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Retirement Planning/Questions
| Subject | Date Asked | Expert |
| 401k Contribution | 2/1/2012 | Richard E. Reyes, CFP |
| Q: I received a bonus last year that made me a HCE. Now, I can only contribute 4% to my 401k because ... A: Donnie, thanks for your information. Depending on your marital status you and your spouse may be ... | ||
| 401k Plan, Forced Distribution | 1/25/2012 | David M Iannopollo |
| Q: Is there any way that we can do a "forced distribution" and get full surrender of my 401k at my ... A: Very sorry to hear of your situation. The trustee can not override rules of the plan. Although you ... | ||
| required 403b withdrawals | 1/22/2012 | Paul Sid, CPA CFA |
| Q: If I'm over 70 1/2 I will be required to make minimum withdrawals from my 403b retirement plan when ... A: 403(b). If you are still working at age 70˝ and have a 403(b), you may be able to delay ... | ||
| 401K Roll Over | 1/17/2012 | Daniel Cordoba |
| Q: I am 63 years old and still have my 401K at my former company. Since I do not need the money at this ... A: Yes these are turbulent times we live in and I understand your concerns. First of all I would move ... | ||
| 401K Roll Over | 1/16/2012 | Willard R. Brumbaugh, LUTCF |
| Q: I am 63 years old and still have my 401K at my former company. Since I do not need the money at this ... A: Your residency in New York makes the task a little tougher, but I do have some ideas that come close ... | ||
| 55 Rule | 1/13/2012 | Richard E. Reyes, CFP |
| Q: If I took a severance package(2 wks. pay for every year of service) at age 54 that paid me ... A: IRS Publication 575, tells us that an early distribution penalty will not apply when withdrawals are ... | ||
| variable life insurance | 1/9/2012 | David M Iannopollo |
| Q: We are being encouraged to buy a variable life insurance policy for our 12 year old through First ... A: While buying a life policy on a child is a great way to build non taxable cash value, I do not ... | ||
| Traditional 401(k) vs. Roth 410(k) | 1/8/2012 | Willard R. Brumbaugh, LUTCF |
| Q: I just noticed that my company is offering a Roth 410(k) this year (in additional to the Traditional ... A: You definitely are moving in the right direction with your thinking. Even if you were to be in the ... | ||
| Partial withdrawal from my 403k account | 1/7/2012 | David M Iannopollo |
| Q: Im 61 years old. My question is why when i withdraw funds from my 403k im paying 20% tax. My ... A: After you turn 59 1/2 you avoid the 10% early withdrawal penalty. You do not avoid paying taxes. The ... | ||
| 401k plan | 1/5/2012 | David M Iannopollo |
| Q: Can a person that is termenaly ill draw on their 401k plan without being hit with penalty taxes? The ... A: Yes, there is a provision for persons who are disabled to make withdrawals avoiding the 10% early ... | ||
| 401k | 1/1/2012 | Willard R. Brumbaugh, LUTCF |
| Q: My husband 56 yrs old lost a job 2/2/2011 and we cashed out 401k and they took out 20%. Then went to ... A: I wish you had found me before you cashed out the 401(k)s. In any event, you can keep me in mind ... | ||
| SEP-IRA Withdraw vs. 401 K Withdraw | 12/27/2011 | Paul Sid, CPA CFA |
| Q: My company is going to be merged / purchased by another company. Now, I have 401 K with the current ... A: There is a number of reasons that you should avoid tapping into your 401(k): 1. This money has ... | ||
| Dividend distributions from 401k | 12/25/2011 | Willard R. Brumbaugh, LUTCF |
| Q: I have elected and receive a distribution from my 401k company stock on a semi-annual basis. How ... A: I have my taxes done by a tax professional. Your first question is outside my venue. However, I can ... | ||
| "withdrawl" | 12/24/2011 | David M Iannopollo |
| Q: Mr. Iannopollo, Im considering a portion of my retirement account to buy stocks in a company. Im 64 ... A: I'm guessing your referring to a "retirement account" such as an IRA or 401k. As long as you are ... | ||
| Regs on closing 401ks | 12/21/2011 | David M Iannopollo |
| Q: My wife, 72, is planning to retire in 2 months. She has about $300k in a 401k, but prefers not to ... A: Money market funds are not the only option she has available if she were to rollover to an IRA. ... | ||
| Annuity Investment | 12/16/2011 | Willard R. Brumbaugh, LUTCF |
| Q: Brumbaugh: I am contemplating doing a 1035 exchange from an existing annuity that has a negative ... A: My feeling is that Aviva is strong enough that a take-over is not likely to be a necessity. However, ... | ||
| RMD and tax issue | 12/12/2011 | Richard E. Reyes, CFP |
| Q: I have my IRA with a mutual fund company and have my RMD's set to be distributed automatically in ... A: Scott thanks for your question. I hope I can help. First easy answer is that I would just change my ... | ||
| 59 1/2 401k withdrawal | 12/8/2011 | David M Iannopollo |
| Q: Upon reaching 59 1/2 are withdrawal options limited to a lump sum withdrawal? Or can I withdraw a ... A: You can take out any amount you like at any time. I would however, recommend that you rollover your ... | ||
| Sell and Rent | 11/30/2011 | Paul Sid, CPA CFA |
| Q: i am a single person. I am 54. i have a house and land in the countryside. i am tired of maintaining ... A: If you can come down on the rent your numbers could be close. If you net $200,000 from the sale of ... | ||
| selling home | 11/30/2011 | Willard R. Brumbaugh, LUTCF |
| Q: i am a single person. I am 54. i have a house and land in the countryside. i am tired of maintaining ... A: Current CD interest on $220,000 would generate only about $325 per month. You might do better with a ... | ||
| sellin property | 11/30/2011 | Richard E. Reyes, CFP |
