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Retirement Planning/Questions Answered by Expert David M Iannopollo
| Subject | Date Asked |
| 401k Plan, Forced Distribution | 1/25/2012 |
| 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 ... | |
| variable life insurance | 1/9/2012 |
| 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 ... | |
| Partial withdrawal from my 403k account | 1/7/2012 |
| 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 |
| 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 ... | |
| "withdrawl" | 12/24/2011 |
| 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 |
| 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. ... | |
| 59 1/2 401k withdrawal | 12/8/2011 |
| 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 ... | |
| Is a pension an annuity? | 11/21/2011 |
| 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 |
| 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 |
| 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 ... | |
| life insurance proceeds | 11/11/2011 |
| 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. ... | |
| Should I save for retirement if I'm disabled? | 11/1/2011 |
| 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 ... | |
| 403b | 10/30/2011 |
| 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. ... | |
| Where to put ESOP payout? | 10/28/2011 |
| Q: I appreciciate this SO MUCH. OK, here's my situation. I am 51 yrs old. I currently have a 401k ... A: Your welcome Peggy! The reason that they make a spouse sign off on not being the beneficiary on ... | |
| Where to put ESOP payout? | 10/27/2011 |
| Q: I appreciciate this SO MUCH. OK, here's my situation. I am 51 yrs old. I currently have a 401k ... A: When doing a rollover, the $5000 per year(actually $6000 since your over 50) does not apply and you ... | |
| SSDI & Stock Question | 10/21/2011 |
| Q: I have been recently awarded disability benefits through Social Security. I have stock in the ... A: Because cashing out the stock and taking a distribution would be considered income, there is the ... | |
| Social Security Disability and STARTING a Roth IRA | 10/18/2011 |
| Q: I work for a non-profit agency and I manage an IDA (Individual Development Account) for one of my ... A: As long as your client has "earned income" she can start a Roth IRA. Keep in mind she cannot ... | |
| Pension Annuity transfer to IRA | 10/11/2011 |
| Q: I have a pension I am receiving, it is a qualified pension plan, that is paid to me as an annuity. ... A: Unless there is a cash balance formula with a lump sum amount available to you, you would not be ... | |
| 401K | 9/9/2011 |
| Q: I'm a 57 year old male and not sure if I should contribute the maximum to my company match (up to ... A: I really wouldn't want to pass up the company match but I understand your concern with the risk. ... | |
| retirement planing, am I saving enough? | 9/4/2011 |
| Q: Iannopollo, thank you so much for reading my question, I am single and turning 30 years old in a ... A: Because your 401k and Roth IRA are invested in the stock market, there's no way of telling whether ... | |
| Safe to Invest in Bond Funds? | 8/7/2011 |
| Q: I want to invest more in Bonds in my 401K. My plan offers a Core Bond Fund, a Short Term Duration ... A: I'm sorry I couldn't get to your question sooner. And a good question it is. Because bond values ... | |
| 401K/Social Security | 7/19/2011 |
| Q: I turned 62 in March 2011 and plan to retire in January 2012. I would like to withdraw some money ... A: Your 401k withdrawal will be taxed to you as income but will not count against your SS. A 401k ... | |
| roll over | 7/11/2011 |
| Q: I have a pension plan from another company. I read somewhere if something happened to me 50% of the ... A: As long as you are fully vested in the pension, I can't see any reason why any of the pension would ... | |
| SSA’s first year special rule for retirees | 7/6/2011 |
| Q: I turned 62 towards the end of 2010, and started receiving retirement benefits in February 2011. I ... A: The way I understand it, is that you are allowed to make up to $14,160 "annually" before they reduce ... | |
| Ira Disability Withdrawel | 7/2/2011 |
| Q: My wife has a traditional IRA and I am listed as able to make changes etc. I am disabled and having ... A: Sorry to hear of your disability. Technically, you can not take penalty free withdrawals from your ... | |
| maxed out 401k? | 6/13/2011 |
| Q: I am in a dilemma here, I am a female, 29 years old, my gross year income is 72766, I contribute 5% ... A: I wouldn't put more in the 401k than needed to get the company match. After that, a Roth is a good ... | |
| Early withdrawal | 6/13/2011 |
| Q: Can I withdraw funds from my 401(k) next year when I both turn 55 and retire if I am receiving sepp ... A: Kathy, Sorry I misunderstood you but I've had many people ask questions about SEP IRA's and spell ... | |
| Early withdrawal | 6/11/2011 |
| Q: Can I withdraw funds from my 401(k) next year when I both turn 55 and retire if I am receiving sepp ... A: You can withdraw funds from your 401k penalty free because you are separating from service with your ... | |
| 401K Roll Over | 6/11/2011 |
| Q: I have the opportunity to roll all of the money in my company 401k plan to me own IRA account. Do ... A: I would certainly rather have my money in an IRA than an employer plan. You will have infinitely ... | |
| PLEASE! Need advice on what to do | 6/8/2011 |
| Q: MR. Iannopollo, I need some advice from you please. I had worked for 5 years at my previous job and ... A: It wouldn't make sense to withdraw it and pay taxes and penalties. You'd probably only end up with ... | |
| 401K conversions | 6/1/2011 |
| Q: My husband is 69 1/2 and he is retiring in 60 days. He has a pension plus social security that ... A: It sounds like you folks are in pretty good shape for retirement! Of course without more ... | |
| Retirement | 5/25/2011 |
| Q: My husband, 59, will be retiring in July, we need to make a decision on his 403(b). IRA, 403(b) ... A: I'm sorry I couldn't answer your question sooner but somehow I just now received it. You must ... | |
| Variable Annuity or IRA | 5/24/2011 |
| Q: I will be retiring in a few months at age 62. I will receive $4500.00 a month pension and I have a ... A: It would depend on what your goals are for these funds. I'm assuming the lump sum is from a tax ... | |
| annuity | 5/20/2011 |
| Q: I have been offered different types of annuities. e.g. Met Life and Axa but the choice of funds is ... A: There are pros and cons to lifetime or immediate annuities. On the negative side, you lose control ... | |
| IRA conversion to variable annuities | 5/19/2011 |
| Q: I would like your opinion and advice on whether or not I should transfer my IRA to a variable ... A: These types of variable annuities can be a good part of your retirement plan. If you are currently ... | |
| Early withdrawl Arizona Retirement Benefit | 5/4/2011 |
| Q: in the midst of being "layed" of work due to budget reductions. I have a lot of bills and trying to ... A: Sorry to hear of your layoff. I believe the figures you have may be a little off. The state tax ... | |
| 401k loan | 4/30/2011 |
| Q: I have an outstanding loan against my 401k for 15,000. I will be 59 1/2 in Sept. and was wondering ... A: Yes, you would be better off doing that, however you need to check with your plan administrator to ... | |
| 401k loan | 4/27/2011 |
| Q: I have an outstanding loan against my 401k for 15,000. I will be 59 1/2 in Sept. and was wondering ... A: Sorry to tell you Steve, but any unpaid loan balance will be treated as a distribution meaning that ... | |
| TIAA CREF | 4/22/2011 |
| Q: My wife (56) and I (61) have a voluntary CalStrs 403B, administered by TIAA-CREF. I don't think ... A: While I can't make any specific recommendations, you could probably do better just about anywhere ... | |
| social security | 4/15/2011 |
| Q: I currently receive social security disability benefits in the amount of $25,000 per year i do not ... A: Because IRA withdrawals are not considered "earned income", it will not effect your SS Disability ... | |
| Getting Retirement Pension Benefits | 4/14/2011 |
| Q: I was laid off in 1997 from the now "folded" home improvement store named - Hechinger which was ... A: I remember Hechinger quite well. I would suggest you contact your local Department of Labor. They ... | |
| mandatory withdrawal from 403B | 4/6/2011 |
| Q: I am a University Professor. I retired from one university 7 years ago but I now work for another ... A: You'll need to take RMD's from the old 403b because you are no longer employed there. Whether you ... | |
| 401k disabled wife | 4/4/2011 |
| Q: due to brain tumor/cancer my wife (53) is no longer working and is now on SS disability. I'm ... A: I'm sorry to hear of your wife's condition. I hope she is able to overcome it. It sounds like you ... | |
| Consolidation of IRA Accounts | 3/30/2011 |
| Q: I am 67 years old, still do part time consulting work and periodically contribute to a SEP-IRA thru ... A: You can consolidate down to as few as 2 IRA's. One Roth and one Traditional. However, you may want ... | |
| 457 and Home Mortgage | 3/25/2011 |
| Q: We are trying to decide if we should cash out our 457 or take monthly payments. We thought about ... A: Daisy, I'm glad I could help! The decisions you make at retirement are some of the most important ... | |
| 457 and Home Mortgage | 3/25/2011 |
| Q: We are trying to decide if we should cash out our 457 or take monthly payments. We thought about ... A: Yes, you will owe taxes regardless of when you take the money out, it's just that you don't get to ... | |
| Rolling my tsp into another plan. | 3/24/2011 |
| Q: First, I would like to say thank you for taking the time to answer my question. I'm fifty two and ... A: You can rollover your TSP into another qualified plan as long as you are no longer working for the ... | |
| Capitol Gains On Rental Property | 3/20/2011 |
| Q: I have a rental property and plan on selling. I was told that because of the depreciation I will owe ... A: Are you sure you don't mean "appreciation" instead of "depreciation". The reason I ask is because if ... | |
| ROTH IRA | 3/19/2011 |
| Q: David - I am looking for an opinion. My wife and I are both 67 years old gross income together under ... A: Good question! Generally speaking, the younger you are the more benefit you get by converting tax ... | |
| An idea.... | 3/17/2011 |
| Q: An answer to yourHi, I have an idea for my retirement, and wanted an opinion. First, here is a ... A: Yes, it's basically the same concept. I know the author of that book. Both Whole Life and Fixed ... | |
| employer retirement account | 2/27/2011 |
| Q: I am soon to start drawing on my retirement account at the age of 55. I was informed that the ... A: Yes, you can draw from your account due to the fact that you are turning 55 and am separated from ... | |
| converting an ira to a roth ira while being disabled | 2/21/2011 |
| Q: I am a 49 year old male who has been disabled for 4 years, drawing ss with no other income. I ... A: Your Welcome Kelly, No there are no additional taxes for a Roth conversion. Here's an example of ... | |
| converting an ira to a roth ira while being disabled | 2/21/2011 |
| Q: I am a 49 year old male who has been disabled for 4 years, drawing ss with no other income. I ... A: When you convert a traditional IRA to a Roth, any amount converted is treated as ordinary income. ... | |
| SSDI/early retirement | 2/4/2011 |
| Q: I have been disabled for some time and receiving socia security disability income, Is it correct ... A: I am not an expert on Social Security but in some of the cases I have seen, the Disability benefit ... | |
| Union Plan B distribution | 1/20/2011 |
| Q: My husband has not working for the union for over a year. He is now eligible to withdraw his Plan B ... A: I'm sorry it took me so long to get back to you but I've been extremely busy. I have not heard of ... | |
| 403b rollover to IRA while still employed | 1/15/2011 |
| Q: my wife has a 403b that has less than 1 percent returns. We would like to rollover this portion of ... A: Normally you can't rollover a 403b to an IRA while still at that employer. You could check with the ... | |
| Disability and early retirement payments | 1/13/2011 |
| Q: I am currently on Social Security disability. I have been since 2004 ..I am now eligible for ... A: If you take payments now it can effect your SSD because it will be considered income. Your best bet ... | |
| DEFINED BENEFIT PENSION PLAN | 1/4/2011 |
| Q: David, My wife will be eligible to receive a lump sum payment from her employer in December ... A: Normally a lump sum pension payment can be rolled over to an IRA to keep it's tax deferred status. ... | |
| Lump-sum distribution from non-qualified pension plan | 11/27/2010 |
| Q: I have a tax client who is receiving a very large lump-sum distribution from his company's ... A: Kathleen, Because the distribution is from a non-qualified plan it cannot be converted to a Roth ... | |
| Annuities, good or bad? Please help. | 11/26/2010 |
| Q: Sir, My scenario is that I am 59 ½ and have $400,000 in a 401K that I want to put in a more safe ... A: Terry, Sorry it took so long to get back to you. This is a fairly complicated answer and I haven't ... | |
| Annuities, good or bad? Please help. | 11/26/2010 |
| Q: Sir, My scenario is that I am 59 ½ and have $400,000 in a 401K that I want to put in a more safe ... A: Before I can get into the meat of your question. please answer me this; is the 401k you want to move ... | |
| Profit sharing distribution | 11/23/2010 |
| Q: I am losing my job. My employer has a profit sharing plan that I am 100 vested in. Seven days ago, ... A: Without knowing what it says in the plan document and what type of investment/investments are inside ... | |
| NYS Retirement Annuity | 11/22/2010 |
| Q: Briefly I was terminated from a school district after 15 years + have a vested annuity; because I ... A: Sorry to say that what they are telling is or can be correct. When you take a loan on a qualified ... | |
| Non qualified deferred compensation plan | 11/19/2010 |
| Q: So there is no options to avoid having a lump sum distribution taxed when you have to exit from a ... A: No, you can't roll non qualified money into a qualified account. However, you can make contributions ... | |
| Non qualified deferred compensation plan | 11/19/2010 |
| Q: So there is no options to avoid having a lump sum distribution taxed when you have to exit from a ... A: Because it is "non qualified" you cannot rollover to "qualified" account like an IRA to keep the tax ... | |
| guaranteed retirement income | 11/14/2010 |
| Q: We are 50 years old and are considering retirement in Panama in about 10-15 years. We need a ... A: You can easily rollover your IRA to an annuity, however, if you are still working for the company ... | |
| Conversion to Roth IRA | 11/11/2010 |
| Q: My wife and I each have a traditional IRA that we want to convert to Roth in 2010. We each also ... A: If you convert some of your trad IRA's to Roth, it will have no bearing on the taxation of the other ... | |
| From annuity to Ira, how? | 11/8/2010 |
| Q: When I left my former employer I transferred work IRA to an variable annuity. Now I annuitized the ... A: OK, now I understand Marja! You want to move the annuity funds into another IRA. As long as you do ... | |
| Contributions to 401k and SEP with top heavy 401k plan | 11/8/2010 |
| Q: In 2010 I will receive 1099 R for $14,000 for a 401k contribution in 2009 in a top heavy plan. I ... A: You have until April 15th 2011 to correct your excess contributions for 2010. You can certainly ... | |
| From annuity to Ira, how? | 11/7/2010 |
| Q: When I left my former employer I transferred work IRA to an variable annuity. Now I annuitized the ... A: I'm not quite clear on what you are asking. It sounds like you are receiving annuity payments from ... | |
| Retirement planning advice please | 10/15/2010 |
| Q: My wife and I are both 35 years old, 2 kids, and we both work part time. My wife bless her soul was ... A: A GMIB annuity would not be a good choice at this stage. Although it will guarantee you 5% growth on ... | |
| SSDI, Retirment account, Tax considerations | 10/13/2010 |
| Q: My goodness, aren't you convenient. I am 53 years old, unmarried and permanently disabled on SSDI. I ... A: Since you are disabled, you can avoid the 10% early withdrawal penalty on any withdrawals or ... | |
| 401K withdraw after termination | 10/5/2010 |
| Q: I was laid off and opted to take the 401K. It has been close to 60 days. Can I take that money and ... A: You have 60 days to rollover to an IRA. Make sure you do it within the 60 days. The IRS gives ... | |
| Used up IRA money after divorce | 10/3/2010 |
| Q: I married the woman who is now my wife at the very end of 2008. She got divorced in 2007 and was ... A: I'm sorry, I thought I answered this question a couple of days ago. Somehow it did not show up as ... | |
| Fixed Annuity | 10/2/2010 |
| Q: I have $80,000 in my 401K and last week my Broker suggested that I invest some of that money into an ... A: Sorry Martin, but I take my ratings very personally. I always try to give a great answer and ... | |
| SSDI and IRA withdrawal | 10/1/2010 |
| Q: I am on SS disability and I have money in a Roth IRA. I want to withdraw some money from my IRA. I ... A: Since Roth IRA funds have already been taxed, you would not have to pay taxes on amounts withdrawn. ... | |
| Fixed Annuity | 9/30/2010 |
| Q: I have $80,000 in my 401K and last week my Broker suggested that I invest some of that money into an ... A: If you are planning on using this money to draw a regular income in retirement, these can be a good ... | |
| ROTH IRA contributions | 9/28/2010 |
| Q: I am receiving Social Security Disability and my husband is receivng workers comp benefits this ... A: You have to have "earned income" to contribute to a Roth. SS Disability and workers comp are not ... | |
| Pension Rollover and SSDI | 9/22/2010 |
| Q: I need to rollover a former employer's pension plan because it's being terminated. Age: 52, on ... A: You can't "contribute" to a Roth IRA because of SSDI because you do not have any "earned income". ... | |
| 401k roll over with loan at retirement | 9/21/2010 |
| Q: I retired August 1st and opened a personal IRA with the local bank by rolling the balance of my ... A: Technically, you cannot repay the loan to the IRA since it was taken from your 401k and IRA's do not ... | |
| Can I liquidate a 457 plan. | 9/20/2010 |
| Q: Over the last 12 years I have lost over 10% of my contributions in my 457b plan. I want to cash out ... A: The ability to cash out your plan because of employer contributions would depend on your employer's ... | |
| Employer Money Purchase Plan | 9/10/2010 |
| Q: I work for a military contractor. I and all of my co-workers are retired military. Recently we ... A: Bill, thank you for the nice feedback! I am by no means an expert on money purchase plans as they ... | |
| Employer Mooney Purchase Plan | 9/9/2010 |
| Q: I work for a military contractor. I and all of my co-workers are retired military. Recently we ... A: Employer contributions to a money purchase program are mandatory each year regardless of whether the ... | |
| Pension | 9/7/2010 |
| Q: I am thinking about starting my pension at age 60. The pension plan only allows monthly payments, ... A: John, To contribute to a Roth you need to have "earned" income. If your pension payments are your ... | |
| Deferred Compensation Withdrawals | 9/3/2010 |
| Q: I am retiring next year and have a sizeable deferred comp plan with my employer. I elected the lump ... A: David, Sorry I couldn't get back to you sooner but I was away for the weekend. A "non-qualified" ... | |
