| Subject | Date Asked | Expert |
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| 401K disbursements | 7/3/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 62 and my real income has been declining over the past few year due stagnant wages and the ...
A: I cannot answer the question, since it would require me to read their minds. However, I can guess ...
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| 401K to but a house? | 7/2/2009 | Willard R. Brumbaugh, LUTCF |
Q: If you don't own a house but are retired, can you withdraw the price of the house from your 401K ...
A: If you are retired, you should not even have a 401(k). It is my opinion that those funds should be ...
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| IRA VS MONEY MARKET | 7/1/2009 | David M Iannopollo |
Q: I was out sick for two weeks with no vac or sick leave, that I pull monies from my 401K and paid ...
A: If you are sure you are not going to need to withdraw funds, then go ahead and put money into your ...
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| Divorce and IRA | 7/1/2009 | David M Iannopollo |
Q: I am currently in the process of getting divorced. My soon to be ex-wife could possibly get a ...
A: I'm sorry to hear of your divorce. Normally, in these circumstances, the judgde may issue a QDRO or ...
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| 403 (b) Withdrawals | 6/28/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 60. I am told I can withdraw funds from my 403(b) plan but only those that came from salary ...
A: There are two reasons to the clause "transfer of all 401(k) funds into self-directed IRAs." The ...
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| 403 (b) Withdrawals | 6/28/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 60. I am told I can withdraw funds from my 403(b) plan but only those that came from salary ...
A: The first of this year, as far as I understand it, 403(b)s are required to conform to 401(k) rules. ...
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| savings/retirement | 6/27/2009 | David M Iannopollo |
Q: I am 30 years old and am starting over financially. I have no savings or retirement fund. I want ...
A: Before doing any long term retirement savings or investing, you should make sure that you have a ...
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| Access to very old IRA contribution amount | 6/26/2009 | Aaron Hall |
Q: Without getting into too many details, I have an urgent legal need to find the exact amount of a ...
A: Lynne, I would suggest that you ask the IRS for their records from those years. If they will not ...
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| IRA early withdrawal | 6/24/2009 | Aaron Hall |
Q: I am unemployed and would like to take 20k out of my IRA. I understand there is a 10% early ...
A: Adam, Your 20k will be taxed at normal income rates, plus the 10%. If your financial situation ...
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| cash out my state retirement account | 6/23/2009 | David M Iannopollo |
Q: Im very short on cash, and im in between jobs. my truck is about to kick the bucket. i need to know ...
A: You'll need to call the company holding your account and have them issue you a check. They will ...
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| 403k | 6/22/2009 | David M Iannopollo |
Q: I was thinking about taking money out of one of my 403k plans. I was wondering about the ...
A: Since all contributions to a 403b account are made with pre-tax money, anything that you withdraw ...
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| Required IRA distribution | 6/19/2009 | David M Iannopollo |
Q: I have a bank IRA CD & have requested that the bank take my total RMD required from this CD as well ...
A: While you have to calculate your RMD for each IRA, the total amount can be taken from one account. I ...
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| 401k roll over. | 6/18/2009 | David M Iannopollo |
Q: David, Thank you for your time. My question is about my 401k.The company that i work for is letting ...
A: Sorry to hear of your job situation. If you withdraw money from your 401k, the company holding your ...
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| SEP rolled to 401K | 6/14/2009 | David M Iannopollo |
Q: I know this may seem backward but... I am self employed with a SEP account valued at about $75K. ...
A: You are correct that you cannot borrow from your SEP. You can rollover your SEP to a solo 401k (not ...
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| 401k help | 6/14/2009 | Willard R. Brumbaugh, LUTCF |
Q: I refinanced my Michigan home in April 2008 and I took a buyout from Chrysler in Oct. 2008 (14yrs). ...
A: I don't blame you for wanting to get out. However, I think that you may want to re-think your desire ...
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| Convert IRA/401K to ROTH | 6/12/2009 | David M Iannopollo |
Q: I am 61 years old and my husband is 66 years old. We are not working now. When we take Minimum ...
A: Technically that is not a conversion because you would have taken it as a required minimum ...
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| rollover to Roth from IRA | 6/12/2009 | David M Iannopollo |
Q: I'm 63 yrs. old and I have my IRA in a stock acct. I would like to take a portion of that and put ...
A: Yes, Roth conversions are subject to a 5 year waiting period for withdrawals so you would be subject ...
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| 403b rollover | 6/11/2009 | David M Iannopollo |
Q: I have a 403b account as well as a 401k. I am not contributing to either one. I am no longer ...
A: You can definitely rollover the 401k and you should be able to rollover the 403b. Check with the ...
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| Retirement planning | 6/10/2009 | Willard R. Brumbaugh, LUTCF |
Q: ..I love this website! I live in DC and will be moving to a job making $144K per year. My current ...
A: 1. Publication 590 says that you can roll the 401(k) into a traditional IRA. Nothing I read states ...
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| Retirement planning | 6/9/2009 | Willard R. Brumbaugh, LUTCF |
Q: ..I love this website! I live in DC and will be moving to a job making $144K per year. My current ...
A: You need to transfer directly from your 401(k) into a "pour-over" IRA. This would be different from ...