| Q: i am a single person. I am 54. i have a house and land in the countryside. i am tired of maintaining ... A: Jerome, your goal is easily accomplished but is dependent on many variables such as how much money ... | ||
| Sell and Rent | 11/30/2011 | Paul Sid, CPA CFA |
| Q: i am a single person. I am 54. i have a house and land in the countryside. i am tired of maintaining ... A: I have a few questions: 1. What can you net after selling expenses (e.g. $220,000 - 6% selling ... | ||
| defined benefit plan cashout | 11/22/2011 | Willard R. Brumbaugh, LUTCF |
| Q: Mr. Brumbaugh, I am 57 years old and have a defined benefit plan(pension) through my employer. I ... A: It is my understanding that qualified plan distributions uniformly follow the same rules. If that is ... | ||
| defined benefit plan cashout | 11/21/2011 | Willard R. Brumbaugh, LUTCF |
| Q: Mr. Brumbaugh, I am 57 years old and have a defined benefit plan(pension) through my employer. I ... A: It appears that you will not be subject to the penalty due to you being retired at the time of the ... | ||
| 2011 rmd | 11/21/2011 | Richard E. Reyes, CFP |
| Q: I turned 701/2 in 2011. I plan on taking my rmd this year. How do I know how much to withdraw? I ... A: RMDs are taxed in the year you receive them. If you’ve ever made nondeductible contributions to a ... | ||
| 2011 rmd | 11/21/2011 | Richard E. Reyes, CFP |
| Q: I turned 701/2 in 2011. I plan on taking my rmd this year. How do I know how much to withdraw? I ... A: Glenn, thanks for your question. There are several calculators one can use on the web. You just need ... | ||
| Is a pension an annuity? | 11/21/2011 | David M Iannopollo |
| Q: Soon I will retire from City of San Jose,CA.,and will start receiving a monthly pension. Is the ... A: Congratulations on your retirement! Yes, technically your pension is an annuity. Nothing you receive ... | ||
| 401K and Florida S corporation | 11/19/2011 | David M Iannopollo |
| Q: I am 64 and have recently bought into an S corporation as a 50% partner. Can I move my IRA accounts, ... A: The I in IRA stands for individual so this means that these funds can only be in your name. However, ... | ||
| follow up to: Where to put ESOP payout? | 11/18/2011 | David M Iannopollo |
| Q: Dave, very informative and particularly timely for a situation with which I am currently dealing. ... A: Yes and no, while NY is not a community or marital property state, financial institutions can ... | ||
| 401k | 11/17/2011 | Richard E. Reyes, CFP |
| Q: i had quit contributing money to my 401k and that means my employer is not contributing either.i am ... A: Connie thanks for your question. This is a highly complex question because it entails that you the ... | ||
| life insurance proceeds | 11/11/2011 | Willard R. Brumbaugh, LUTCF |
| Q: As my husband and I age we are concerned what to do with the proceeds from our life insurance ... A: I had the opportunity to pass through Oregon this last July. You have a beautiful state. My wife and ... | ||
| life insurance proceeds | 11/11/2011 | David M Iannopollo |
| Q: As my husband and I age we are concerned what to do with the proceeds from our life insurance ... A: That's a very good question and it's good that you are thinking about that before it should happen. ... | ||
| 457 | 11/8/2011 | Daniel Cordoba |
| Q: I work for the city of Jacksonville. About two years ago the city changed our 457 provider from ... A: The answer lies within the plan summary document. You can request that document from Valic; they ... | ||
| IRA 60-Day Rollovers | 11/8/2011 | Willard R. Brumbaugh, LUTCF |
| Q: My question is concerning the one-year waiting rule for 60-day rollovers for IRA accounts. For ... A: I believe that each account is subject to the full twelve months wait, measured from the date of ... | ||
| Converting 401K | 11/7/2011 | Richard E. Reyes, CFP |
| Q: My company is stopping the 401K plan and I am wondering should this be moved to another 401K or put ... A: Mike thanks for your question. This is a loaded question and I would need a lot more information ... | ||
| IRA 60-Day Rollovers | 11/3/2011 | Willard R. Brumbaugh, LUTCF |
| Q: My question is concerning the one-year waiting rule for 60-day rollovers for IRA accounts. For ... A: In the way you have described your scenario, no similar transaction can be done with either IRA ... | ||
| IRA | 11/1/2011 | Paul Sid, CPA CFA |
| Q: Next year I will be required to start taking distributions from my traditional IRA> I made some non ... A: The good news is that you only need the most recent Form 8606. You don't need historical Form 8606. ... | ||
| Should I save for retirement if I'm disabled? | 11/1/2011 | David M Iannopollo |
| Q: I am 31 years old and was forced to stop working around 18 months ago due to severe rheumatoid ... A: Sorry to hear about your condition. Yes, you should continue to save money as you do not know how ... | ||
| IRA | 11/1/2011 | Paul Sid, CPA CFA |
| Q: Next year I will be required to start taking distributions from my traditional IRA> I made some non ... A: This is a common issue. The process is that the IRA custodian files Form 5498 with the IRS. You ... | ||
| 403b | 10/30/2011 | David M Iannopollo |
| Q: I have a 403b account with TEXAS TEACHER RETIREMENT SYSTEM. CAN I USE THIS ACCOUNT TO PAY FOR A ... A: You can use the 403b funds to pay back the loans but first you must consider if it is a good idea. ... | ||
Retirement Planning
Answers by Expert:
David M Iannopollo
Top Expert on this page
Expertise
I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances.
Experience
I have over 20 years experience in the business and financial world.
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