| CD vs IRA CD | 9/2/2010 |
| Q: What are the advantages(s) of an IRA CD vs just normal CDs? It looks like one could earn just as ... A: An IRA/CD and a regular CD are the same thing only the account is deemed an IRA for tax purposes. So ... | |
| retirement investments | 9/2/2010 |
| Q: have 3K shares of tiaacreff varied mutual funds...wise to dump them into several 5 star troweprice ... A: Different fund companies have different strengths. One company may have great bond funds but poor ... | |
| retirement investments | 9/1/2010 |
| Q: have 3K shares of tiaacreff varied mutual funds...wise to dump them into several 5 star troweprice ... A: I can't really give specific investment advice in this forum but I'll give you some of my thoughts. ... | |
| SS restart | 8/30/2010 |
| Q: I am considering repaying social security payments received to-date and re-starting payments at age ... A: Generally speaking, if your full retirement age is 65 or 66, you would receive 75% of your full ... | |
| non qualified plan | 8/28/2010 |
| Q: I have a non qualified plan which is defined and unfunded. I am planning to leave my work and plan ... A: Chances are, you will not be able to roll this over to an IRA because it is "non-qualified." ... | |
| Deferred Compensation Withdrawals | 8/27/2010 |
| Q: I am retiring next year and have a sizeable deferred comp plan with my employer. I elected the lump ... A: As long as your deferred comp plan is "qualified" you can rollover to an IRA. Being that you haven't ... | |
| my annuity | 8/27/2010 |
| Q: I have approx. $75,000 in an annuitywith comerica bank. It does fluctuate with the market. Money ... A: Most likely, the contributions to this annuity were funded either by your union/employers, ... | |
| 401k Contributions | 8/20/2010 |
| Q: Unfortunately I got a later start in my career than an ordinary person. I'm 30 years old and I have ... A: I'm sorry I couldn't get to your question sooner but I was rushed to the hospital 3 days ago and ... | |
| IRA Rollover | 8/17/2010 |
| Q: I recently became widowed and was the sole beneficiary on my husband's IRA. I am moving the money ... A: I'm sorry to hear of your husband's passing. If you deposit the check in anything other than an IRA, ... | |
| Gifting from 403(b) retirement funds | 8/17/2010 |
| Q: If a person authorizes the 403(b) holder to make a gift directly to a charity from the 403(B) ... A: Naming a person as a beneficiary means that the assets would transfer upon death, so there is no way ... | |
| Gifting from 403(b) retirement funds | 8/16/2010 |
| Q: If a person authorizes the 403(b) holder to make a gift directly to a charity from the 403(B) ... A: This can be done under certain conditions such as if you were to gift the funds to a non-profit ... | |
| 401k withdrawal | 8/12/2010 |
| Q: I am 58 but my wife is 60. I am the employee contributing to the 401k. Can we make a withdrawal ... A: The rules for any qualified account (401k, IRA, etc) always pertain only to the account holder. So ... | |
| IRA Rollovers | 8/6/2010 |
| Q: I have a 401(k) from a previous employer, a SEP IRA from a previous employer, and a Traditional IRA. ... A: Yes, you can rollover all of these accounts into one IRA. A direct transfer is the preferred method ... | |
| withdrawal of 401k after terminated | 8/5/2010 |
| Q: I was terminated recently and am unable to find a job I need to withdraw my 401k from that ... A: Unfortunately there is no way you can take it without being taxed. There are ways to avoid the 10% ... | |
| open ira or pay off mortgage | 8/4/2010 |
| Q: Husband retiring at 50 Should we use 401K payout to open an ira or get penalized now or pay off ... A: Without more information, such as how much you owe on the house, how much it's worth, the value of ... | |
| Early Drop payouts | 8/4/2010 |
| Q: IRS publication 575 says that there is no 10% penalty after age 50 not 55 for Fire and Police for ... A: To the best of my knowledge this has been the case for quite some time and there have been no ... | |
| gmib with death benefit | 7/29/2010 |
| Q: I am approaching 70 1/2 next year with rmd requirements from my ira account. A salesman recommended ... A: While it's hard to give a definitive answer without more information, I really can't see the point ... | |
| 401k | 7/25/2010 |
| Q: the irs says for 2010 you can contribute 16,500 to your 401k. For some weird reason my company only ... A: Yes, $16,500 is the maximum the maximum IRS limit for 401k contributions, however, your employer can ... | |
| Self-Directed IRA for Real Estate | 7/21/2010 |
| Q: I am setting up an IRA to purchase unfinished condo. I know I'm prohibited in many ways: One is I ... A: Your welcome Michael! I don't see where you'd have a problem doing that if you were not to receive ... | |
| Self-Directed IRA for Real Estate | 7/20/2010 |
| Q: I am setting up an IRA to purchase unfinished condo. I know I'm prohibited in many ways: One is I ... A: There are some grey areas in regards to self directed IRA's that are open to interpretation. ... | |
| how to get paid on a defined benefit pension plan | 7/4/2010 |
| Q: David, I stopped working for my company 2 years ago after 11 years of employment. I have a defined ... A: Sorry to hear about your predicament. If this pension is guaranteed in writing than they owe you the ... | |
| IRA To 403B | 7/2/2010 |
| Q: If a teacher is 55 yrs. old and still teaching, can she rollover an existing IRA to a newly ... A: Generally 403b's are rolled over to IRA's when one leaves a job and not vice verse. While a 403b may ... | |
| After tax rollover | 6/30/2010 |
| Q: Two questions: 1. When you roll a 401k to a IRA, can you take the after tax monies out and place ... A: 1. It sounds like you have both pre tax and post tax funds in your account. If that is the case you ... | |
| IRA questions | 6/28/2010 |
| Q: I am 26, and have no employer based retirement system other than Social Security. I want to open ... A: I wouldn't recommend that you open any type of tax deferred account at all. If you contribute money ... | |
| Paying off a 401K loan with another 401K funds | 6/26/2010 |
| Q: My husband took a 35K loan from his current employee 401k account in 2008 at the age of 61 for a ... A: Being that your husband is over age 59 1/2, he won't face any penalties if he were to withdraw funds ... | |
| TD Ameritrade | 6/23/2010 |
| Q: David, I am 53 yrs old and will soon have approx $90k from a former employer that I would like to ... A: I think ultimately you will have to ask your self a few questions. How important are investment ... | |
| IRA mistake | 6/16/2010 |
| Q: At the end of '08, I decided to send a maturing IRA CD from the bank it was in to my credit union ... A: This is a very unfortunate situation and it sounds like someone at you credit union made a huge ... | |
| 401K rollover after age 72 | 6/14/2010 |
| Q: I am 72 & retired 2 weeks ago. Do I have to rollover my 250,000 into an IRA to avoid paying the IRS ... A: Congratulations on you retirement! All you need to do is open your CD's as an IRA and you won't have ... | |
| 457 Plan and Jan 2011 tax increase | 6/12/2010 |
| Q: I am a retired public employee with a 457 Plan with Hartford. What do I do now that the taxes will ... A: I'm sure taxes will go up but I don't know how much yet. However, you really can't count on a future ... | |
| Defined Benefit Non-contributory Pension | 6/11/2010 |
| Q: Can a pension that was in payout be stopped, then resumed and what are the implications? The ... A: This would most likely be dictated by the language in the plan document of the original company as ... | |
| Gold Investment Accounts | 5/28/2010 |
| Q: Is investing in gold a good and safe investment decision? I see advertisements regarding gold ... A: I'm sorry I couldn't get to your question earlier. I've been away and forgot to apply my vacation ... | |
| inflation index annuity | 5/21/2010 |
| Q: i would like to know how inflation index annuity calculated? is there a fomular/example availabe? ... A: An inflation indexed annuity is a type of single premium immediate annuity. This means that you ... | |
| 401K money and long term care insurance | 5/11/2010 |
| Q: My parents have been told that they cannot be forced to use the money in their 401K to pay for long ... A: It is my understanding that if your parents required long term care they would be forced to "spend ... | |
| Immediate Annuity | 4/23/2010 |
| 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: I think a conflict of interest could exist if you were dealing with an agent who only sold the ... | |
| dividing 401k after divorce and post 911 non-penalty | 4/9/2010 |
| Q: As part of our divorce, my x-husband and I are splitting our 401k accounts. I read that if it was ... A: I'm sorry to hear about your divorce. I'm assuming that the total of your 401k accounts will be ... | |
| RMD and non tax deferred IRA | 4/4/2010 |
| Q: I have $280K in a Thrift Savings Plan account (I'm retired from US Govt) and $100K (total) among ... A: Any amount over your cost basis is taxable. The cost basis is the amount you contributed that was ... | |
| RMD and non tax deferred IRA | 4/3/2010 |
| Q: I have $280K in a Thrift Savings Plan account (I'm retired from US Govt) and $100K (total) among ... A: When you have more than one IRA you can add the total together and just take distributions from one ... | |
| Pension Fund | 4/1/2010 |
| Q: I am a musician, age 60, and the Musicians Union Local 47 has a Pension Fund which has just gone ... A: I'm actually a former professional musician myself! I can tell you from experience that most ... | |
| capital loss on distribution for non-qualified plan | 3/22/2010 |
| Q: David, I was terminated from my job last year (2009) and my funds in the non-qualified deferred ... A: I can only speak of US plans but I imagine the rule on this would be similar in Canada. Since your ... | |
| Can I collect Social Security outside the states? | 3/21/2010 |
| Q: Sir: Simple question, I don't know anyone who lives out of the country that I can ask. Is it ... A: I just saw your question in the question pool. Yes, you can collect SS if you live in most other ... | |
| Traditional IRA contribution | 3/21/2010 |
| Q: I am covered by a defined benefit plan where I work. However, the plan has been frozen for the past ... A: The rules state that if you are an active participant in an employer sponsored plan that there are ... | |
| IRA Contribution | 3/16/2010 |
| Q: If I am collecting a pension and still working, and my wife is collecting Social Security, can I ... A: As long as you have "earned income" it does not matter whether you are collecting SS or a pension to ... | |
| IRA | 3/14/2010 |
| Q: My wife and I (49 and 55) are at the point where we have maxed out our 401K and Roth IRA. Is there ... A: I would absolutely look into getting some high cash value life insurance. If set up properly using ... | |
| social security...no income after age 59 | 3/12/2010 |
| Q: First hi. I hope I'm asking the right person, please forgive me if I'm not. I lost my job at age ... A: Sorry to hear about your job loss. How much this would effect your SS income would depend on several ... | |
| beneficiary | 3/12/2010 |
| Q: My wife died, we were divorced but I was the beneficiary on her half of the 401k, can I roll it into ... A: I'm sorry for your loss. You do not need to cash out this account, however you cannot roll these ... | |
| 457 rollover | 3/11/2010 |
| Q: I am currently a city employee in Ohio, enrolled in the Ohio plan.I would like to move this money to ... A: Unfortunately, you cannot rollover a 457 plan to an IRA. They can only be rolled over to another 457 ... | |
| SSdisability 401K | 3/10/2010 |
| Q: Iannopollo, I am disabled since 2006. I was "awarded" SSdisability 2/2009 retro to 2006. I know ... A: I am sorry to hear of your disability. First you must consider if it is a wise move to withdraw any ... | |
| i've made roth ira contributions while on disability | 3/7/2010 |
| Q: On this web site, I saw posted the following"I am on social security disability and would like to ... A: While you may not make Roth contributions if you don't have earned income, you can still contribute ... | |
| rollover | 3/1/2010 |
| Q: I withdrew funds from my PERS 1 retirement plan about 10 years ago. I now work for a city where I ... A: Ownership of a qualified account (IRA,401k, PERS account, etc.) cannot be transferred for the ... | |
| rollover to my daughter? | 2/28/2010 |
| Q: I am currently unemployed and going through a divorce. I presently have about $92,000 in my 403(b) ... A: You cannot transfer ownership of a qualified (401k,403b, IRA, etc.)account. They can only keep their ... | |
| roll-over 401 to sep | 2/26/2010 |
| Q: my wife retired from the school system where she had a 401k. now she is self employed doing contract ... A: A SEP is basically an IRA with a higher contribution limit. She can rollover her 401k into it and ... | |
| lump sum distribution | 2/24/2010 |
| Q: I received a lump sum distribution from my employer after retirement and did not know I could have ... A: As long as you are still working and have earned income you can contribute to an IRA which will ... | |
| 401k distribution after 59 1/2 but not retired | 2/19/2010 |
| Q: I am 59 1/2 and still working for the State of California. I have no hardship. May I withdraw, lump ... A: Since you are over 59 1/2 you cannot be charged an early withdrawal penalty. The question here is ... | |
| Roth IRA / Online Trading | 2/7/2010 |
| Q: In 2009 I rolled over a 401k into a Roth IRA with an online trading company. I have been buying and ... A: Yes, you are correct. Since gains are tax free, losses are not deductible. This feature does make a ... | |
| followup re 401ks and IRAs | 1/25/2010 |
| Q: I have a retirement savings plan with my employer of 33 years, ExxonMobil. I would like to satisfy ... A: I do not believe that your 401k can be rolled over to a stretch IRA after your death. I believe the ... | |
| inherited ira rollover | 1/25/2010 |
| Q: David, I contribute the 5,000 max to a roth ira. I recently recieved an inherited traditional ira ... A: If this IRA were inherited from a spouse, you would be able to rollover the IRA as your own and even ... | |
| RMDs under a 404(c) Erisa retirement | 1/24/2010 |
| Q: I have a retirement savings plan with my employer of 33 years, ExxonMobil. I would like to satisfy ... A: While your logic is sound, I do not believe these reasons are compelling enough to leave your funds ... | |
| Student Loans and financial planning | 1/22/2010 |
| Q: I recently graduated from my masters program about 6 months ago and I have also now been working ... A: Depending on the interest rates you are paying, it would probably be wisest to pay off the loans ... | |
| asset management | 1/21/2010 |
| Q: My wife and I are nearly sixty. I am the sole wage earner. My wife is totally disabled and receives ... A: I'm sorry to hear of the wrongful death which must have occurred in your family. You are wise to ... | |
| Rolling over pension to a ROTH IRA | 1/21/2010 |
| Q: I have around $2200 in a pension fund from my company that I am not vested in and since they have ... A: How you are taxed will depend on whether the account was funded by pre-tax or after tax money. If ... | |
| Emerging markets? | 1/16/2010 |
| Q: David I picked wisely a few years ago when I changed the majority of my mutual funds to Asian ... A: Since you are an aggressive investor, you would probably want to own some emerging market funds. ... | |
| RMDs under a 404(c) Erisa retirement | 1/13/2010 |
| Q: I have a retirement savings plan with my employer of 33 years, ExxonMobil. I would like to satisfy ... A: Generally, you can aggregate multiple accounts of the same type, for example IRA's, and take the ... | |
| Social Security Disability and Roth IRA | 1/11/2010 |
| Q: I am receiving Social Security Disablity and have no other source of income. However, my spouse ... A: Your spouse can open a "spousal IRA" for you which will allow him to contribute the maximum amount ... | |
| Roth IRA | 1/7/2010 |
| Q: I opened a Roth IRA Acct at the end of 2009, but did not fund it or invest as I heard the end of the ... A: I don't know why the end of the year would be a bad time to invest because of capital gains. A Roth ... | |
| 401K Loan default | 1/7/2010 |
| Q: I had a $10,000 401K loan. The loan repayment due date was Mar 2010. I was mistakenly under the ... A: Without knowing the terms of the loan agreement it is hard for me to give you a clear answer. ... | |
| Retirement investment | 12/28/2009 |
| Q: What is a save but high yielding investment that you can recommend over the long term. I have ... A: If you are looking for no risk of principal and the ability to earn more interest than a CD, money ... | |
| sip with met | 12/22/2009 |
| Q: i have an sip with met life, am nearing age 70 i would like to know if i can roll it into a roth ... A: I think you are referring to a SEP or "simplified employee pension". Yes you can do a Roth ... | |
| 401k seperation of service withdrawal | 12/18/2009 |
| Q: Dave, I was recently furloughed, but my company offered a "special leave of absence" being I am age ... A: As long as 2011 is considered the year you are retiring or "separated from service" you can take ... | |
| account information | 12/15/2009 |
| Q: How do I find my 401k account from 2001 without my account nuumber? A: As long as you know the company the account was with you should have no problem. You can call them ... | |
| Help | 12/3/2009 |
| Q: I recently took my 401K from my previous employer, I had an existing loan of 10,000 so the taxes ... A: Obviously, I cannot tell you what is a right or wrong answer for you so let's look at the financial ... | |
| IRA withdrawal to pay bills | 12/2/2009 |
| Q: My mother is retired and has mounting bills. She asked me if she should withdraw money from her IRA ... A: As long as your Mom is over age 59 1/2 she can indeed take penalty free withdrawals from her IRA. If ... | |
| IRA's | 12/1/2009 |
| Q: I am 26 years old, and want to open a ROTH IRA. My question is, what do I need to know? Can I ... A: Your very welcome Brian! Technically, you will open an account with your investments already ... | |
| IRA's | 12/1/2009 |
| Q: I am 26 years old, and want to open a ROTH IRA. My question is, what do I need to know? Can I ... A: A Roth IRA can be invested in pretty much anything you like (stocks, bonds, mutual funds, CD's, ... | |
| Pension freeze | 11/28/2009 |
| Q: As of 12/31/09 my company is freezing our pension and discontinuing contributions. I am 56yrs and 2 ... A: I really don't understand what your question is but I will offer you some thoughts. First off, ... | |
| Partial withdrawal from variable annuity | 11/23/2009 |
| Q: I am anticipating my taxable income will be lower this year therefore I am considering a partial ... A: Unless this annuity is in an IRA or other "qualified" retirement account, you will be subject to the ... | |
| Tax Question on IRA Roll-Over | 11/23/2009 |
| Q: I was wondering if there is any loss of tax deductability characteristics or any potential ... A: Your welcome Matt, Keep in mind that whether the funds are in a profit sharing plan or an IRA that ... | |
| Tax Question on IRA Roll-Over | 11/23/2009 |
| Q: I was wondering if there is any loss of tax deductability characteristics or any potential ... A: If you rollover these accounts, you will not lose any tax deductability or face any taxation at this ... | |
| 401K withdrawal due to Seperation of Service | 11/18/2009 |
| 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 ... | |
| Retirement planning with 3rd party sick pay | 11/13/2009 |
