Retirement Planning/Transfer to IRA

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Question
I am 61. Received 20K from QDRO. Do I need to put this in an IRA? If not what are consequences?

Answer
richard @thefinancialqb.com
richard @thefinancialq  

richard @thefinancialqb.com
richard @thefinancialq  
Thank you for your question.

A QDRO is a distribution which was made due to a divorce. You are not required to rollover these dollars into an IRA. The only impact to you is that you will owe the federal and state taxes due on these dollars received if you do not put it back into an IRA. You however will not owe the 10% penalty. In addition, if you spend it now you will not have this money available in the future for your retirement.

I would recommend that you visit this issue with a Certified Financial Planner in your area and go over your own personal situation and how this decision will currently impact you now and into the future.  

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Richard E. Reyes, CFP

Expertise

I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.

Experience

Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

Publications
Seminole Success Magazine “Retirement Planning” Seminole Success Magazine “Small Business Snapshot” The Orlando Sentinel – Ask the Expert Financial Section (Various) Greater Orlando Broker Agent Magazine “The New It” Senior Market Advisor “Random Reader, Random Questions”

Education/Credentials
B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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