| Subject | Date Asked | Expert |
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| 401K withdrawal due to Seperation of Service | 11/18/2009 | David M Iannopollo |
Q: My husband was laid off in December 2008 but received severance payments well into 2009. He turned ...
A: Sorry about your husband's layoff. The rule you are speaking of states that an employee must be 55 ...
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| mortgage | 11/16/2009 | Richard E. Reyes, CFP |
Q: For the long term, would it be better to prepay on one's mortgage or pay the required minimum amount ...
A: Paul thanks for your question. Hope I can provide some insight for you. Paul your last sentence ...
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| Retirement planning with 3rd party sick pay | 11/13/2009 | David M Iannopollo |
Q: I receive LTD payments (3rd party sick pay) under a policy my employer paid for. The income is ...
A: Since you have nothing that is considered "earned income" by the IRS, you are correct that you are ...
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| Immediate Annuity | 11/13/2009 | David M Iannopollo |
Q: I want to retire in three years when I have 520000 in my 401. My house is free and clear and I have ...
A: 1) Yes, the internal rate of return is not that great inside of an immediate annuity. While you are ...
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| erisa defined benefit plan | 11/11/2009 | Willard R. Brumbaugh, LUTCF |
Q: Is there a prohibition against the plan beneficiary paying cost of maintenance for the plan and then ...
A: If I understand your question correctly, for those plans with which I am familiar, administration ...
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| Immediate Annuity | 11/10/2009 | David M Iannopollo |
Q: I want to retire in three years when I have 520000 in my 401. My house is free and clear and I have ...
A: If you don't care about leaving anything behind and do not want access to or control of your ...
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| IRA's | 11/9/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 26, and thinking about opening an IRA. Do I just go to any of my local banks? I plan to do a ...
A: I commend you for thinking long-term. By starting now you gain the advantage of compounding interest ...
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| Early Retirement | 11/6/2009 | Willard R. Brumbaugh, LUTCF |
Q: My sister is 63 and looking ahead to plan for an early retirement. She is not sure who to talk to ...
A: The short answer is me. For the record, I am now licensed in seven states. The most recent is ...
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| Early Retirement | 11/6/2009 | Lic.Gregory Kearney Lawson |
Q: My sister is 63 and looking ahead to plan for an early retirement. She is not sure who to talk to ...
A: She can talk to a retirement specialist at a social security office or bank. I can help you if you ...
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| Early Retirement | 11/6/2009 | Aaron Hall |
Q: My sister is 63 and looking ahead to plan for an early retirement. She is not sure who to talk to ...
A: If she is a do-it-yourselfer, she can read lots of books that discuss retirement income planning. Or ...
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| Early Retirement | 11/6/2009 | David M Iannopollo |
Q: My sister is 63 and looking ahead to plan for an early retirement. She is not sure who to talk to ...
A: I guess it would really depend on the amount of assets she has and how complicated her needs may be. ...
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| Early Retirement | 11/6/2009 | Josh Elliott |
Q: My sister is 63 and looking ahead to plan for an early retirement. She is not sure who to talk to ...
A: She needs to speak with a retirement planner who can take a look at her situation, run some ...
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| Roll over into real estate | 11/4/2009 | David M Iannopollo |
Q: I have funds totaling approximately $350,000 in 401Ks 403Bs, IRAs etc. These are my personal funds. ...
A: Purchasing real estate inside of an IRA requires you to open a "self directed IRA". This is not ...
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| Conveting MPP to 401(k) | 10/29/2009 | Willard R. Brumbaugh, LUTCF |
Q: Are there any tax penalties for converting from an Money Pension Purchase to a 401(k) for an S corp ...
A: It appears that you may have been asking the wrong questions. If you mean a Money Purchase Plan, ...
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| Conveting MPP to 401(k) | 10/27/2009 | Willard R. Brumbaugh, LUTCF |
Q: Are there any tax penalties for converting from an Money Pension Purchase to a 401(k) for an S corp ...
A: Can you give me more information? What do you mean by Money Pension Purchase? What is your ...
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| 401b | 10/26/2009 | David M Iannopollo |
Q: I am recently retired, 60 years old and have a 403b of about $25,000. I would like to move this ...
A: 403b's are eligible for rollovers, however, since a 403b is funded with pre-tax contributions and a ...
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| excess roth IRA contribution | 10/22/2009 | David M Iannopollo |
Q: Both my husband and I made a genuine error. In April 2009 we each contributed the max for us to an ...
A: First off, please realize that I am not an accountant so this would not be my area of expertise as I ...
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| rollover LPL | 10/22/2009 | Richard E. Reyes, CFP |
Q: i met with a financial advisor who is affiliated with the credit union at my previous employer for a ...
A: Stan, thanks for asking your question. Hope that I can provide you a little peace of mind. When it ...
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| 401K | 10/22/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 55 years old. I was laid off almost 1 year ago, I left my 401K intact $200,000,00. What is the ...
A: On the basis of no current income, I suggest that you have two IRAs. Specifically, $50,000 in a ...
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| 401K | 10/22/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 55 years old. I was laid off almost 1 year ago, I left my 401K intact $200,000,00. What is the ...
A: You most certainly should transfer your funds to an IRA. As to which IRA or IRAs, I need more ...