| 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 ... | |
| Immediate Annuity | 11/13/2009 |
| 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 ... | |
| Immediate Annuity | 11/10/2009 |
| 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 ... | |
| Early Retirement | 11/6/2009 |
| 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. ... | |
| Roll over into real estate | 11/4/2009 |
| 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 ... | |
| 401b | 10/26/2009 |
| 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 ... | |
| excess roth IRA contribution | 10/22/2009 |
| 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 ... | |
| 401K rollover to IRA | 10/21/2009 |
| 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 ... | |
| 401k aftertax rollover into Roth IRA | 10/20/2009 |
| 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 ... | |
| 403B to IRA | 10/8/2009 |
| 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 ... | |
| 403 B early withdrawal | 10/6/2009 |
| 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 ... | |
| 401k over-funded for 2009 | 10/1/2009 |
| 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 ... | |
| parent's gifts | 10/1/2009 |
| 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. ... | |
| Full Withdrawal of IRA at 87 years old | 9/28/2009 |
| 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, ... | |
| retirement | 9/28/2009 |
| Q: hello mr david havent talk to you in a while and i have 750 dollars to invest every month what is ... A: Good to hear from you again. I hope you are well! I would recommend that you put this money into a ... | |
| IRA vs. CD or What? | 9/25/2009 |
| Q: I'm 62, married and receive $16,800 in annual retirement benefits. I have $10,000 in savings and ... A: This is a good question and one that many retirees are asking nowadays. Being that interest rates ... | |
| TIAA-CREF | 9/18/2009 |
| Q: I am a non-traditional student who is now in nursing school. The program is rigorous and it is ... A: Actually, they may be right depending on the plan you are in. Retirement plans can have different ... | |
| protecting asset | 9/6/2009 |
| Q: My mother is elderly and has just come into some money for the first time in her life, and because ... A: This is a very good question. Since there is a "look back period" on assets that are passed to ... | |
| morgage | 8/31/2009 |
| Q: i am retired. thanks to the economy, my life savings is 200,000 dollars. we owe 100,000 dollars on ... A: Without more information it's hard to say, but I can give you a few things to consider: Can the ... | |
| defined benefit plan early withdrawal | 8/26/2009 |
| Q: I am vested in a defined benefit program. The company is changing their plan to Prudential as we ... A: I'm sorry to hear of your disability. Since you are on SS disability, you should qualify for any ... | |
| IRA Real Estate Rollover | 8/26/2009 |
| Q: I own a piece of real estate that I puchased 5 years ago with my self directed profit sharing plan. ... A: Holding real estate inside of IRA's is not an area of expertise for me so I really can't steer you ... | |
| IRA Real Estate Rollover | 8/25/2009 |
| Q: I own a piece of real estate that I puchased 5 years ago with my self directed profit sharing plan. ... A: Yes, it is permissible to own real estate in a Roth IRA and in your case it may make sense to do a ... | |
| 401k withdrawal | 8/21/2009 |
| Q: I was recently laid-off. I am to turn 54 in '09. Need money to pay bills - should I take money from ... A: Sorry to hear of your situation. I belive when you mention waiting until 2010 to avoid penalty you ... | |
| Bank On Yourself | 8/21/2009 |
| Q: Have you ever heard of Bank on Yourself? Your advice about dividend paying whole life sounds like ... A: Your welcome Chris, The best way to take your cash value as retirement income is to take loans which ... | |
| Bank On Yourself | 8/20/2009 |
| Q: Have you ever heard of Bank on Yourself? Your advice about dividend paying whole life sounds like ... A: Yes, I am very familiar with the Bank on Yourself concept which is based on the book "Becoming Your ... | |
| Planning for future | 8/15/2009 |
| Q: I am 20 years old from Afghanistan and i am planning to come to US in late august, I would like to ... A: This is a very complex question to anser in a forum such as this but I will try to offer a few tips. ... | |
| retirement /403B | 8/14/2009 |
| Q: I was reading your response to the women who is trying to shelter some of her earning income by ... A: Contributing to a qualified tax deferred vehicle such as a 403b or a traditional IRA does reduce ... | |
| LTI | 8/14/2009 |
| Q: Given the following scenario, would you advise the purchase of long term care insurance? Husband ... A: Due to the number of variable involved and not just a risk management perspective, it's really a ... | |
| LTI | 8/13/2009 |
| Q: Given the following scenario, would you advise the purchase of long term care insurance? Husband ... A: Your welcome. I don't really like to give "one size fits all" answers. In LTCI case, there are many ... | |
| LTI | 8/13/2009 |
| Q: Given the following scenario, would you advise the purchase of long term care insurance? Husband ... A: They have enough assets to where it would be more than worth their while to purchase LTC policies ... | |
| Whole Life for retirment / judgment proof? | 8/9/2009 |
| Q: Good Morning David, I'm working with a company on a whole life policy to supplement my retirement. ... A: Cash values inside of a life insurance policy cannot be attached by creditors. It doesn't matter ... | |
| retirement fund | 8/8/2009 |
| Q: In two years when I am 60, I will start receiving monthly pension fund payments from a city govt. ... A: Since all pensions are different, there's no way for me to give you a definite answer. Check with ... | |
| ROTH IRA | 7/31/2009 |
| Q: I have a roth IRA account for 5 years and used to make my contribution around the April 15th of ... A: I think your question would probably be better answered by an accountant since they deal with IRS ... | |
| Enroll in 401(b) or rollover to IRA | 7/30/2009 |
| Q: In 2003 I retired at 55 yrs old from a school after 15 yrs of service. At that time they offered a ... A: A 403b is much like a 401k. They are for non profit organizations, schools, hospitals, etc. They can ... | |
| Freedom 55 | 7/29/2009 |
| Q: If you dont mind I would like to tell you about my situation and see if you could offer any ... A: If you rent the house out and the rent covers a substantial part of the upkeep of the property ... | |
| Risk of leaving ERISA plan in IRA conversion | 7/28/2009 |
| Q: My former employer has announced that it must begin charging a 0.25% annual fee for recordkeeping in ... A: An IRA is not protected by ERISA but may offer protection depending on the state you live in. The ... | |
| Layoff and IRA | 7/24/2009 |
| Q: What happens after age 59 1/2??? I have a similar predicament as a previous person's question. ... A: You will avoid the 10% early withdrawal penalty as you are over 59 1/2, however, you will be taxed ... | |
| Early Retirement/IRA distribution | 7/23/2009 |
| Q: I am currently 44 years old. I have been with my company over 20 years. My company is offering ... A: You can get a distribution from your 401k but you will owe taxes plus a 10% early withdrawal penalty ... | |
| SEP IRA | 7/20/2009 |
| Q: I have setup aside money for my Sep IRA with BOA but I have not pick a mutual fund or variable ... A: Deciding which investment to choose can depend on many different factors such as how much you are ... | |
| Variable Annuity | 7/16/2009 |
| Q: I'm 62 (plan to work to 66) and a financial advisor has advised me to place the majority of my 401K ... A: I really like these products when used in the right context. In all fairness to your advisor, they ... | |
| Variable Annuity | 7/16/2009 |
| Q: I'm 62 (plan to work to 66) and a financial advisor has advised me to place the majority of my 401K ... A: Without knowing the particulars of this annuity it's hard to say because these types of annuities ... | |
| 401k/pension rollover to Rollover or Roth IRA | 7/15/2009 |
| Q: I am 27 years old and was recently laid off. I am eligible to receive my pension funds as a lump ... A: Sorry to hear about your layoff. What you can do is rollover your funds to a traditional IRA and ... | |
| Inheritance issues | 7/8/2009 |
| Q: compare benefits of gifts before death vs. inheritance A: An individual is only allowed to give another individual $13k per year as a gift without incurring ... | |
| IRA VS MONEY MARKET | 7/1/2009 |
| 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 ... | |
| Divorce and IRA | 7/1/2009 |
| 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 ... | |
| savings/retirement | 6/27/2009 |
| 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 ... | |
| cash out my state retirement account | 6/23/2009 |
| 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 ... | |
| 403k | 6/22/2009 |
| 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 ... | |
| Required IRA distribution | 6/19/2009 |
| 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 ... | |
| 401k roll over. | 6/18/2009 |
| 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 ... | |
| SEP rolled to 401K | 6/14/2009 |
| 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 ... | |
| Convert IRA/401K to ROTH | 6/12/2009 |
| 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 ... | |
| rollover to Roth from IRA | 6/12/2009 |
| 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 ... | |
| 403b rollover | 6/11/2009 |
| 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 ... | |
| esop rollover | 6/9/2009 |
| 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 ... | |
| Changing social security from self to husband's | 6/8/2009 |
| 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 ... | |
| IRA withdrawls and social security effect | 6/5/2009 |
| 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 ... | |
| qdro hardship withdrawal | 6/4/2009 |
| 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 ... | |
| qdro hardship withdrawal | 6/4/2009 |
| 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 ... | |
| 401k rollover to IRA to purchase first home | 6/4/2009 |
| 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 ... | |
| Rolling a pension into a IRA | 6/1/2009 |
| 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 ... | |
| 403b rollover | 5/29/2009 |
| 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 ... | |
| Ira vs Ira rollover | 5/28/2009 |
| 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 ... | |
| prevoius employer 401k to purchase first home | 5/27/2009 |
| 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 ... | |
| social security income | 5/25/2009 |
| 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 ... | |
| Traditional IRA Disbursement question | 5/23/2009 |
| 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: Taking the "interest only" is the same as taking any other IRA withdrawal. As long as you are over ... | |
| whole life | 5/16/2009 |
| Q: I have heard conflicting views on whole life policies as a way to use as a retirement vehicle. ... A: Your welcome Hank, What I mean is that your non-guaranteed cash value should be about equal to your ... | |
| whole life | 5/16/2009 |
| Q: I have heard conflicting views on whole life policies as a way to use as a retirement vehicle. ... A: Hank, It doesn't sound like your plan is structured properly. To use whole life as a retirement ... | |
| whole life | 5/16/2009 |
| Q: I have heard conflicting views on whole life policies as a way to use as a retirement vehicle. ... A: No, you are not crazy Hank! In fact just the opposite. Properly structured whole life from the right ... | |
| Pensions from prior employer | 5/12/2009 |
| Q: My husband and I both worked for the same employer in the past and have today been sent pension ... A: You can certainly rollover your pensions to an IRA and invest in just about anything you like ... | |
| roth ira contributions | 5/5/2009 |
| Q: I currently contribute to a 401k at work. Does this affect the contribution limits on a roth ... A: Yes, if you have held your Roth for at least five years and have reached age 59 1/2 have you can ... | |
| 403b transfer to IRA while still working. | 5/4/2009 |
| Q: My wife works at a hospital and has a 403b with Mass Mutual. We also have our traditional IRAs, ... A: Turning 59 1/2 will not necessarily mean that she can rollover her funds to her IRA. 59 1/2 is the ... | |
| Frozen Pension Plan | 5/4/2009 |
| Q: My husband works for a company who offered a pension plan that was "frozen" in (meaning no ... A: Your welcome Sheila, When an employer offers a retirement plan they assume fiduciary responsibility ... | |
| Frozen Pension Plan | 5/1/2009 |
| Q: My husband works for a company who offered a pension plan that was "frozen" in (meaning no ... A: What you need to know is if the pension plan allows rollovers or not. This language will be ... | |
| Retirement CD | 4/28/2009 |
| Q: I am once again at roll over time with my 13 month retirement CD. However, WA Mutual will no longer ... A: It sounds like your CD is in an IRA meaning that you have been making tax deductible contributions ... | |
| WA State employees PERS retirement | 4/23/2009 |
| Q: I withdrew my funds from PERS 1 retirement about 10 years ago after contributing for about 10 years. ... A: Yes it does seem like a better option but unfortunately it is not possible. A qualified account ... | |
| 401K distribution | 4/23/2009 |
| Q: My husband recently got laid off. He will be 61 in June. His employer is telling him he cannot ... A: Unfortunately, our husband's employer may be right depending on the rules of the 401k that would be ... | |
| Rollovers | 4/22/2009 |
| Q: My husband works for the state of south carolina, and has retirement through SCRS. I wanted to ... A: Yes, you can rollover to an annuity. An IRA is just a type of account and not an actual investment. ... | |
| 401k loan default at age 60 | 4/21/2009 |
| Q: I took out a 401k loan two years ago to buy some land. I have been paying it back. I am now 60 ... A: If you are still working for this employer then chances are you can't stop the loan payments from ... | |
| Pension Rollover | 4/20/2009 |
| Q: Shortly, I will be receiving a lump sum payment for my contributions and interest from my pension ... A: In the example I used, 30% of you account is taxable. So 30% of any amount you withdraw will be ... | |
| deferred comp | 4/20/2009 |
| Q: My wife and I are both county fire dept employees and both contribute to a deferred comp 457(b)plan. ... A: Naturally, it's hard for me to give specific advice without knowing more about you and your ... | |
| Pension Rollover | 4/20/2009 |
| Q: Shortly, I will be receiving a lump sum payment for my contributions and interest from my pension ... A: Your welcome! If you funded this pension with after tax funds (you've already paid tax on them), ... | |
| deferred comp | 4/20/2009 |
| Q: My wife and I are both county fire dept employees and both contribute to a deferred comp 457(b)plan. ... A: Government 457-b plans are subject to income tax upon withdrawal but are not subject to the 10% ... | |
| Pension Rollover | 4/20/2009 |
| Q: Shortly, I will be receiving a lump sum payment for my contributions and interest from my pension ... A: Yes, you should be able to rollover you pension to an IRA unless there is something in the plan that ... | |
| 401k 'recatagorization'? | 4/17/2009 |
| Q: Early 2007 I contributed my $4,000 limit into a traditional 401k while I was unemployed, with the ... A: Whether you were employed or not shouldn't make a difference as to whether your contribution is tax ... | |
| IRA rolled over to an indexed annuity | 4/16/2009 |
| Q: after age 72 (which I am) and I want to roll my IRA into an equity indexed annuity, must I still ... A: An IRA is not an actual investment but a set of guidelines set forth by the IRS for taxation ... | |
| Thrift Savings Plan | 4/14/2009 |
| Q: I will retire from the Post Office next year at age 55 with 35 years in which I will receive a ... A: I apologize for not being able to get to your question sooner but I have been very busy with the tax ... | |
| IRA contributions | 4/13/2009 |
| Q: Suppose I am unemployed for a calendar year and have no wages, but only $1000 in unemployment ... A: You have to have earned income to contribute to an IRA. Dividends, unemployment benefits and ... | |
| Rollover | 4/13/2009 |
| Q: I am a teacher and I want to buy some years. I would like to use the money I have in my 403b and my ... A: Your rollover options are the same for a 401k as for a 403b. However, using your 401k and 403b funds ... | |
| Profit sharing account | 4/9/2009 |
| Q: I was let go at a company where I was not fully vested. They did not give me an option to withdraw ... A: There are several interesting points that arise from your question. First off, I don't see how the ... | |
| 401k withdrawal (ohio) and unemp. | 4/9/2009 |
| Q: I wrote you earlier on drawing umemp. and withdrawing 401K. The ruling from unemp. is if you take ... A: No, it doesn't seem right but technically, withdrawals from your 401k are considered earned income ... | |
| 401k withdrawal | 4/8/2009 |
| Q: Female 55 yrs old. Terminated from private employment after 9 years 9-08. Attempted to withdraw ... A: No problem Nancy. I am not an expert on unemployment insurance but I would guess that they are ... | |
| 401k withdrawal | 4/7/2009 |
| Q: Female 55 yrs old. Terminated from private employment after 9 years 9-08. Attempted to withdraw ... A: Your very welcome Nancy! Withdrawing funds from your 401k will have no bearing on your ability to ... | |
| 401k withdrawal | 4/6/2009 |
| Q: Female 55 yrs old. Terminated from private employment after 9 years 9-08. Attempted to withdraw ... A: Unless the plan document specifically states that you cannot take a withdrawal, you should be able ... | |
| Roth Conversion | 4/1/2009 |
| Q: I have been making too much to have a Roth IRA (but have a Roth 401K at work now). In 2006 I ... A: That would be nice but unfortunately you won't be able to contribute to it and the income exemption ... | |
| 2010 IRA > Roth conversion? | 3/31/2009 |
| Q: I am 65, retired, and not taking SS yet. I have income of ~30k/year from real estate but spend ... A: This is kind of a complex question for this forum but I see your predicament. If you had to use the ... | |
| 401K | 3/30/2009 |
| Q: I'm 57 1/2, just lost my job and I need to do something with my 401K. I'm told a rollover IRA is ... A: Yes, it is best to rollover your 401k into an IRA. This allows you to invest it as you choose and ... | |
| IRA CD | 3/25/2009 |
| Q: What is the main difference between a CD and an IRA CD? What are the advantages/disadvantages? Is ... A: Your welcome Brian! You can go to a bank to open an IRA but I would probably recommend that. I think ... | |
| IRA CD | 3/24/2009 |
| Q: What is the main difference between a CD and an IRA CD? What are the advantages/disadvantages? Is ... A: There really is no difference except for the rule regarding taxation. An IRA CD is just a CD that is ... | |
| Pension rollover to IRA | 3/22/2009 |
| Q: Can her monthly pension be set up to rollover directly to an IRA, and thus not be taxable at this ... A: If her pension allows for lump sum distributions in lieu of monthly payments then it can be done. ... | |
| roth to 401k | 3/22/2009 |
| Q: I have a roth which is losing about $100 a month. Bal.$3500 and I think I should move it to my 401K. ... A: Being that a Roth is funded with after tax dollars and qualified withdrawals are tax free whereas a ... | |
| IRA Distribution/Roth IRA | 3/16/2009 |