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| esop rollover | 6/9/2009 | David M Iannopollo |
Q: My soon to be ex-wife (civil friendship)will be getting half of my esop aroung $240,000. A qdro was ...
A: I would doubt that she would be able to rollover these funds to a 401k, nor should she want to. An ...
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| ira question | 6/9/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 27 years old and am self employed. I want to start planning for retirement, is now a good time ...
A: If you were to look at what banks are calling "high yield" these days, you would be shocked. For ...
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| Life Insurance | 6/8/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 43 and my wife 38 both working. My fin & insurance agent advising me to buy Whole life (for me ...
A: As far as your advisor has gone, he has given you good information. Here are some of the reasons ...
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| Annuities & Roth IRA | 6/8/2009 | Willard R. Brumbaugh, LUTCF |
Q: I am 43 and my wife 38. My fin & insurance agent advising me to rollover my 401k about (200K) into ...
A: I have reason to believe that your agent did not clearly explain which was a Fixed Annuity and which ...
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| Changing social security from self to husband's | 6/8/2009 | David M Iannopollo |
Q: I have just found this out from my mother---My 86 year old mother was ill-advised when she retired. ...
A: Your mom will be able to claim a social security survivor benefit which will be a percentage of your ...
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| IRA withdrawls and social security effect | 6/5/2009 | David M Iannopollo |
Q: I am retired (age 61) and anticipate taking social security at age 62. Will the withdrawls I take ...
A: Your correct. Withdrawals from your IRA rollover are not subject to SS tax but they are subject to ...
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| qdro hardship withdrawal | 6/4/2009 | David M Iannopollo |
Q: I want to take a hardship withdrawal from my 401k account through my employer. My home is in ...
A: That's correct, I forgot to mention that. They will withhold 20% for fed tax and depending on your ...
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| qdro hardship withdrawal | 6/4/2009 | David M Iannopollo |
Q: I want to take a hardship withdrawal from my 401k account through my employer. My home is in ...
A: A hardship withdrawal only allows you to avoid the 10% early withdrawal penalty. You will still be ...
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| 401k rollover to IRA to purchase first home | 6/4/2009 | David M Iannopollo |
Q: I have an old 401k from my previous employer (around 15k)and I am in the process of rolling that ...
A: Yes, you can rollover the 401k into an IRA and then take the $10k from the IRA and leave the rest in ...
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| 401k withdrawl/partial rollover | 6/3/2009 | Willard R. Brumbaugh, LUTCF |
Q: I have just recently quit my job(to return to school full time) and have a 401k worth approx 12000. ...
A: Since it is your intention to use the withdrawals to pay for educational expenses, I would advise ...
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| Retirement--Roth IRAs | 6/1/2009 | Richard E. Reyes, CFP |
Q: I want to open a Roth IRA to save for retirement. I want to know: 1) Where should I open the Roth ...
A: Nikki, thanks for your question. Hopefully I can give you a little help with my answer. First a ...
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| Retirement Planning | 6/1/2009 | Aaron Hall |
Q: I want to open a Roth IRA to save for retirement. I want to know: 1) Where should I open the Roth ...
A: Nikki, You can open a Roth at Scottrade with no account fees if you will accept electronic ...
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| Rolling a pension into a IRA | 6/1/2009 | David M Iannopollo |
Q: My mother is 65 and drawing part of her SS. Which SS take Medicare payments from. She plans to ...
A: Sorry I couldn't get to your question sooner but I have been ill the last couple of days. If she ...
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| 403b rollover | 5/29/2009 | David M Iannopollo |
Q: My brother is getting divorced and it says the portion he'll be getting from his wife's 403b has to ...
A: Since this money is coming from a tax deferred account (403b) it has to be rolled over to an IRA in ...
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| Ira vs Ira rollover | 5/28/2009 | David M Iannopollo |
Q: Two weeks ago the financial institution holding my Ira rollovers called and suggested that I combine ...
A: There really is no difference between a Roth IRA, and IRA and an IRA rollover as far as what these ...
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| IRA Rollover Error | 5/27/2009 | Willard R. Brumbaugh, LUTCF |
Q: 9/11/08 I had an IRA mature, received the distribution and rolled it over to what I believed to be ...
A: This is technically a tax-preparer question. But I can give you my opinion. If the IRS has told you ...
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| prevoius employer 401k to purchase first home | 5/27/2009 | David M Iannopollo |
Q: I have a 401k with my previous employer (I also have one with my current employer)and was wondering ...
A: You should first rollover the old 401k to an IRA. From the IRA, you can withdraw up to $10,000 for ...
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| social security income | 5/25/2009 | David M Iannopollo |
Q: i have just retired at 62 and am collecting social security.i had to retire early because of my ...
A: I'm sorry to hear of your husband's illness. If I am understanding you correctly, you are wondering ...
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| Revocable Living Trust | 5/24/2009 | Richard E. Reyes, CFP |
Q: Revocable Living Trust Under what conditions would you recommend that a person get a Revocable ...
A: Steven, good question although I am not sure that this should go to me but rather and estate ...
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| Traditional IRA Disbursement question | 5/23/2009 | Aaron Hall |
Q: I will be 59 1/2 on July 15th of this year. I would like to have the interest from my IRA accts (not ...
A: Mr. Gary, It matters not to the IRS when your money earned you interest, all that matters is when ...
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