger than 59.5, those between 59.5 and 70.5, and those who have reached the important age of 70.5. Workshop participants will learn how distributions are taxed and how to avoid additional penalties. Karen will also give tips on rolling over money from one account to another, even if you're already taking annual distributions. She will explain what happens to the money when you're gone and what rules apply if you inherit your spouse's IRA.

Karen will teach you how to calculate minimum required distributions once you reach 70.5, and to determine exactly when you must take your first distribution. The workshop will be at the U of I Extension office at 801 N. Country Fair Drive, Suite D, Champaign. Please phone the office at (217) 333-7672 to pre-register by August 20 as space is limited.

Private Land Forest Management Telenet

With most forests in Illinois privately owned, landowners have numerous questions on how to properly manage their asset. University of Illinois Extension will present the telenet "An Introduction to Forest Management" as part of the natural resources telenet series. The program will be presented on August 21 from 1:30 – 3 p.m. and on August 23 from 7 – 8:30 p.m. at our office at 801 N. Country Fair Drive in Champaign. Jay Hayek, Extension Forester and Dave Shiley, Natural Resources Management Extension Educator will provide an overview of basic forest management. Please contact our office at (217) 333-7672 to pre-register for this telenet.

Champaign County Saves

Our local Champaign County Saves effort is now scheduling workshops for the fall. If your group would like a motivational speaker to discuss the importance of building wealth by reducing debt, give me a call at (217) 333-7672. We also offer numerous programs on financial management, identity theft, credit, or investing.

Small Business Development Center

If you have the desire to start a business, remember U of I Extension's Small Business Development Center. The center offers small business counseling plus programs on all facets of business operations. "Bookkeeping Basics" is offered on August 14 and "Starting a Business in Illinois" is on August 29. For more information, phone (217) 378-8535 or (217) 875-4004.