| Q: If I close my IRA account and roll it over into an Equity Indexed Annuity in a Roth IRA instead, can ... A: First off, do not close your IRA because there is a good chance that the IRS could treat it as a ... | |
| pension and profit sharing | 3/14/2009 |
| Q: I was released from my job back in 2006. I was fully vested in a profit sharing and pension plan. I ... A: Sorry to hear of your predicament. Unfortunately when it comes to defined benefit pensions the rule ... | |
| Supplemental security Income SSI | 3/14/2009 |
| Q: I thought but correct me if i am wrong but i thought there were certain accounts like money market ... A: The interest on Money Market accounts and CD's count as taxable income. This is why you would ... | |
| profit sharing | 3/12/2009 |
| Q: My husband passed away on 2/23/09 at the age of 56. I am 47. He has a profit sharing plan at work ... A: I'm so sorry for your loss. You can rollover the profit sharing into an IRA for yourself. Make sure ... | |
| 401K | 3/11/2009 |
| Q: I am retiring in the next month and have about $205,000 in a 401K that I would like to rollover ... A: Congratulations on your retirement! Since your 401k is a tax deferred account, you would have to ... | |
| Excess Roth IRA Contribution | 3/10/2009 |
| Q: I have contributed to my 2008 year ROTH IRA over the course of the year to help with the dollar cost ... A: Michael. What the account value is now will have no bearing because we are talking about ... | |
| Excess Roth IRA Contribution | 3/10/2009 |
| Q: I have contributed to my 2008 year ROTH IRA over the course of the year to help with the dollar cost ... A: You would owe the 6% tax every year until the excess contribution amount was removed if you left the ... | |
| Roth IRA income limit? | 3/9/2009 |
| Q: I'm 47, and I have a Roth IRA I opened long ago, when I was working for a company that didn't have ... A: The 2008 income limit for a Roth IRA is $100k single filer and $160k married filing jointly so you ... | |
| 401k Loan | 3/8/2009 |
| Q: My husband and I took out a first time home buyers loan against my husband's 401k. We recently when ... A: Unfortunately, they are correct. If the loan is not repaid (usually within 60 days) it will be ... | |
| Purchasing Service Time | 3/6/2009 |
| Q: Mr.Iannopollo, I have 4.75 years I could purchase service time back towards retirement from a State ... A: Without knowing how much the additional service time would increase your pension benefits I can't ... | |
| SEP vs Roth | 3/3/2009 |
| Q: My company gives us a SEP check each year. Another employee told me that her financial advisor put ... A: A SEP is a tax deferred account using pre-tax funds. A Roth is funded with after tax dollars so ... | |
| Interest from Trad IRA deposited in Roth IRA? | 3/2/2009 |
| Q: I have a Note that contains the principal of my Traditional IRA. What are the consequences of ... A: I highly doubt that the company holding your investments would allow you to do this being that these ... | |
| 401K | 2/25/2009 |
| Q: I am a member of a plumbing union and I want to cash out my 401K. Since I am not of retirement age ... A: If your 401k is with the union then you would have to leave to cash out your 401k unless the 401k ... | |
| 401k | 2/24/2009 |
| Q: Can you default on a 401 k loan, the company I work for takes my payment for 401 k loan out of my ... A: It is possible to default on a 401k loan however it sounds like your company screwed up by not ... | |
| 401K 's and Profit-Sharing | 2/19/2009 |
| Q: Hypothetically, since a Company contributes to an employees "profit sharing" and NOT the employee as ... A: A profit sharing plan is the same as any other 401k in regards to the possibility of it tanking. ... | |
| early withdrawl of annuity and ssdi | 2/17/2009 |
| Q: i withdrew my annuity to pay some bills waiting for my disability to kick in now they want to tax ... A: Your going to be taxed on the funds you withdrew from the annuity whether you are disabled or not. ... | |
| pensions | 2/16/2009 |
| Q: "I understand or believe I understand once you retire and recevie your pension it is guaranteed and ... A: Unfortunately it is possible to lose your pension but it is less likely to occur once you start ... | |
| follow up | 2/16/2009 |
| Q: I tried to follow up your recent answer and wasn't able to get it to go through. I hope you can ... A: If you put your inheritance money in your 403b then you should have taken a tax deduction for the ... | |
| retirement | 2/15/2009 |
| Q: Iannopollo and since the economy is in the shapes its in whats the best thing to do now .My wife was ... A: At some point we hope the economy recovers, however we need to remember that these things can happen ... | |
| income taxes | 2/14/2009 |
| Q: I am a 61 year old female, who is legally divorced, and working full time. I took some inheritance ... A: I really don't have enough information to give you a good answer because it would depend on what ... | |
| IRA policy | 2/14/2009 |
| Q: My mom passed away many years ago and she had an IRA. My dad passed away recently and he was the ... A: My sincere sympathy for your loss. You have nothing to worry about if this is an IRA. The IRA will ... | |
| cashing out my 401k | 2/12/2009 |
| Q: I'm 57 and retired I have a good pension,also married 30 years.My question is with the threat of ... A: If you left the company you retired from after age 55, you should be able to access your funds ... | |
| Investments-Switching From Stocks/Bonds to C.D.s/Treasury Notes | 2/11/2009 |
| Q: I talk to my Mom once per week. She lives 3 hrs. away & is 89 years old. She has around three ... A: I guess my question would be is what is her goal for these funds? Income, capital preservation or ... | |
| 401k loan | 2/9/2009 |
| Q: I was terminated from job and I have 10,000.00 loan out on my 410k. i don't have the money to pay it ... A: You should get a 1099R form in the mail from your employer. If you were terminated in 2009, you ... | |
| keogh plan | 2/9/2009 |
| Q: My dad is 80, he had his own sole proprietor business, and has a keogh money purchase and profit ... A: If he is no longer working he would not be able to make new contributions to an IRA as you do have ... | |
| 401k loan | 2/9/2009 |
| Q: I was terminated from job and I have 10,000.00 loan out on my 410k. i don't have the money to pay it ... A: Unfortunately, when a person is terminated from an employer and has an outstanding 401k loan, the ... | |
| Reverse mortages | 2/6/2009 |
| Q: David, Assuming normal increases in real estate values, how old would a male, borrowing the maximum ... A: If one only has 50% equity in a home they would not qualify for a reverse mortagage. A reverse ... | |
| 403b distribution | 2/5/2009 |
| Q: I took a loan on a 403b in 2007 that my preparer did not claim on last year's taxes. How do I ... A: If you are still working for this employer from whose plan you took the loan from, you would not ... | |
| IRA | 2/5/2009 |
| Q: Just over a year ago, I opened an IRA with an aggressive risk tolerance and a “sales load of 5.49%.” ... A: The sales load is an upfront sales charge. You purchased what are called "A shares". Had you ... | |
| failed Roth, now what? | 2/5/2009 |
| Q: I just lost 40% of my Roth IRA investment! I'm 53 and that was all my savings. I'm thinking of ... A: If it's any comfort, you are not alone in your investment losses. If you just can't take the losses ... | |
| Roth conversion 2010 | 2/4/2009 |
| Q: Our AGI is too high to contribute or roll over to a roth IRA. since this rule is changing in 2010 ... A: This would be true if you were converting a single IRA that contained both pre tax and after tax ... | |
| Roth conversion 2010 | 2/4/2009 |
| Q: Our AGI is too high to contribute or roll over to a roth IRA. since this rule is changing in 2010 ... A: Starting a non deductible IRA to convert to a Roth in 2010 can be a good idea. If you do not ... | |
| Retirement | 2/4/2009 |
| Q: Our AGI is just over the limit so we can no longer contribute to a Roth or deductible IRA. My ... A: A high cash value life insurance contract would be an excellent choice. You would be able to put any ... | |
| Pay down mortgage or open 2008 IRA? | 1/31/2009 |
| Q: I have $10,000 and I can either open an IRA for myself and a spouse and receive more money back on ... A: Without more information I really can't give you a definitive answer. Paying off a mortgage early ... | |
| Retirement money rolled over to a 401K | 1/30/2009 |
| Q: I left employment with a county government agency after 1 1/2 years. I had about $5,00 in a ... A: It sounds like this somehow got reported as a distribution. Since you never received a check for the ... | |
| roth ira | 1/29/2009 |
| Q: i withdrew 2122.oo from a roth ira which has been open since 2001 i made over the year 1908.00 in ... A: If you made $1908 in contributions and the interest earned on the account was $214 you would only ... | |
| 401k distribution and disability | 1/29/2009 |
| Q: I am 43 years old and currently on Social Security disability due to a double leg amputation. I ... A: I'm sorry to hear of your disability but it sounds like you are handling it well if you are worried ... | |
| Retirement money rolled over to a 401K | 1/29/2009 |
| Q: I left employment with a county government agency after 1 1/2 years. I had about $5,00 in a ... A: Normally a rollover to another retirement account is non taxable and will not be included as income. ... | |
| ROTH and disability. | 1/29/2009 |
| Q: I hope this question isn't too basic for this forum. If I ever went on permanent social security ... A: No question is too basic and it's always wise to ask beforehand. Any qualified accounts (IRA's ... | |
| retirement iras | 1/28/2009 |
| Q: Over the past 30 years I have put a portion of my income aside in IRA's for retirement. During this ... A: I'm truly sorry to hear your story and unfortunately it is one shared by many these days. You are ... | |
| What do with pension from previous employer? | 1/28/2009 |
| Q: I have a pension from a previous employer and am wondering if I should do any of the following? 1. ... A: Of course, I can't make the decision for you, but I will shed some light on the pros and cons of ... | |
| cash mgmt acct | 1/27/2009 |
| Q: Should these funds be moved to CDs to be insured considering the present financial turmoil? ... A: I answered your question yesterday but for some reason it did not go through. Sorry about that. ... | |
| Early Withdrawal From a Roth IRA | 1/27/2009 |
| Q: I am about to be a first time home buyer, and as I understand it there is no 10% penalty tax for ... A: A first time home buyer can withdrawal up to $10,000 from a traditional IRA for the purchase of a ... | |
| NYS deffered comp to life settlement | 1/27/2009 |
| Q: Are you familliar with life settlements? A relative of mine is 58 and retired. He has moved his ... A: Any amount he withdraws will be subject to federal and state taxes plus a 10% early withdrawal ... | |
| profit sharing acct | 1/23/2009 |
| Q: I so hope you can help, my last job set me up with a profit sharing acct. I was 20% vested at the ... A: Yes, that sounds right to me. Your vested balance was $505, they added $1503 minus the $632 of ... | |
| investment | 1/23/2009 |
| Q: what is the best way to invest $500,000 from my company retirement. i want to rollover a ... A: I really can't give any specific recommendations in a forum such as this and I also really don't ... | |
| Single K and IRA contributions in the same year | 1/22/2009 |
| Q: I am self employed. I contribute an equal amount into a Single K for both myself as the employee, ... A: Your solo 401k contributions can be made up of 2 parts, salary deferral plus you can make a profit ... | |
| IRA vs CD | 1/22/2009 |
| Q: My wife has an uncle who works at a local credit union, and he told her the best way to invest is ... A: A CD is a very conservative investment that will not produce much of a return. It may be appropriate ... | |
| Single K and IRA contributions in the same year | 1/20/2009 |
| Q: I am self employed. I contribute an equal amount into a Single K for both myself as the employee, ... A: Technically, you are covered by an employer (yourself) sponsored plan. This means that while you are ... | |
| Required distribution from IRA CD? | 1/20/2009 |
| Q: My mom just turned 69. Presently she does not need money from her Traditional IRA. Due to the ... A: Yes, the required minimum distribution rules still apply if she opens an IRA CD. The rules follow ... | |
| Rolling a pension into an IRA vs. taking the lump sum | 1/14/2009 |
| Q: I was laid off in November 2008. I have been offered a pension payout of $5300 before taxes. The ... A: If you took the distribution, you would be subject to a 20% federal withholding (you may owe more or ... | |
| Pension payments | 1/4/2009 |
| Q: I am 55 yrs old, still working and considering taking my prior employers pension plan payments now ... A: Sorry I couldn't get back to you sooner, but I have been quite ill the past week. Since you will ... | |
| 19 yrs old want to become an investor | 12/22/2008 |
| Q: I would like to start my financial planning from now. I am 19 years old. Civil Engineering college ... A: Being that this is a very broad question and that it is inappropriate for me to give specific ... | |
| Hardship withdrawal of IRA | 12/21/2008 |
| Q: In late 2007 I separated and divorced in 2008. In spring of 2008, I cashed in an IRA (that was in ... A: Normally, you would find out if your circumstances qualified you for a hardship withdrawal before ... | |
| Distribution from a non-qualified deferred compensation plan | 12/17/2008 |
| Q: David, I was recently informed by my employer that they would be discontinuing the non-qualified ... A: Since this is a non-qualified plan, the rules are diferent than they would be for a qualified plan ... | |
| To annuitize or not to annutize, this is the question | 12/16/2008 |
| Q: David: I am 85 years old. I have a variable annuity, non-qualifying, in its tenth year worth ... A: And a good question it is. First, let's go over the tax implications to your heirs: If you left ... | |
| Deferred Compensation Payout | 12/14/2008 |
| Q: I'm trying to determine which is more advantageous between taking a lump sum payout or annual ... A: Without numbers attached and without knowing the structure of your deferred comp plan it's hard to ... | |
| 401k | 12/13/2008 |
| Q: Due to the economic times, my employer is not contributing to the 401 any longer. At my age, 65, ... A: As long as your employer's plan allows you to do a rollover, I would move the funds out of the plan ... | |
| Non-Financial Hardship 401k Withdrawal | 12/10/2008 |
| Q: I retired from the military in 1994 with a pension and then worked for an airline until October ... A: You won't owe any penalty due to the separation of service rule which allows penalty free ... | |
| what was the dow jones all time high | 12/8/2008 |
| Q: My husband is retired and turned seventy in October. He has an IRA and of course, it is down about ... A: The Dow was at an all time high of 14,164 in October of last year. Without knowing what other assets ... | |
| How do I convert a Traditional IRA funded with after dollars to a Roth IRA? | 12/8/2008 |
| Q: How do I convert a Traditional IRA funded with after dollars to a Roth IRA? Thank you ANSWER: Hi ... A: Yes. Since you have not paid any tax on the funds in the employer plan, the entire amount of those ... | |
| 401k & TSP vs Life Insurance | 12/7/2008 |
| Q: My husband, 39, contributes to a 401K with no employer matching contributions and I, 41, contribute ... A: I like the way you are thinking! Contributing more than enough to get an employer match generally ... | |
| Retirement money bottoming out fast! Please advise. | 12/7/2008 |
| Q: I am 65, single, unable to work. I had $170,000 in a diversified retirement plan. It has dropped to ... A: While I can't get to specific in a forum such as this, I will offer some thoughts. Moving your ... | |
| Roth Conversion | 12/6/2008 |
| Q: I know I need earned income to contribute to a Roth IRA. If I want to convert my traditional IRA to ... A: From my interpretation of IRS publication 590, the rules for a conversion are different than for ... | |
| IRA | 11/25/2008 |
| Q: My wife has 403(b) and DCP plan with her former employer and we are planning to convert that to an ... A: Currently the income eligibility limit is $160k for a married couple filing jointly. 1. Starting ... | |
| pension security | 11/22/2008 |
| Q: I am retired from Chrysler after 36 years. Is my pension secured by the Fed. government if Chrysler ... A: Your pension is most likely insured by the Pension Benefit Guaranty Corporation. Here is a link to ... | |
| 401K help | 11/21/2008 |
| Q: Last year I took an early retirement from my company. I have a 401K and recently rolled the money ... A: You need to speak with a CPA about exceeding the 60 day rule on rollovers. Normally a rollover has ... | |
| Retirement | 11/20/2008 |
| Q: I retired in February and rolled my government 401K to ROTH IRAs, which have dwindled substantially ... A: In my opinion this would not be a good move. You will essentially be"locking in your losses" by ... | |
| 403b | 11/20/2008 |
| Q: I took a 50% loan against my 403b a few months ago for my friend ... but after he didn't need the ... A: Your welcome but I don't understand why you gave me an 8 for knowledge. I am not an accountant and ... | |
| IRA | 11/20/2008 |
| Q: My questions are: 1. What's the basic difference between 403b and IRA? 2. Can I rollover my 403b to ... A: 1. Unless you are receiving matching contributions a 403b and an IRA are quite similar. One big ... | |
| retirement | 11/20/2008 |
| Q: My wife has 401 k and she done had it for 8 year whats the best way now to set up her profolio and ... A: Nice to hear from you again. While I can't give specific investment advice on this website I will ... | |
| SS "Final" Expenses | 11/19/2008 |
| Q: Having reached a "certain age", I keep receiving pitches from some insurance company for a "final ... A: A one-time payment of $255 is payable to the surviving spouse if he or she was living with the ... | |
| HSA a good idea? | 11/19/2008 |
| Q: I am 39, single, renting and in good health. I am currently max.ing out my 401(k). I'm thinking of ... A: It sounds like the HSA may be a good fit for you. HSA's are offered through banks, credit unions, ... | |
| 403b | 11/19/2008 |
| Q: I took a 50% loan against my 403b a few months ago for my friend ... but after he didn't need the ... A: Your welcome Alex. First of all, keep in mind that I am not an accountant, therefore I don't know ... | |
| IRA Fraud | 11/18/2008 |
| Q: I put my Ira money into an investment that turned out to be a huge fraud. The money is gone but the ... A: The IRS can't tax you on an investment loss. You would only pay taxes on IRA money when you withdrew ... | |
| Reallocation Time For IRA | 11/18/2008 |
| Q: I am a 60 year old male in bad health. I am on full disability with no chance of going back to work. ... A: I'm sorry to hear of your situation. This is a difficult question without more information. At face ... | |
| 403b | 11/18/2008 |
| Q: I took a 50% loan against my 403b a few months ago for my friend ... but after he didn't need the ... A: If you were to close out your 403b, you would be taxed and penalized on the entire amount in your ... | |
| Pension Fund Rollover | 11/18/2008 |
| Q: My question is two part: I have about $162,000 in a former company pension plan. I would like to ... A: As far as IRA's go, you have only two choices. A traditional IRA or a Roth IRA. If you rollover to a ... | |
| Rolling over my 401(k) to an IRA | 11/17/2008 |