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| 401K rollover to IRA | 10/21/2009 | David M Iannopollo |
Q: I am over 59 1/2 and on Social Security disability. I also have a small 401K (>15K) from a previous ...
A: I cannot find your specific situation on the SS website, but I do not believe you would be affected ...
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| 401K withdrawals | 10/21/2009 | Willard R. Brumbaugh, LUTCF |
Q: My husband has a 401K plan that we need to make withdrawals from or close out. He was diagnosed ...
A: At one time a person could "retire" at 55 and get 401(k) distributions penalty-free. I wanted to see ...
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| 401k aftertax rollover into Roth IRA | 10/20/2009 | David M Iannopollo |
Q: Is it advisable to rollover the portion of a 401k contributed aftertax into a Roth IRA next year, or ...
A: If you don't need these funds or will face early withdrawal penalty you will probably want to ...
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| cashing out whole life insurance | 10/20/2009 | Josh Elliott |
Q: My husband is changing jobs where he has a whole life insurance policy that he has paid into for 18 ...
A: Without knowing the exact specifications of the policy, it is somewhat difficult to analyze, but in ...
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| 401K | 10/15/2009 | Richard Fritzler |
Q: I am 75 1/2 and will retire October 30, 2009. I intend to set up quarterly disbursements from my ...
A: If by "qualified IRA" you mean one that can make a charitable non-taxed contribution, yes. But. . . ...
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| 401K Loan Default Error | 10/13/2009 | Willard R. Brumbaugh, LUTCF |
Q: ILLINOIS -- I was downsized in early June 2009 with an outstanding 401K loan balance of $7,600. On ...
A: I'm not a lawyer, but it looks like you might have to sue the persons that told you that you had ...
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| Rollover to Roth IRA | 10/11/2009 | Willard R. Brumbaugh, LUTCF |
Q: What would be the procedure to cash in whole life insurance policy & rollover to Roth IRA?
A: What you have described are two separate actions. Roth IRAs, just as traditional IRAs, require ...
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| Retirement Insurance? | 10/10/2009 | Richard E. Reyes, CFP |
Q: I am a 41 year old male who works for an employer who only offers the 401K program for individuals ...
A: Thomas, thanks for taking your time to ask me this question. I would tell you that you do not need ...
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| 403B to IRA | 10/8/2009 | David M Iannopollo |
Q: My employer provided access to a 403B account which I participated in and had borrowed funds which I ...
A: Because your 403b plan has been terminated it will be treated as if you had left your job in that ...
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| 403 B early withdrawal | 10/6/2009 | David M Iannopollo |
Q: Due to a loss of my wife's employment with a private college(her position was eliminated)this ...
A: You are referring to the "separation of service rule" which states that a person may take early ...
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| should we get married? | 10/6/2009 | Willard R. Brumbaugh, LUTCF |
Q: We are domestic partners in California. Next year we will both be receiving social security as our ...
A: As an unmarried individual your partner would only have his $800 per month should you pass away ...
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| 401k over-funded for 2009 | 10/1/2009 | David M Iannopollo |
Q: I changed jobs this year. At my 1st employer, I contributed $13,000 (in 2009) to a Roth 401k. My ...
A: Yes, you are correct in assuming the IRS won't allow you to over contribute! Fortunately you've ...
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| giving to children | 10/1/2009 | Lic.Gregory Kearney Lawson |
Q: My mother has a lot of money and she is starting to think of giving some to her chidlren. How much ...
A: I am not sure in the USA, because I specialize in Costa Rica however, I believe distributing it when ...
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| gifting | 10/1/2009 | Richard E. Reyes, CFP |
Q: My mother has a lot of money and she is starting to think of giving some to her chidlren. How much ...
A: Dan thanks for your question. Hopefully I can give you a little help. What I would first say is that ...
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| parent's gifts | 10/1/2009 | David M Iannopollo |
Q: My mother has a lot of money and she is starting to think of giving some to her chidlren. How much ...
A: Your mother can make an annual gift of up to $13k to each individual without any tax consequences. ...
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| husband turned 70 in october of 2008 | 9/30/2009 | Willard R. Brumbaugh, LUTCF |
Q: My husband turned seventy in October of 2008, I think his first distributions on his IRA would have ...
A: The rule is the first distribution must be no later than the calendar year following the year that ...
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| Retirement - Lump Sum | 9/30/2009 | Aaron Hall |
Q: I was permanently laid off in February of this year. I will be 50 in November. I was offered a ...
A: Tina, If you take your retirement in a lump sum, it will all be taxable income, and will likely ...
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| husband turned 70 in october of 2008 | 9/30/2009 | Willard R. Brumbaugh, LUTCF |
Q: My husband turned seventy in October of 2008, I think his first distributions on his IRA would have ...
A: It looks like you have until April 2010 to start the withdrawals. But if this conforms to previous ...
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| Full Withdrawal of IRA at 87 years old | 9/28/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am in the process of transferring my mom's IRA into her checking account to help pay for her care. ...
A: Her age has no influence on the tax status of her IRA. I believe that you might be wise to move only ...
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| Full Withdrawal of IRA at 87 years old | 9/28/2009 | David M Iannopollo |
Q: I am in the process of transferring my mom's IRA into her checking account to help pay for her care. ...
A: I'm sorry to hear of your mom's condition. Traditional IRA withdrawals are fully taxable as income, ...
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