| Q: Iannopollo, I am an attorney who worked at one firm- my first real job- for 2 years. Now I am at a ... A: Your financial rep is correct. This is a normal charge for "A share mutual funds. The "discount he ... | |
| IRA Fraud | 11/14/2008 |
| Q: I put my Ira money into an investment that turned out to be a huge fraud. The money is gone but the ... A: I'm sorry to hear of your misfortune. Depending on what type of a security this investment was, you ... | |
| What is a 5 year IRA - My sister may be snowing us | 11/14/2008 |
| Q: A little background. My sister had $70,000 from my Dad that is supposed to be distributed to us ... A: I don't mind answering your questions at all. In answer to yourYes, an IRA CD is subject to the ... | |
| 401K forced withdrawal | 11/14/2008 |
| Q: I am 70.5 yrs, have a part time job. Coupled with my soc sec, and my salary I can make it through ... A: You are referring to the RMD's (required minimum distributions). This is the IRS regulations that ... | |
| What is a 5 year IRA - My sister may be snowing us | 11/13/2008 |
| Q: A little background. My sister had $70,000 from my Dad that is supposed to be distributed to us ... A: Mary, The contribution limits for a traditional IRA and a Roth IRA are the same. An IRA CD is a CD ... | |
| What is a 5 year IRA - My sister may be snowing us | 11/13/2008 |
| Q: A little background. My sister had $70,000 from my Dad that is supposed to be distributed to us ... A: There is no such thing as a "5 year IRA". An IRA is an account where you can deposit up to $5000 ... | |
| Starting / deciding about retirement plan | 11/11/2008 |
| Q: David, Here is a "big" question for which probably there is no definite answer. But any guidelines ... A: Yes, this is a pretty "big" question and I can only make some general suggestions. If your employer ... | |
| Roth Conversions | 11/8/2008 |
| Q: I know you have to determine a % when you have deductible and non-deductible contributions in an IRA ... A: I'm not quite sure I understand you question but I'll give it a try. Lets say you have $10k in a ... | |
| Roth Conversions | 11/8/2008 |
| Q: I know you have to determine a % when you have deductible and non-deductible contributions in an IRA ... A: The date will depend on whether you are "recharacterizing" the account or starting a new Roth ... | |
| IRA Withdrawal | 11/7/2008 |
| Q: If I withdraw $200,000 from my IRA account (I am 62) to make an investment in real estate, what ... A: Any amount withdrawn will be taxed as ordinary income just as if you had earned it at a job. Besides ... | |
| Rollover IRA / Variable Annuity | 11/7/2008 |
| Q: I am 55. I have a Rollover IRA containing funds from a previous employment, and these are invested ... A: It's hard to say without knowing the specific product you are speaking of. If this is a VA that ... | |
| 401k distributions after retirement | 11/6/2008 |
| Q: When I retire next year at 62, can I just take yearly distributions from my 401k, and how would I go ... A: You can leave your money in the 401k and take distributions but I wouldn't recommend that. Moving it ... | |
| Old 401k to Liquid Cash? | 11/5/2008 |
| Q: I have two 401k accounts with previous employers. I’ve recently taken a job with a new employer ... A: No matter what you do, you will be taxed on any amount you withdraw. You will be taxed as ordinary ... | |
| Termination of Employment & 457B | 11/4/2008 |
| Q: I recently changed employers and was notified that my vested retirement benefits would be fully ... A: You'll have to check with the plan administrator of the 457b plan and see if your old plan allows ... | |
| tradtional IRA | 11/1/2008 |
| Q: My employer provide 403b and the maximum amount for this retirement account is $15,500. I only ... A: Under the present 403b rules there really isn't a lot of difference between most 403b's and a ... | |
| follow up | 10/31/2008 |
| Q: I have an old 401k that was moved to Edward Jones. 15,000 is in a mutual fund and 5,000 is in 1 ... A: Unfortunately, you have to have "earned income" to contribute to a Roth. Lottery winnings would not ... | |
| SEP Retirement Account | 10/31/2008 |
| Q: My employer has advised his staff in order to have a tax deferred sep retirement account each ... A: If this is the case it sounds like your employer has made Their own rules which do not comply with ... | |
| House Payoff? | 10/30/2008 |
| Q: My wife and I (ages 48 & 44) are going around in circles trying to figure this one out. We ... A: No matter whether you pay your house off or not you cannot deduct Roth IRA contributions. If you pay ... | |
| IRA vs CD accounts | 10/30/2008 |
| Q: I am single female with a 401k plan through my job with matching contributions. I have invested in a ... A: First let me clear something up for you. An IRA itself is not an investment itself. An IRA is just ... | |
| House Payoff? | 10/29/2008 |
| Q: My wife and I (ages 48 & 44) are going around in circles trying to figure this one out. We ... A: Please answer these questions so I may provide you with some input: 1)I'm not quite sure what you ... | |
| 401K Cash Out Penalty | 10/27/2008 |
| Q: This January (08) I cashed in my 401k from my previous employer in the amount of around 50k. (I ... A: Your very welcome Cynthia! Most likely your employer (actually the 401k company) wouldn't have ... | |
| 401K Cash Out Penalty | 10/27/2008 |
| Q: This January (08) I cashed in my 401k from my previous employer in the amount of around 50k. (I ... A: Yes, that is true except you cashed the check. By cashing the check it will count as a distribution. ... | |
| 401K Cash Out Penalty | 10/27/2008 |
| Q: This January (08) I cashed in my 401k from my previous employer in the amount of around 50k. (I ... A: The 50k is going to be taxed to you as ordinary income just as if you had earned it working. ... | |
| IRA withdrawal at age 59 1/2 | 10/25/2008 |
| Q: I have been told that I can begin a non penalty IRA withdrawal in the calendar year that I turn age ... A: You actually have to physically turn 59 1/2 before taking penalty free withdrawals. It does not go ... | |
| hardship withdraw | 10/23/2008 |
| Q: Do you have to pay back a hardship withdraw. I understand that there are penalties and taxes on it. ... A: Actually you cannot repay a hardship withdrawal even if you wanted to being that it is a withdrawal ... | |
| how to know my IRA account information -- resend | 10/20/2008 |
| Q: I worked with US company from Jan 1986 to Jan 1989, then I backed to my home country. Since then all ... A: If this was an IRA that you set up yourself, you will have to contact the investment company that ... | |
| IRA, stocks | 10/18/2008 |
| Q: I have an old 401k that was moved to Edward Jones. 15,000 is in a mutual fund and 5,000 is in 1 ... A: That's actually a good idea and a Roth IRA would be the best place to do this, especially at your ... | |
| Transfer of IRA to spouse | 10/16/2008 |
| Q: Can my dad's IRA be transferred to my mother??? He is in a nursing facility. We must apply for ... A: I'm sorry to hear of your parents situation. Unfortunately, IRA's cannot be transferred to another ... | |
| IRA conversion after this massive stock market selloff | 10/11/2008 |
| Q: I am considering converting some IRAs to Roth IRAs because the nominal balance in the IRAs to be ... A: I believe your thinking is very sound on this matter. The advantages of a Roth should far outweigh ... | |
| long term care | 10/10/2008 |
| Q: We have been paying to A.I.G. since 1995. My husband is 83 and has Parkinson's and will probably ... A: I'm sorry to hear of your husbands condition. You most likely have nothing to worry about. Insurance ... | |
| 401K distribution at 59 1/2 | 10/2/2008 |
| Q: If I make a withdraw at 59 1/2 will I owe additional taxes, and is it reportable? Thanks for your ... A: You will be taxed as ordinary income. You will receive a 1099R at the beginning of next year so it ... | |
| account | 9/27/2008 |
| Q: how do I get out of my pace multi account as it is loosing money, and if not why should I stay in? A: I believe the account you are referring to is a UBS account. I don't handle UBS products so I am ... | |
| Getting Married and Retirement Planning | 9/25/2008 |
| Q: I am 26 years old and marrying a 39 year old. We are trying to figure out the best long-term ... A: Your welcome Rachel! I see what your saying but he will have access to the Roth funds as well. You ... | |
| Getting Married and Retirement Planning | 9/25/2008 |
| Q: I am 26 years old and marrying a 39 year old. We are trying to figure out the best long-term ... A: Congratulations on getting married! I wouldn't concentrate heavily on his 401k. I would only ... | |
| IRA Early Withdrawl | 9/24/2008 |
| Q: I recently took 14K out of mine and my wife's IRA account to close on a house but the house did not ... A: You have 60 days to return the funds to your IRA's without penalty or taxation. If you do not return ... | |
| Can I Become A Part-Time Certified Financial Planner? | 9/24/2008 |
| Q: I plan on starting an acupuncture practice & would also love to learn more about investing & ... A: You do have to have a certain amount of experience in the field (3yrs full time or 2000 hours part ... | |
| Pre-tax or after tax | 9/23/2008 |
| Q: For a number of years, my employer has been putting money into a TIAA-CREF 403(B) account, and I've ... A: Since you don't need a current tax deduction you would definitely be better off in an after tax ... | |
| SIMPLE IRA and 401K | 9/22/2008 |
| Q: I own a company with a Simple IRA plan set up, but right now I started working for another company ... A: You are correct. You can have both plans as long as your contributions don't exceed $15,500 if you ... | |
| cash mgmt funds | 9/20/2008 |
| Q: What is the difference in cash mgmt and money mkt funds? (no FDIC) ...as far as safety of funds? ... A: The money market fund you mentioned invests in short term bonds and notes issued by state and local ... | |
| Defined Benefit Pension with old employer | 9/6/2008 |
| Q: My wife and I are both chemical engineers working for 2 different corporations. We are both 50 yrs ... A: I usually don't recommend that one leaves money with former employers, however it is possible that ... | |
| IRA's | 9/4/2008 |
| Q: I want to invest in a traditional IRA for 10 years and not touch the money. I saw an investment ... A: Without really knowing what the product is it's hard to say. If this product is FDIC insured and ... | |
| TSP | 9/3/2008 |
| Q: My uncle is terminally ill I have POA what if anything should I do with his thrift savings. Can I ... A: Yes, they will be taxed as ordinary income meaning it will be treated as if they had earned it at a ... | |
| TIAA CREF, ING or AIG | 9/3/2008 |
| Q: I have worked for a state university in Louisiana for the past 15 years and chose TIAA-CREF as the ... A: In my opinion, the public makes far too much of a big deal out of investment expenses. Yes, it is ... | |
| IRA | 8/30/2008 |
| Q: I have been told that I can purchase rental property with my IRA. Is this possible and how? ANSWER: ... A: You can use a Roth which would probably be a better choice if you were to do this. Again let me ... | |
| IRA | 8/30/2008 |
| Q: I have been told that I can purchase rental property with my IRA. Is this possible and how? A: Yes, it is possible to put real estate in an IRA. This is not something that I deal with nor can you ... | |
| 401K | 8/29/2008 |
| Q: I am over 55 and the company that I worked for was sold. I still work the same job but now have a ... A: First, make sure that you are classified as working for a new employer and that technically you have ... | |
| TSP | 8/28/2008 |
| Q: My uncle is terminally ill I have POA what if anything should I do with his thrift savings. Can I ... A: I'm very sorry to hear of your uncle's condition. You should be able to make any transactions as if ... | |
| 401K withdrawl | 8/22/2008 |
| Q: I am retiring before the end of this year and would like to use part of my 401K to payoff my ... A: Since you are leaving your employer in the year you turn 55 you will avoid the 10% early withdrawal ... | |
| Roth 401(k) and RMDs | 8/21/2008 |
| Q: I take issue with an answer you provided on your site. Roth 401(k) accounts most definitely ARE ... A: You are technically correct. However you "can" avoid the RMD's by rolling over to a Roth IRA which ... | |
| maximum contributions | 8/21/2008 |
| Q: I started a ROTH IRA this year before April 15th and contributed the maximum. Since then I also ... A: Your Roth contributions aren't tied to your state retirement plan in any way so you can contribute ... | |
| Converting 401k to Roth (either 401k or IRA) while a grad student (with little income) | 8/19/2008 |
| Q: I am wondering if it would be wise to convert my 401k (valued at $100k) to either a Roth 401k or a ... A: Any amount you convert will be taxed as ordinary income. So if you converted $100k you income for ... | |
| Roth IRA Dilemma | 8/12/2008 |
| Q: I have a roth ira with Oakmark funds. My fund is now closed to everyone but participating ... A: You can't rollover a Roth to a 403b and it would probably not be a good idea anyway. You should ... | |
| 401K, age 59 and changing jobs | 8/10/2008 |
| Q: I was 59 in July 2008 and am considering leaving my employer for another job, however the new job ... A: Since you are over age 55 and are leaving your employer you can use what is called the "separation ... | |
| pension cash plan | 8/8/2008 |
| Q: I left my job last may and I had a cash account pension plan with the company that I was working ... A: Yes, taking the lump sum is the better choice. You can rollover to all three of the choices you ... | |
| early withdrawl of IRA | 8/7/2008 |
| Q: Back in 2002 i was let go on a job- i could not draw unemployment and for the next 4 years worked as ... A: You really need to see a CPA about this. The rules for hardship withdrawals from an IRA are ... | |
| Roth IRA Conversion | 8/6/2008 |
| Q: I worked for Lucent Technologies for 20 years and contributed both pre-tax and after-tax monies to ... A: The page I sent you doesn't contain any such section. The same rules that apply to converting non ... | |
| Profit Sharing | 8/6/2008 |
| Q: My husband works for a privately owned company. It employs about 10-15 people. Rumor has it that ... A: I know that there are instances when employees may automatically become 100% vested when a profit ... | |
| retirement? | 8/6/2008 |
| Q: David I am 49,in good health. The thought that I am closing in on retirement just hit me recently. ... A: I think there are many questions that you need to ask yourself: Will the difference between a full ... | |
| Roth IRA Conversion | 8/5/2008 |
| Q: I worked for Lucent Technologies for 20 years and contributed both pre-tax and after-tax monies to ... A: Prior to 2008, you couldn't rollover from an employer sponsored plan directly to a Roth IRA but now ... | |
| IRA | 8/2/2008 |
| Q: Was hoping you could help me. I am a single 67 y.o. man with no children and no living relatives. I ... A: Either the advisor you spoke with gave you wrong information or perhaps you misunderstood what he ... | |
| IRA rollover to Roth IRA | 8/1/2008 |
| Q: My husband is 59 and I am 65 years old. We file a joint tax return, and our 2008 AGI will be under $ ... A: 1) You can move them all into one account. 2) No, this only applies to the amount converted. 3) ... | |
| Retirement | 7/31/2008 |
| Q: I am 28 yrs. old, female/R.N, engaged. Me and my fiance are big into the idea of NOT working our ... A: Your plan sounds fine, as long as you can swing it on his income. If you want to avoid taxes, you ... | |
| Government Pension Offset and Windfall Elimination | 7/31/2008 |
| Q: Can you help me to understand how these differ? A: Here are two links to the social security website that explains these topics. Government pension ... | |
| 403b account vs IRA CD | 7/31/2008 |
| Q: Am I better off with my 403b TDA account at Prudential Insurance Co. or should I transfer it to IRA ... A: I personally don't think that FDIC insurance is a major concern. Insurance companies tend to be more ... | |
| Scary economy and just started saving | 7/28/2008 |
| Q: I am a 20 yr. old. I am just now starting to save. I have $2000 in US savings bonds and I have set ... A: Before you begin investing, it is important that you have a supply of cash for emergencies. 3 to 6 ... | |
| where to put my money? | 7/25/2008 |
| Q: I put my money in the first two banks, which is very dangerous, ... A: I really can't give specific investment advice in this forum and I don't have enough information to ... | |
| ira hardship withdraw | 7/19/2008 |
| Q: i lost my job in march and i,am collecting unemployment now my savings is drawing toward an end. my ... A: Sorry to hear of your predicament. Any amount withdrawn will be taxed to you as ordinary income for ... | |
| my retirement money gone!!!! | 7/18/2008 |
| Q: My x husband withdrew my money from our divorce which was held in his retirement fund at fidelity., ... A: Sorry to hear of your predicament. It sounds like your going to need to speak with an attorney on ... | |
| ira's | 7/18/2008 |
| Q: Is there any safe way to save the money ($31,000) I have in IRA investments which keep going down. I ... A: IRA's can be converted into just about any investment including CD's without tax implications. I ... | |
| Options at 59 1/2 | 7/17/2008 |
| Q: Situation: will be 60 in Nov-08 & am finalizing divorce from my husband of 16 yrs. Have a 401k with ... A: Sorry to hear of your divorce. If you are not going to make new IRA contributions, you will have no ... | |
| 401k rollover with current loan | 7/17/2008 |
| Q: I took out a loan on my 401k and was fired from my job 1 week later. How do I go about repaying ... A: I'm sorry you lost your job. Unfortunately, if you don't repay the loan, it will count as a ... | |
| roth ira | 7/16/2008 |
| Q: Husband and wife makes about 180K gross. What calculation do we use in order to apply for roth ira. ... A: If your AGI (adjusted gross income) is below $159k, you will be eligible to fully fund a Roth IRA. ... | |
| Cash, bank loan or 401K loan | 7/14/2008 |
| Q: Wondering if you could help me think through a dilemma. I need 15K for a purchase. The decision ... A: The idea of having an emergency fund is so you don't have to borrow money or raid a retirement ... | |
| PACE Multi retirement account | 7/13/2008 |
| Q: My husband has a retirement account (PACE Multi) type of account (IRA Rollover), which has been ... A: Unfortunately, we are in the midst of a down market. Most investors accounts have been losing money ... | |
| 403 | 7/6/2008 |
| Q: I have 3 different 403 plans through my previous employers. I have been told by 2 of them that I can ... A: Different plans can have different rules. Unfortunately some 403b plans will not allow you to ... | |
| retirement income | 7/3/2008 |
| Q: i am 67 years old, and all of my capital is sitting in bank accounts at 3% per annum. i would like ... A: While there isn't anything out there that will "guarantee" you a 7% return, there are still ways to ... | |
| roth I.r.a. vs Deffered comp. | 6/28/2008 |
| Q: I have a Roth i.r.a9regions bank). i started on my own as well as a deferred comp. plan i started at ... A: Since you have already paid taxes on your Roth contributions, you cannot move it to your deferred ... | |
| 401k | 6/27/2008 |
| Q: would it be best to rollover my O.K.'d due to a retirement or take a lumpsum. Whichever is better ... A: If you take a lump sum distribution, you will be taxed as ordinary income on the entire amount. If ... | |
| rolling over funds to a Roth IRA | 6/27/2008 |
| Q: I have Oppenheimer funds that are not qualified retirement accounts (regular non-qualified funds). I ... A: If this is a brokerage account and not a non deductible IRA you will owe capital gains tax only on ... | |
| SEP to Hedge Fund | 6/27/2008 |
| Q: I have a SEP account and would like to move it to a hedge fund. Are there any fees or penalties for ... A: Usually qualified clients may invest IRA or ERISA assets in hedge funds; however, funds are limited ... | |
| tax treatment of deferred compensation plan | 6/20/2008 |
| Q: My wife has a deffered comp. plan with her employer where she can put pre-tax dollars into it and ... A: That's a great question. If the pension is from work where she also paid Social Security taxes, it ... | |
| Variable Anniuties | 6/14/2008 |
| Q: My husband was employed at a company that recently closed, he has a pension of about $68,000. He is ... A: Without knowing about the annuity that you have purchased, it's hard to say whether this is a good ... | |
| retirement asset allocation | 6/11/2008 |
| Q: We are ages 57 & 54 & are planning on working 8 more years.Our children are grown so we can start ... A: It will depend on how much you want to contribute. The current IRA contribution limit is $6000 ... | |
| my 457b account | 6/9/2008 |
| Q: I have a 457b account thru the NY state govt. I am 56 and retired. I took a small amount out but I ... A: I usually recommend that when one leaves an employer that they roll over any employer sponsored ... | |
| retirement asset allocation | 6/7/2008 |
| Q: We are ages 57 & 54 & are planning on working 8 more years.Our children are grown so we can start ... A: At a glance your portfolio seems pretty well balanced. The new funds you mentioned are index funds. ... | |
| 401k rollover and pension lump sum | 6/5/2008 |
| Q: I am 49 and about to be laid off from my employer of 24 years. I have a traditional pension and a ... A: Sorry to hear about your layoff. Your two plans will be separate. You'll need to check with your ... | |
| roth 401-k | 6/2/2008 |
| Q: can a person who is self-employed open his own roth 401-k plan? does it require a TPA? also is there ... A: One can open a solo Roth 401k if they are self employed with no non-owner employees and consisting ... | |
| Non-Qualified Plan vs. IRA/Roth IRA | 6/2/2008 |
| Q: I'm in my mid 30s. I normally contribute the max to my 401K plan. That's all I'm in a position to ... A: The major problem with maxing out a 401k is that you will most likely end up with a large taxable ... | |
| Suggestions? | 6/2/2008 |
| Q: I am 55, retired military with a $1660/mo pension...taxable...and a non-taxable VA disability of ... A: Your welcome Ron! A single premium deferred annuity is where you only make one lump sum deposit and ... | |
| Suggestions? | 6/2/2008 |
| Q: I am 55, retired military with a $1660/mo pension...taxable...and a non-taxable VA disability of ... A: It sounds like you are in pretty good shape financially. The Wells Fargo fund you have has not ... | |
| Retirement (Tiaa-creff) | 5/26/2008 |
| Q: Mr. David, I have been separated going on 4yrs. My husband and I hoped to get back together which ... A: I'm sorry to hear of your situation. Keep in mind that I am not an attorney and cannot give legal ... | |
| Roth or Traditional | 5/24/2008 |
| Q: My sister-in-law no longer works for a company and wants to move her pension plan. She also has a ... A: First, she'll have to check with the company holding her pension funds to see if the plan allows for ... | |
| IRA distribution for first time home buyer | 5/22/2008 |
| Q: My wife and I are planning on purchasing a home for the first time. We'd like to put just my name ... A: That's a great question! Here are the rules: * The first-time home buyer cannot have had an ... | |
| Any red flags in my retirement plans (I'm 30) | 5/21/2008 |
| Q: First off, let me say thank you for all of the great advice you and the other experts have made ... A: Your questions are pretty involved for a forum such as this so I'll try to keep this as brief as ... | |
| Pension Plan Rollover to Traditional IRA | 5/18/2008 |
| Q: I have finally (after 15 years of chasing - underfunded) been notified of my options to draw on or ... A: In answer to your questions: 1. There is no limit to how much you can rollover so this will answer ... | |
| Question on Roth conversion | 5/12/2008 |
| Q: I have a tax question on converting to a Roth IRA. Suppose I have two Traditional IRAs: IRA A that ... A: Your IRA's will be treated separately for this purpose. If you convert a non deductible IRA to a ... | |
| Early 401K Distribution After Age 55 | 5/12/2008 |
| Q: I'm looking for a clarification on rules on withdrawing from a 401K plan penalty free before age ... A: I checked out that link and that's what they are saying. I also looked through IRS publication 575 ... | |
| Early 401K Distribution After Age 55 | 5/10/2008 |
| Q: I'm looking for a clarification on rules on withdrawing from a 401K plan penalty free before age ... A: This is a direct quote from the IRS website: "You would not have to pay the 10 percent additional ... | |
| Early 401K Distribution After Age 55 | 5/9/2008 |
| Q: I'm looking for a clarification on rules on withdrawing from a 401K plan penalty free before age ... A: As long as you "separated from service" in or after you the year you turn 55, you may make a penalty ... | |
| Late retiring boomer | 5/9/2008 |
| Q: Good morning Mr. Iannopollo. I am an extremely healthy 57yr. old female, in every sense of the ... A: Congratulations on becoming a teacher! Coincidentally. I have a sister in law in her 50's that is ... | |
| retirement penalities | 5/7/2008 |
| Q: My husband is 55 and wants to cash in his retirement. I thought there was a 20% penality. Is that ... A: Here's an example: You take a $10,000 early withdrawal from a 401k. If you were in the 25% federal ... | |
| early withdrawl from 401 | 5/6/2008 |
| Q: can you withdrawl money without penalty if you use it for your childs college? A: If your 401k has a provision for hardship withdrawals then you can take one to pay for higher ... | |
| retirement penalities | 5/5/2008 |
| Q: My husband is 55 and wants to cash in his retirement. I thought there was a 20% penality. Is that ... A: The penalty for early withdrawal is 10% if you are under age 59 1/2. If your husband has left his ... | |
| Retiring next year | 4/29/2008 |
| Q: I hope to retire next after I turn 55. I have about $200,000 in my 401K and understand that at the ... A: It really wouldn't make sense to put tax free bonds inside of an IRA because an IRA is tax deferred ... | |
| Early W/D of SEP | 4/29/2008 |
| Q: Dave, I am a Realtor in SW Michigan. As anyone can deduce, the market is a BIT soft. I am ... A: The problem with doing this is the amount that it is going to cost you in taxes and penalties. Just ... | |
| Pension Rollover | 4/29/2008 |
| Q: I have finally set up a IRA account and am trying to roll over my pension from a previous employer. ... A: How many years of vesting service did you have? It says that if you have 5 years of vesting service ... | |
| Retiring next year | 4/29/2008 |
| Q: I hope to retire next after I turn 55. I have about $200,000 in my 401K and understand that at the ... A: Any distribution you take now, will be penalty free under the "separation of service rule". This ... | |
| Pension Rollover | 4/27/2008 |
| Q: I have finally set up a IRA account and am trying to roll over my pension from a previous employer. ... A: Unfortunately some plans can make you leave the money in the plan for a specified time even if you ... | |
| SIMPLE IRA and 401K limits during this year | 4/21/2008 |
| Q: I have contributed partly to SIMPLE IRA during Jan-Feb of this year. Now I am taking up a job with ... A: If you are under age 50 you can contribute $15,500. If you are over age 50, you can contribute ... | |
| 2 401(k)'s? | 4/18/2008 |
| Q: I got laid off from my job last month but was fortunate to find a new better paying position fairly ... A: The fact that your seeking advice instead of just "doing it" means you are thinking like a shrewd ... | |
| 401K withdrawal | 4/17/2008 |
| Q: Upon my husband's death two years ago, I rolled his 401K from our local utility company into a basic ... A: The IRA company withheld 20% for federal taxes as is the custom. What your actual federal tax will ... | |
| cost basis of mutual funds | 4/16/2008 |
| Q: Since mutual fund companies don't supply cost basis information to the IRS, is it common for them to ... A: I'm not a CPA and do not give tax advice or prepare taxes so I can only give you my opinion based on ... | |
| Closing a 401k and is it taxable? | 4/15/2008 |
| Q: My mom just died - she was 68. Last year she closed a $1,297 401k and got a dividend, less $260 ... A: I'm very sorry to hear of your loss. These distributions are taxable, but it would depend on how ... | |
| IRA's | 4/14/2008 |
| Q: My wife was laid off a couple years ago. She is 54, and is not receiving a pension. We both invest ... A: You need to have earned income to contribute to an IRA. Since your wife has no earned income you can ... | |
| rollover | 4/13/2008 |
| Q: I'm due to retire in November of this year and have both a 457 account and a 401K (actively ... A: Without more infomation I can't give you a specific answer. There are some things you need to ... | |
| Traditional IRA | 4/10/2008 |
| Q: I have just turned 70 and working. Can I continue to put money into a traditional IRA until next ... A: You can only contribute to a traditional IRA until you are age 70 1/2. So you'll have about 6 more ... | |
| estimated payments | 4/10/2008 |
| Q: my ? is should i pay estamated taxes or put more money away for retirment and is there a place where ... A: I really can't say what you should do without more information. As far as paying estimated taxes go, ... | |
| 401k issues | 4/8/2008 |
| Q: I have been in the process of trying to retrieve my 401k benefits now for almost 1 year. This is the ... A: I would suggest you call the local NY State Department of Labor nearest to where you worked. They ... | |
| sep-ira | 4/8/2008 |
| Q: I have an account shown as a SEP-IRA that I want to move out of one family of funds to another ... A: Yes, that's true, however the present company may withhold 20% for federal taxes. This would mean ... | |
| Roll over from a traditional IRA to a retirement plan | 4/5/2008 |
| Q: Mr. Iannopollo, In the very near future my wife, who works as a Guidance Counselor for a public ... A: I have never heard of a retirement plan allowing a rollover from an IRA. Most likely, your best bet ... | |
| 401K-IRA | 4/4/2008 |
| Q: I am 57. My company 401K does not permit withdrawls on a monthy basis if I retire, it is all or ... A: You can take withdrawals penalty free if you are over age 55 and "separated from service" for any ... | |
| 401K- Roth conversion | 4/3/2008 |
| Q: During 2006, my daughter worked for a university and contributed to a 401K. She also contributed to ... A: You do have to have earned income to contribute to a Roth. At the time this was done, you were also ... | |
| Early Withdrawl | 4/3/2008 |
| Q: David~ I 25 and have recently switched jobs and forgot to rollover my 403(b) within the time frame ... A: I would try calling the company holding your funds and ask them if you can rollover your funds to an ... | |
| Conversion to Roth | 3/30/2008 |
| Q: I am 62, wife 65, both retired. I have a traditional IRA worth $800,000 with a $200,000 tax basis. ... A: In a traditional IRA all of the funds are taxable upon distribution or conversion so there is no ... | |
| annunity/cd | 3/28/2008 |
| Q: In 2005 my spouse took an early retirement and rolled over funds to an annunity. Because he was ... A: It depends on whether he took the annuity money as a distribution or rolled it over keeping it as an ... | |
| 1pointsolutions | 3/27/2008 |
| Q: David, I was told that the money is not insured since it was stolen. How can I find out more ... A: I had heard about the 1pointsolutions situation from an earlier questioner. I don't know how that ... | |
| 401K annuity | 3/25/2008 |
| Q: I'm 68 retired and I have an old 401k annuity from work decades ago that I have just left alone. The ... A: Moving your funds to an IRA will give you more control and more options as to where you'd like to ... | |
| question about loans taken from retirement account | 3/21/2008 |
| Q: I am a 35 year old nurse and thinking of taking a new position. Problem is we have had to take out ... A: If you can give me the following information, I can give you a more accurate answer. Current loan ... | |
| IRA Rollover | 3/20/2008 |
| Q: I have about 3500.00 in a 401K Money Market Account from a previous employer. I have terminated ... A: There is no need to create another IRA. You can rollover to your existing IRA if your happy with the ... | |
| Terminating a Top Heavy 401k | 3/17/2008 |
| Q: Dave, Just this past year our 401k became top heavy, actually back in 2006, since it's a look-back ... A: Yes, you will have to bring the plan into compliance before closing it. However, there is a way to ... | |
| Convert Traditional IRA to ROTH | 3/10/2008 |
| Q: Am hoping you can help. We are retired, age 60, with a traditional Ira which was rolled over. ... A: Without more specific information it's hard to say. Generally speaking, Roth IRA conversions are ... | |
| roth ira for a minor | 3/8/2008 |
| Q: My 11 year old daughter earned 4800 dollars in 2007 helping her mother's solo business. No ... A: Your income won't impact your daughter's ability to start a Roth. Usually participant's in a 401k ... | |
| roth ira for a minor | 3/8/2008 |
| Q: My 11 year old daughter earned 4800 dollars in 2007 helping her mother's solo business. No ... A: As long as she has enough earned income to cover the Roth contribution, many companies will accept ... | |
| in-service withdrawals from 401(k) | 2/25/2008 |
| Q: Is it possible to add language to a 401(k) plan document to allow participants to use an in-service ... A: Yes this is possible and many companies are doing this to reduce the liability of holding employee ... | |
| First Time Home buying and retirement money | 2/24/2008 |
| Q: My question is in regards to retirement money I forgot I had and recently received a statement for ... A: You would have to rollover the funds to a traditional IRA. You are correct that you cannot move it ... | |
| 401k loan and changing jobs | 2/22/2008 |
| Q: I took out a loan on my 401k to help pay the down payment on my house and I am now changing jobs. I ... A: I would just say your decision should be made on where your comfort level lies. If depleting your ... | |
| 401k loan and changing jobs | 2/22/2008 |
| Q: I took out a loan on my 401k to help pay the down payment on my house and I am now changing jobs. I ... A: You can only put $4,000 annually into an IRA. Even if you could put in $7k, I don't see how that ... | |
| 401k loan and changing jobs | 2/21/2008 |
| Q: I took out a loan on my 401k to help pay the down payment on my house and I am now changing jobs. I ... A: You would be better off paying back the loan. Would you pay 35% - 45% to borrow $7k? Giving it to ... | |
| Transferring 403b into a traditional Ira or Roth | 2/18/2008 |
| Q: Currently I have two retirement plans that I have placed money into. The first is a 403b that I ... A: The regulations are changing for 403b's effective January 1, 2009. You may want to find out what ... | |
| First Investors ISP | 2/13/2008 |
| Q: I am 26 years old, and i have a roth, and a 401k. I also have an ISP from first investors for 95k ... A: I did some research on the First Investors ISP and discovered that it is nothing more than a ... | |
| FIXED ANNUNITY | 2/5/2008 |
| Q: I HAVE A FIXED ANNUNITY COMING DUE IN APRIL, IT WAS FOR 6 YRS.IAM 48. ITS WITH HARTFORD. MY QUESTION ... A: It's hard for me to say without knowing more about you and your financial situation. I would say ... | |
| IRA Question | 2/4/2008 |
| Q: I'm 46 and self-emp. My biz is very small which nets under 50K a year. I currently get 4.7% on my ... A: Yes, a Roth IRA is a great way to save for retirement. You would avoid the taxes such as you ... | |
| whole life vs. 401K | 1/31/2008 |
| Q: My insurance agent is suggesting that I discontinue investing in my 401K thru work and begin ... A: This is a great question. Unless you really need the tax deduction, a 401k without a match is not ... | |
| Pension reduction | 1/29/2008 |
| Q: Is is wise for my husband to take a 50% reduction when he applies for his pension so that I will ... A: In general, when a pension requires a 50% reduction in order to provide a survivor benefit, it's ... | |
| taking retirement savings to purchase land | 1/28/2008 |
| Q: I have a retirement plan from my former employer that totals around $60,000. With the volatility of ... A: I understand your concern with the volatility of the stock market, however, I'm not so sure I'd want ... | |
| S Corp contributions to both her SEP-IRA and Roth IRA? | 1/25/2008 |
| Q: My wife runs her own business (it's just her) and will soon establish herself as a PLLC, with the ... A: Yes, she will be able to contribute to her SEP. She can also contribute to a Roth if your combined ... | |
| social security | 1/23/2008 |
| Q: my wife and i are raising our grand daughter 3 years old, we are 60 and 57. we have tempory custody ... A: I'd like you to go to a website called infinitebanking.org. This will help explain the concept of ... | |
| social security | 1/22/2008 |
| Q: my wife and i are raising our grand daughter 3 years old, we are 60 and 57. we have tempory custody ... A: I'm very sorry to hear of your situation. I believe this is more of a legal question and you may ... | |
| Municipal Bonds | 1/22/2008 |
| Q: What is the value of investing in Municipal Bonds versus earning 3% interest every month in a ... A: The earnings on municipal bonds is generally free from federal taxes and sometimes state and local ... | |
| Funds | 1/21/2008 |
| Q: With my company pension plan,we have the freedom to change the fund mix. I have never really given ... A: I cannot make specific recommendations in this forum, but I did take a look at that link. It appears ... | |
| Variable Annuity | 1/21/2008 |
| Q: My wife and I recently met with a financial advisor who is looking to sell us a Polaris Variable ... A: It doesn't sound like your going to need these funds for 10 years, so this may be a good idea. ... | |
| withdrawal from 401k after 59.5 | 1/20/2008 |
| Q: I am 67 and still working. My employer does not allow me to withdraw any money as long I am ... A: Yes, unfortunately they can do that. It all depends on how the plan was written. You can ask your ... | |
| RE: Social Security Death Benefits | 1/19/2008 |
| Q: As my husband and I are working on our retirement plan we have thought about a few questions ... A: That's an excellent question. I've done some research and have not been able to come up with a ... | |
| 401K borrowing | 1/16/2008 |
| Q: My wife and I would like to go from 2 incomes to 1, to do that we need to lower our mortgage ... A: You cannot gift qualified funds(i.e. 401k, IRA's,etc) to another individual. I also wouldn't ... | |
| non-qualified retirement account | 1/15/2008 |
| Q: What are the benefits of a non-qualified retirement account, who is qualified and for how much, and ... A: Non-qualified accounts do not have to meet ERISA laws for favorable taxation. Being that these are ... | |
| non-taxable distribution | 1/15/2008 |
| Q: I was investigating rolling over my 401(k) with a previous employer to an IRA when I noticed that a ... A: Since I don't know how or why you have non-taxable funds in your account, I really can't give you a ... | |
| Retirement account mix | 1/14/2008 |
| Q: I currently have around 800K in retirement funds in 3 places. One is Fidelity and I intend to ... A: I really cannot give specific investment advice in a forum such as this. Even if I could, I would ... | |
| Divorce and Retirement | 1/12/2008 |
| Q: I will be receiving a distribution from my ex-husband's retirement account through a QDRO. To avoid ... A: I'm sorry to hear about your divorce. I can't give advice about specific investments in a forum such ... | |
| 401K Loan | 1/11/2008 |
| Q: My husband just lost his job after 17yrs. He has about $35,000in his 401K - $14,000 of which is a ... A: I'm sorry to hear about your husbands job. You are correct that the outstanding loan balance will be ... | |
| Terminating a 401K plan | 1/10/2008 |
| Q: I work for a very small company (22 employees). I am also the administrator of our 401K plan. We ... A: You should let your employees know that any outstanding loans will be treated as distributions if ... | |
| Retirement plans | 1/8/2008 |
| Q: I am 47 with no pension plan, or savings. I have been working in the USA since 2003 so have no SS to ... A: Anytime the company is going to give you free money you need to contribute enough to get the match. ... | |
| COMPANY CLOSING | 1/5/2008 |
| Q: Our company has been bought by another company and we are losing our jobs. We now have to decide ... A: Yes, you can rollover to an IRA without taxation or penalties. Any premature distribution(before age ... | |
| Asset allocation | 1/4/2008 |
| Q: I have a question about my portfolio balance and I was wondering if you could let me know if I have ... A: I really can't give specific fund advice in a forum such as this, especially without knowing more ... | |
| early withdrawal of IRA/taxes | 1/2/2008 |
| Q: I was heavily taxed this past year for a withdrawal I made on a Roth IRA back in 2005. I thought I ... A: Unfortunately I can't give you a definitive answer based on the information you've given me. How and ... | |
| non-qualified 401k plan | 12/27/2007 |
| Q: I currently have a non-qualified 401k plan with an election to take a lump sum payment after I quit. ... A: Are you sure your not referring to a deferred compensation plan? There is no such thing as a non ... | |
| IRA+401K+Pension? | 12/26/2007 |
| Q: I am 29 years old and just started a 401K through my company. I'm also about to put in $500 to get a ... A: Sorry I couldn't get back to you sooner as I have been traveling. You are making a classic mistake ... | |
| IRA+401K+Pension? | 12/26/2007 |
| Q: I am 29 years old and just started a 401K through my company. I'm also about to put in $500 to get a ... A: I would say there is no such thing as overkill when planning for your future and retirement unless ... | |
| DISABILITY RETIREMENT | 12/24/2007 |
| Q: I AM 55 WITH 200K IN MY WORKS RETIREMENT PLAN. I AM GOING OUT ON DISABILITY. I WOULD LIKE TO TAKE ... A: Merry Christmas Henry, If you were to take 200k out of your plan it would be taxed as ordinary ... | |
| Gail's lump sum | 12/23/2007 |
| Q: I have been greatly helped by your advice in past questions. Gail and I are in similar positions, ... A: If you are over 55 but not yet 59 1/2 and have separated from service with your employer, you can ... | |
| Early withdrawal as a short term loan across tax years | 12/19/2007 |
| Q: I understand that I can make an early withdrawal (pre 59.5) and re-deposit it within 60 days tax and ... A: You can do this, however, I don't know how it would effect your tax filing situation. You would need ... | |
| mid life millionaire | 12/19/2007 |
| Q: 5br house no car notes my wife got 401 k about 8000 i went to school so we about 8000 in all in debt ... A: I really can't give you specific advice in a forum such as this, and I don't have enough information ... | |
| 401k Profit Sharing | 12/18/2007 |
| Q: David, I am leaving my current job of my own accord. Current company 401k has a profit sharing ... A: Generally speaking, if your employer has already been making contributions on your behalf, then he ... | |
| rolling over ee bonds | 12/12/2007 |
| Q: My mom passed away recently and I now have about 50 ee bonds worth around 3000.00. They wont mature ... A: I'm sorry to hear about your mom. You will have to pay 3 months interest penalty if you cash them ... | |
| retirement | 12/11/2007 |
| Q: I have been working at the same facility for 23 years and am fully vested with them. I will be ... A: Anything you withdraw will be taxed as ordinary income and there really is no way around it. You ... | |
| IRA | 12/7/2007 |
| Q: I am 42, married....my wife has her own IRA from before we were married. I have none. Am I allowed ... A: If you were single, you would need to have earned income to open an IRA. Being that you are married, ... | |
| converting 401k to an Annuity | 12/3/2007 |
| Q: I have been advised by a financial salesman to convert my 401k to an annuity. Would this be a wise ... A: It's hard to say without more information but I can discuss a few things. I would move your 401k ... | |
| retirement | 12/2/2007 |
| Q: I live in GA with little homestead protection. I have $60K in vulnerable equity that I want to ... A: If you are talking about protection from creditors, moving these funds to an annuity may be a good ... | |
| Disability Retirement | 11/30/2007 |
| Q: I am 50 years old. I became disable at 47. I currently have a 57,000 mortgage balance left on my ... A: It's hard for me to say without more info, but it would depend on a few factors which I don't know. ... | |
| IRA withdrawl using substantial equal payment rule | 11/28/2007 |
| Q: My birthdate is 07/08/48 I will be 59 1/2 on 01/08/08. I started withdrawls from my rollover IRA ... A: I would say yes because the rule states that distribution must run for 5 years or until age 59.5, ... | |
| Cashing out my 401K | 11/27/2007 |
| Q: I am going through a divorce and need buy my half of the house. I plan to do a refinance and ... A: Sorry to hear of your divorce. You'll get a check for the whole $50,000 which will be counted as ... | |
| 401k | 11/27/2007 |
| Q: You are most helpfull, I have some additional questions; assume I retire from my current company ... A: I' going to have to check on this one and get back to you. I'm not sure how your aftertax funds will ... | |
| Question about annuities | 11/16/2007 |
| Q: Just out of curiosity. Is the following correct? *All other things being equal*, a lifetime ... A: It all depends on the rate of return that your index fund would be earning. A $200k single life ... | |
| 401k | 11/8/2007 |
| Q: You are most helpfull, I have some additional questions; assume I retire from my current company ... A: If you leave your money in the 401k after age 55, there will be no withholdings. Any amount you ... | |
| Transferring 401k to IRA | 11/4/2007 |
| Q: I'm single, retired, aged 66. Presently, I have about $30,000 in my 401k plan. I'm wondering if ... A: I always recommend that people move their 401k's to an IRA when they leave an employer. You will ... | |
| Equity Index Annuity | 10/29/2007 |
| Q: From what I understand, and EIA (Equity Index Annuity) is an annuity that credits interest based ... A: I guess the answer to your question would be both. The insurance company can invest the money as ... | |
| real estate IRA ? | 10/28/2007 |
| Q: Lots of home out there for sale right now. I understand that I can transfer my Roth IRA and my IRA ... A: Yes, this can be done but I don't know of any major companies who handle this type of "self directed ... | |
| 401K | 10/27/2007 |
| Q: Excuse my ignorance, but, if my 401K (still with my previous employer, no additional deposits made) ... A: Actually I would say that your account has done quite well. According to what you've told me you ... | |
| Lump Sum Payout of Defined Benefit Plan | 10/27/2007 |
| Q: I am 59 and will be receiving a lump sum payout from the pension plan at my job. I separated from ... A: Yes, you will be penalized on any amount you withdraw before 59 1/2. Therefore you will want to ... | |
| 457 contributions and early ss paybacks | 10/26/2007 |
| Q: I am a 61 yr old state employee considering retirement this coming June, when I will turn 62. ... A: No, your deferrals to the 457 plan won't be counted as income. If you are going to have a ... | |
| 401k 55+ withdrawls | 10/26/2007 |
| Q: David, if I retire and make withdrawals from my 401K, I am over 55, and I work part time or full ... A: As long as you leave the money in the 401k as you are taking withdrawals you will not be liable for ... | |
| 401K | 10/26/2007 |
| Q: My 401K is still with my previous employer. I am a State retiree, 64 years old and collecting ... A: You should probably rollover your 401k to an IRA. This will give you more control and more ... | |
| 401k Info | 10/25/2007 |
| Q: If I am collecting from a 401K can I also contribute to some other form of retirement account (ex: ... A: You will be able to earn additional income however in your case you may not want to use pre-tax ... | |
| retirement | 10/21/2007 |
| Q: I am a 33 yr old single mom and I am trying to find a way to invest in a retirement fund of some ... A: You can open either a traditional or Roth IRA. The current contribution limits are $4k if you are ... | |
| 401 K withdrawl for first home | 10/21/2007 |
| Q: I am buying my first home. Can I withdraw some money from 401 K account to pay for the home ? Please ... A: The IRS regulations allow up to $10,000 to be withdrawn from an IRA without the 10% penalty if the ... | |
| IRA | 10/18/2007 |
| Q: I previously asked this question of "Lawson" but I may have posted under person so here it is for ... A: Your sister needs to have a will in place to make sure anything she leaves behind goes where she ... | |
| IRA | 10/17/2007 |
| Q: I recently left a job and my retirement 15,000. I want to know if I can roll over the whole amount ... A: Yes, you can rollover the entire amount. You'll need to find a company that you want to start your ... | |
| Roth IRA rollover | 10/16/2007 |
| Q: If all goes well, I would like to retire early (before age 50), so am looking at ways of accessing ... A: Yes, you may convert your traditional IRA funds to a Roth in increments. Keep in mind, any ... | |
| Investment | 10/6/2007 |
| Q: I inherited an IRA about 3 years ago and understand I cannot withdrawl from it without a 10% penalty ... A: Actually you can withdraw funds from the IRA before age 59.5 and not have to pay a 10% penalty. The ... | |
| My retirement account | 10/5/2007 |
| Q: David, Thank you in advance for your advice. Financial stuff is way out of my expertise... I have ... A: You will need to know what tax bracket you are in. I will explain this in terms of federal taxes ... | |
| 401k | 10/5/2007 |
| Q: I recently bought a new car not knowing that 2 weeks later we would put money down on a new home. ... A: I don not think that this is a good idea at all. If you take a loan from your 401k, you will still ... | |
| Should i collect interest | 10/3/2007 |
| Q: I am on Social Security & want to know what is best to do. Take money needed for Taxes ect. out of ... A: Before I can give you any type of answer, I will need more information, such as: What type of ... | |
| employer moving away from 401k to simple IRA | 10/2/2007 |
| Q: I currently have 401k through employer. Employer is possibly moving to Simple IRA to save admin ... A: Having the SIMPLE will NOT limit your ability to contribute to a traditional or Roth IRA as long as ... | |
| employer moving away from 401k to simple IRA | 10/1/2007 |
| Q: I currently have 401k through employer. Employer is possibly moving to Simple IRA to save admin ... A: You can rollover your 401k funds to an individual IRA if you like. You don't have to move it to the ... | |
| Calculator | 9/29/2007 |
| Q: Where can I find a calculator that will calculate how long my money will last if I start with a ... A: Here is a link to a very simple calculator: ... | |
| IRA | 9/29/2007 |
| Q: I have a question about retirement accounts. I am 32. Two years ago (at age 30) I started a ... A: Yes it is going to be very similar to your 403b. you'll need to pick an investment allocation such ... | |
| IRA | 9/28/2007 |
| Q: I have a question about retirement accounts. I am 32. Two years ago (at age 30) I started a ... A: I would suggest that you open a Roth IRA in addition to your 403b. The reason for having both is ... | |
| 401K loan | 9/26/2007 |
| Q: My husband took a loan from his 401K, which we have not yet paid back. Now he has taken a new job. ... A: He can "rollover" the "remaining" balance of his 401k to his new employer's plan or an IRA without ... | |
| 401K rollover | 9/24/2007 |
| Q: My nephew recently lost his job where he participated in a 401K. What are his options for rollover ... A: There is no need to worry. He can rollover his 401k to an IRA with no penalty or taxation. He can ... | |
| Termination and stay outside US | 9/23/2007 |
| Q: i have $50K in my 401k. I am planning to return back to India. My current employer has office in ... A: The 401k company will automatically withhold 20% of any withdrawals and send to the IRS. You would ... | |
| Self-Directed IRA | 9/21/2007 |
| Q: Greetings: I might want to set up a self-directed IRA (to purchase real estate). Can I do this ... A: Yes you can do this yourself but there are many things you would have to consider. First you would ... | |
| Retirement investments | 9/20/2007 |
| Q: The last person I asked said zero, however, I do not believe his logic...I am almost certain I can ... A: If you are over 50 you can contribute $5000($4000 if under 50) to a traditional IRA. If you are ... | |
| 401k / Thrift Savings | 9/19/2007 |
| Q: I have two jobs, one of which I consider to be my permenant job and the other is a short term job of ... A: The $15,500 number represents the total of your contributions only. It does not include employer ... | |
| 401k Rollover | 9/18/2007 |
| Q: I currently have a 401k retirement plan through my current employer. However, I will be changing ... A: You are correct that a trustee to trustee transfer is the way to go. Just have your 401k company ... | |
| Taxes | 9/14/2007 |
| Q: I am 69 and am looking for a way to shield my Social Security from being taxed when I have to start ... A: If you move your IRA into an annuity and keep your tax deferred status, you will still be subject to ... | |
| ira, cd or roth ira? | 9/13/2007 |
| Q: Dave, It's me again. I guess what I need to know is which option is best for my situation. I am ... A: I can't really say for sure because I have no idea what your risk tolerance is, but most likely your ... | |
| Early withdrawl of IRA for hardship | 9/9/2007 |
| Q: My husband and I moved back to CA last November and have been retraining for new careers so have ... A: Sorry to hear of your husband's disability. If this were your husband's IRA than you would be ... | |
| 401k loan default question | 9/7/2007 |
| Q: I find myself in bit a of a strange situation and am hoping to figure out how to keep myself from ... A: Sorry to hear of your predicament. I would suggest that you call the 401k company immediately and ... | |
| cashing out 401 | 9/4/2007 |
| Q: I am 56 on disability and terminated how can I cash out without penalty? I have to wait 90 days. ... A: Sorry to hear of your disability. You can cash out your 401k without penalty if you are disabled. ... | |
| 403(b) or 457(b) | 8/30/2007 |
| Q: I have been a state education employee in two states with almost 8 years of service. At my first job ... A: It's hard for me to say without more information but I guess it would depend on several factors. If ... | |
| When can I rollover part or all of my 401K? | 8/30/2007 |
| Q: I would like to start rollover of part of my 401K with a company I still work for and am still ... A: You'll need to check with your plan administrator to see if your particular plan allows this. They ... | |
| 10% this 20% that | 8/29/2007 |
| Q: Hey Dave, I just realized that I am not in my 20’s any more when I turned 32, so now is the time to ... A: Short of rolling it over into an IRA and investing it where you want, there really is no way of ... | |
| Annuities | 8/22/2007 |
| Q: As an Illinois resident, is an annuity policy having a non-dependent son as beneficiary protected ... A: It doesn't matter what state you live in. Annuities are not protected from creditors. Thanks for the ... | |
| max contributions to traditional IRa and 401k before roth ira? | 8/21/2007 |
| Q: Should I try to put in the maximum contributions per year to my traditional ira and 401k and then if ... A: I can't say which would be better without more information, but generally, the younger you are, the ... | |
| 401K into Roth? | 8/21/2007 |
| Q: I am 34 yo who has finished medical training and am changing positions jobs. I have $30,000 in a ... A: Congratulations on finishing your training! Since you are planning and saving at a young age and ... | |
| 401K Closing account | 8/21/2007 |
| Q: I am a German citizen and worked in the US for about 2 years. I paid into a 401K account and would ... A: I would suggest you talk with an accountant in your country or perhaps contact the company who holds ... | |
| Lump sum distribution | 8/20/2007 |
| Q: I will soon be eligible to receive a one time lump-sum distribution rather than a monthly pension ... A: If you take a lump sum distribution from you pension, you will have to be taxed as ordinary income ... | |
| 401k vs IRA roll over | 8/17/2007 |
| Q: If I am retired and have a 401 K acct is it better to roll over all funds into a IRA? A: Yes, I would definitely recommend that you rollover your 401k to an IRA. You will have more control ... | |
| IRA vs. Life Insurance Policy - early withdrawl | 8/16/2007 |
| Q: I am permanently disabled and have a question regarding my IRA and my Life Insurance Policy. I ... A: I'm sorry to hear of your disability. I would keep the life insurance policy and make withdrawals ... | |
| Retirement planning | 8/8/2007 |
| Q: David, I'm 58 y.o. and my wife is 56. We're late bloomers in all respects, esp. in the retirement ... A: The employee contribution limit for 2007 is $15,500 or $20,500 if you are over 50. The IRS has also ... | |
| 401K Rollover | 8/8/2007 |
| Q: I am within 2 yrs of retirement. When I retire I want to roll my 401K over into a very secure fund ... A: Once you rollover your 401k into an IRA, you can invest it in just about anything you like. I don't ... | |
| 401K tax question | 8/3/2007 |
| Q: I switched jobs, I have a check for a 401K rollover. I now need the funds to pay a gamblin debt(or ... A: The penalty and taxes are paid when you file your tax return for this year. The "20 tax" you are ... | |
| 401k withdrawal | 7/30/2007 |
| Q: I have about $4500 which has been sitting with a past employer for 13 years now. If I were to ... A: Qualified retirement account, such as a 401k, are "tax deferred" accounts which means that taxes are ... | |
| Roth 401K | 7/28/2007 |
| Q: I start a new job and will now make $170,000 yearly. I am male, single tax filing status, 51 years ... A: I can't say for sure without more information, but most likely the Roth would be an excellent ... | |
| investment mix for early retirement | 7/27/2007 |
| Q: I am 54 and my wife is 48. I have been unemployed since last year when my employer left town. I ... A: You should be able to take funds from your 401k when you turn 55 without penalty providing that your ... | |
| investment mix for early retirement | 7/26/2007 |
| Q: I am 54 and my wife is 48. I have been unemployed since last year when my employer left town. I ... A: Actually, I think if you play your cards right you shouldn't have any problem. Having your health ... | |
| Retirement | 7/10/2007 |
| Q: My husband has been terminated. And now he wants to take his Retirement out. At this point in time ... A: I'm sorry to hear of your situation. If you end up getting divorced, the court will issue a ... | |
| recent firefighter tax break | 7/9/2007 |
| Q: In light of the new tax law changes,as a Firefighter, do I have to pay the 10% penalty for taking a ... A: I found the information on the changes as it effects the 10% penalty waiver for public safety ... | |
| recent firefighter tax break | 7/9/2007 |
| Q: In light of the new tax law changes,as a Firefighter, do I have to pay the 10% penalty for taking a ... A: I found the information on the changes as it effects the 10% penalty waiver for public safety ... | |
| where to start? | 7/9/2007 |
| Q: i'm a 32 year old who now has a permanent job with a reliable salary, guaranteed to increase with ... A: I don't have enough information to make any specific recommendations, but I can give you some ... | |
| recent firefighter tax break | 7/6/2007 |
| Q: In light of the new tax law changes,as a Firefighter, do I have to pay the 10% penalty for taking a ... A: I am not aware of any new tax laws relating to firefighters involving the premature distribution of ... | |
| 401K Rollover | 7/5/2007 |
| Q: Have you ever heard of having to wait 18 months after leaving an employer to rollover a 401K Plan to ... A: Yes I have heard of this and have even seen plans that make you wait longer. It all depends on how ... | |
| Premature withdraw IRA | 7/4/2007 |
| Q: I have several IRA accounts at different financial institutions, differed account numbers, but all ... A: To the best of my knowledge, this rule applies to each IRA on an individual basis. This would mean ... | |
| 401k transfer | 7/2/2007 |
| Q: About 4 years ago my wife quit her job to stay home with our new children. She accumulated ... A: You cannot transfer the funds in your wife's account to your 401k. Tax qualified accounts such as ... | |
| 401k, Pension & Profit Sharing | 7/1/2007 |
| Q: Can you please tell me what the difference is between a 401k,Pension & Profit Sharing I'm really new ... A: These plans are all tax qualified under the IRS codes. This means that special tax deferral rules ... | |
| scary retirement future | 6/25/2007 |
| Q: please help me. A: When you go back to work and with your wife working you certainly have enough time to accumulate ... | |
| 401k as part of divorce settlement | 6/22/2007 |
| Q: Long story short, I will probably be getting about $400,000 from spouses 401K in divorce settlement. ... A: Yes, you can take a lump sum, however, any amount you take would be taxed to you as ordinary income ... | |
| Parents Retirement | 6/21/2007 |
| Q: My mom is in her mid 50's and my step-dad is in his late 40's. She cleans houses for cash and he ... A: This is a problem that many people face. Without knowing more about their situation it is hard for ... | |
| Creating earned income out of Capital Gains | 6/19/2007 |
| Q: I have a single member LLC that is an entity for trading equities. That is my full time job. I ... A: I believe that this would be more of a question for a CPA than for my someone in my area of ... | |
| Defined Benefit Pension | 6/19/2007 |
| Q: I am in a defined benefit pension and qualify for retirement. I want to retire in 4 years (age 50) ... A: There are many retirement planning calculators on the web and some are more detailed than others. I ... | |
| withdrawel to pay home | 6/18/2007 |
| Q: at 59 1/2 can I use a portion of my retirement to pay off a home? without penalty. A: I'm assuming that your talking about a 401k and if so, here's the scoop. You won't be penalized if ... | |
| early retirement | 6/16/2007 |
| Q: I currently own some realestate, a total of 3 propertiee. I believe, I have close to 1 million in ... A: This is a hard question to answer given the limited info you have given me. I can tell you that ... | |
| Banks vs Brokerage firms | 6/16/2007 |
| Q: I have inherited an IRA of about 50 thous. I have been educating myself as to the rules on this and ... A: I think what your best bet here would be to work with a professional adviser or planner. Banks in ... | |
| 72 (t) | 6/10/2007 |
| Q: I plan to rollover a portion of my 401k into my IRA and setup 72(t) SEPP (substantially equal ... A: Here is a good link to 72t info: http://www.moneymanagment.info/72T.htm Here is some good info on ... | |
| SEP-IRA, house | 6/5/2007 |
| Q: I currently have $5800 in there. My fiance and I want to buy a house, but we have been unable to ... A: The IRS rules state that you can take up to $10k out of an IRA for a "first home purchase". I don't ... | |
| Early withdrawal from SEP IRA for child's college | 6/3/2007 |
| Q: I have a SEP IRA established when I was self-employed. I now participate in an employer-based 401K ... A: You can take a penalty-free withdrawal from an IRA that is not a Roth IRA to pay certain higher ... | |
| disability and spuses 401k | 6/1/2007 |
| Q: My uncle was recently diagnoses with cancer. He applied for disability once he started treatments ... A: I'm sorry to hear of your uncle's illness. I'm assuming your talking about Social Security ... | |
| 401k distribution | 6/1/2007 |
| Q: If I retire at age 55 can I start drawing on my 401k savings before age 59 1/2 without penalty A: Yes, you certainly can. I would suggest that you meet with a financial advisor or planner before you ... | |
| SEP IRA withdrawals | 5/31/2007 |
| Q: I have a SEP IRA and I am 56 years old. I have been advised by my doctors to apply for Social ... A: I'm sorry to hear of your disability. As long as you can prove your disability, which it sounds like ... | |
| Using an old 403b for my children's college | 5/27/2007 |
| Q: I have a 403b from a past employer. The contributions were 100% mine. It is worth approximately ... A: You cannot roll this directly into an account to use for your kid's college expenses and there is no ... | |
| 401k/profit sharing plan | 5/18/2007 |
| Q: Last October I was let go from my former employer. I was employed there just under 4 years. During ... A: This depends on several factors. If you made contributions to the plan by having it taken out of ... | |
| retirement investments | 5/15/2007 |
| Q: I have around $400,000 invested in my IRA at Smith Barney and as I am 60 and plan on using that ... A: I don't know what type of account you have with your present company but I don't see how they can ... | |
| IRA rollover to fixed annuity | 5/11/2007 |
| Q: When I asked the question about the direct rollover of my wife's $50,000 401K into a conventional ... A: Glad I could be of help! I think another thing you need to keep in mind is the possible taxation of ... | |
| left my job | 5/7/2007 |
| Q: I have left behind a 401K and a pension fund profit sharing plan...I am fully vested... there is 60K ... A: Most likely you would be better off using T Rowe Price or Vanguard rather than your credit union. ... | |
| fixed immediate annuity | 5/6/2007 |
| Q: I have appproximately $400,000 in an I.R.A. with not much other guaranteed income and am considering ... A: Sounds like this might be a good idea for you. However, being that your only annuitizing 25% of your ... | |
| retirement investments | 5/4/2007 |
| Q: I have around $400,000 invested in my IRA at Smith Barney and as I am 60 and plan on using that ... A: Without more information, it's really hard to give you a solid answer as far as where you should be ... | |
| Two Rollovers in a Year | 5/2/2007 |
| Q: In March, I rolled over an older employers 401k into a new IRA at a broker. My current employer ... A: You can rollover to the new firm or the broker handling your IRA with no problems. You can rollover ... | |
| IRA conversion to an annunity | 5/1/2007 |
| Q: David, my wife and I made a $50,000 direct conventional IRA rollover from her previous employers ... A: Yes, you can rollover to an annuity inside of an IRA with no taxes or penalties. However I would ... | |
| Limited by keyman comp on 401k | 4/26/2007 |
| Q: David, I am currently limited to $5k contributions to our 401k due to the key man comp rule. I am ... A: Investing in mutual funds is fine as you will only pay long term capital gains tax rates if they are ... | |
| 401k rollover | 4/25/2007 |
| Q: I am 46 years old and plan to retire in a few years. I am currently enrolled in a 401K plan @ work. ... A: There is no way that you can roll your retirement fund into your husbands. As far as your options ... | |
| 401k disability or hardship withdrawal | 4/20/2007 |
| Q: I was diagnosed with breast cancer in Dec.06 and have been out of work oh short term disability for ... A: I'm very sorry to hear of your health problems and financial predicament. I believe that what the ... | |
| Military Thrift Savings Plan | 4/20/2007 |
| Q: I am retiring August 2007 and have about $80,000 in the Military Thrift savings plan. I am 49 years ... A: Congratulations on your retirement and thank you for your service to our country! You can leave the ... | |
| Rollover an IRA into a SEP account | 4/18/2007 |
| Q: Can I rollover a traditional IRA into a SEP IRA and if so how? A: Yes you can rollover an IRA to a SEP. I am curious as to why you would want to do it. The only ... | |
| rollovers | 4/18/2007 |
| Q: i recently was laid off leaving behind a 401K and a pension fund. My understanding is that I cannot ... A: You can't rollover directly to a Roth because your 401k and pension money has never been taxed. ... | |
| Job Change, affect on 401k loan... | 4/18/2007 |
| Q: David, I am considering leaving my current company for a competitor. I have about $18k of a loan it ... A: Your absolute best move is to pay the loan off before you rollover. If you rollover the account ... | |
| Thrift Savings Plan | 4/17/2007 |
| Q: I will retire on Aug. 3, 2007 at age 55 with 37 yrs. federal service. I have about $113,000 in my ... A: Congratulations on your retirement. Here are a few options you have available to you. You are ... | |
| annuities | 4/16/2007 |
| Q: Good Morning, I worked for a large corporation that moved and I was vested in their pension plan. ... A: Whether you take a lump sum or not depends on several factors which you haven't stated, such as age, ... | |
| Tax deduction for 403b contributions | 4/15/2007 |
| Q: First of all, thank you for making yourself available here. I participate in my employer's 403b ... A: I'm surprised that your employer wasn't taking your previous contributions pre tax. This sounds a ... | |
| retirement | 4/15/2007 |
| Q: My wife is a postmaster and I am a postal clerk. I plan to retire in about 5 years under csrs. I ... A: Alot of this would depend on your age which I'm assuming is over 50, but I'll throw out a few ideas. ... | |
| penalities on early distribution on a life joint annuity | 4/15/2007 |
| Q: This 2006 my husband I took out 13,000 in order to pay our real estate taxes. My financial advisor ... A: Most likely your advisor doesn't understand the taxation of annuities in regards to withdrawals. A ... | |
| Distribution Error | 4/12/2007 |
| Q: I recently resigned from my job and filled out the paperwork for a distribution for my 401K. I am ... A: This happens to people all of the time, and unfortunately, your employer is correct. If you deposit ... | |
| IRA with no deductions | 4/12/2007 |
| Q: I was wondering what the benefits are for an IRA if I (single adult) make more than 100k? I do not ... A: That's a great question! Rather than use a non-deductible IRA, a variable annuity might be a better ... | |
| Individual Roth 401(k) required distributions | 4/11/2007 |
| Q: I am 73, self-employed and just opened an Individual Roth 401(k) for 2006. Am I required to take a ... A: One of the great features of the Roth IRA is that there are no reqiured minimum distributions ... | |
| rollover | 4/11/2007 |
| Q: I am going to quit my job of 14 years soon. I have a 401K and a profit sharing plan with the ... A: Since this is money that hasn't been taxed yet, you cannot rollover directly to a Roth which is an ... | |
| Early Retirement | 4/9/2007 |
| Q: My wife and I are both 45 and would like to retire at 55. Is there anyway to take money out of a ... A: If your at least 55, you can take money out of your 401k without penalty as long as you are no ... | |
| my IRA account | 4/9/2007 |
| Q: I have had an IRA account with Smith Barney for many years. My portfolio has suffered since 2000. ... A: I would check with Smith Barney and go over your account history to see if there has been any ... | |
| 401K advice | 4/9/2007 |
| Q: I am planning to retire from my company at the ripe old age of 49. I have a significant amount of ... A: You are referring to the 72t early distribution rule. You will need to rollover the money into an ... | |
| 401K | 4/6/2007 |
| Q: JUST HAVE A QUESTION ABOUT EARLY WITHDRAWL. WHEN I GET TAXED THE 20 OFF THE BAT DO I THEN HAVE TO ... A: Yes, you still have to pay the 10% penalty at tax time. If your tax bracket is higher than 20% then ... | |
| retirement vehicle | 4/4/2007 |
| Q: Is there such a retirement vehicle as an IRA or Roth IRA where the money is invested in stocks and I ... A: Absolutely. IRA's can be invested in just about anything. If you don't have any investment ... | |
| IRA vs. 401k | 4/1/2007 |
| Q: I work for the state of TX and therefore do not get a company match on a 401k. I am 23, married, ... A: I'm glad to see that you are thinking ahead at a young age. There are several reasons why the Roth ... | |
| Retirement Planning | 3/30/2007 |
| Q: We are a couple 55 yrs old. Neither of us have any investments and we are beginners... reading what ... A: This is hard to answer without knowing more about you and your needs. There is no one correct answer ... | |
| 401 divorce distribution | 3/28/2007 |
| Q: I have recently received a distribution check from my ex's 401 (K) plan. since the divorce finances ... A: You will definitely avoid the penalty if you roll it over, however avoiding the 10% penalty may ... | |
| 401 divorce distribution | 3/27/2007 |
| Q: I have recently received a distribution check from my ex's 401 (K) plan. since the divorce finances ... A: You'll need to get that check rolled over into an IRA within 60 days and then take a withdrawal from ... | |
| Financial Planning | 3/16/2007 |
| Q: We are a getting married and would like some advice on how to save for our future. We would like to ... A: Without knowing more about you and your risk tolerance I'll have to be very general. I'm assuming ... | |
| 401(k) to TIRA rollover | 3/7/2007 |
| Q: TIRA is for traditional IRA. Sorry for the confusion. I do have other TIRA's and I have received ... A: That's funny! I've never heard anyone in my profession refer to them as TIRA's, but it makes sense. ... | |
| 401k | 3/6/2007 |
| Q: I am working for a corporate company that was sold. I did not lose my job. I am working for a new ... A: If you are under age 59.5 you will be penalized 10% plus the funds will be taxed as ordinary income. ... | |
| 401(k) to TIRA rollover | 3/6/2007 |
| Q: I am rolling over 401(k) from my former employer to TIRA. Fund is in cash and stock certificate. It ... A: If the taxpayer does not have any IRA to start with, and he rolls over the after tax money only, ... | |
| 401K/Traditional IRA early withdrawal | 2/23/2007 |
| Q: I'm looking for a clarification on rules on withdrawing from a 401K plan or a traditional IRA ... A: You can take withdrawals from your 401k after age 55, even if you left your job voluntarily or ... | |
| solo 401 K | 2/17/2007 |
| Q: How much can I contribute to solo 401 K ? I have 14000 income for 2006 on solo business. I have ... A: If your employer's plan is a Simple IRA than you are not allowed to have a solo 401k at the same ... | |
| Thrift Savings Plan Annuity | 2/17/2007 |
| Q: I'm a 46 yr.old female. My spouse is 66. I have been employed by the USPS for 21 years under the ... A: Sorry to hear about your disability. Without having more information I can't give you a specific ... | |
| adoption | 2/8/2007 |
| Q: Is there any way to use or money from our retirement fund without penalties for the purpose of ... A: I know that this is not one of the standard provisions for a penalty-free withdrawal from an IRA or ... | |
| Traditional vs. Roth IRA | 2/2/2007 |
| Q: I know it's been a while since my last question, but I thought you gave great advice and I had one ... A: Great to hear from you again! EE bonds are redeemable 12 months after issue. If you cash them out in ... | |
| mother is 49 and wants to save... | 1/22/2007 |
| Q: My mother is 49. She had a 401K with her old job but she kept taking loans and since she just left ... A: You are correct in advising her to open an IRA instead of contributing to her employer plan with no ... | |
| IRA early withdrawal | 1/19/2007 |
| Q: I currently have a sizable debt on credit cards (which I have stopped using) and I am expecting a ... A: An early withdrawal will be taxed as earned income plus a 10% penalty. So basically the 25k would be ... | |
| IRA | 1/12/2007 |
| Q: I have a "self directed" ROTH IRA. I want to invest in a CD with a company called CPS inc. The web ... A: A custodian is the entity that looks after your account and invests it according to the plan that ... | |
| retirement | 1/9/2007 |
| Q: I am 58 my wife is 52. We both plan to retire from the postal service. I am csrs and she is fers. We ... A: I'm going to assume that this CD is not part of a qualified retirement plan, so it is after-tax ... | |
| 401K rollover | 1/9/2007 |
| Q: David, I changed jobs and want to rollover my 401K account to my new 401K plan. I could leave my ... A: I never recommend for people to leave money in a 401k after they terminate employment. You can ... | |
| 401 k rollover with outstanding loan | 1/6/2007 |
| Q: good advice Dave. 1400 bucks, yikes! Is there any "significant" advantage to rolling the money to ... A: Some of the advantages of putting the money into an IRA rather than in your new 401k are: 1. You ... | |
| 401 k rollover with outstanding loan | 1/6/2007 |
| Q: I recently changed jobs and now I have to decide whether to roll my 401k over to my new job's ... A: If you don't pay back the loan, it will be treated as a distribution. That means that the 4k will be ... | |
| Purchasing additional Service Credit Years | 1/5/2007 |
| Q: My pension plan has an optional plan for purchasing additional service years. I am planning to ... A: Well let's do some math. For comparison purposes, I'll use the assumption that your pension payments ... | |
| 401k early withdrawal | 1/2/2007 |
| Q: I am currently a 3rd year medical student. I am married and recently we had our first child. My ... A: You would be penalized 10% for early withdrawal plus taxed according to your tax bracket. So yes, ... | |
| 401k | 1/2/2007 |
| Q: I'm retired. When I was 62 I started withdrawing $800/mo from my 401k. I was told when I did this ... A: I just found your question in the question pool. It sounds like you may have taken some type of ... | |
| ksop | 12/28/2006 |
| Q: i don't understand very much about ksop can please explain it to me. some of my question are: i ... A: A KSOP is basically a 401k where your employer will match your contributions with company stock ... | |
| roth ira | 12/24/2006 |
| Q: I am on social security disability and would like to start a roth ira if i understand it correctly. ... A: Unfortunately you won't be able to open a Roth. To be able to open a Roth you need "earned income". ... | |
| roth ira | 12/24/2006 |
| Q: I am on social security disability and would like to start a roth ira if i understand it correctly. ... A: If social security disability is your only source of income you would not be eligible for a Roth ... | |
| 457 B | 12/23/2006 |
| Q: My wife has a 457b retirement plan She is retired. My question is in the event of her demise can ... A: I always advise people to roll over their employer plans to an IRA as soon as they retire. You will ... | |
| IRA vs 401K contributions | 12/23/2006 |
| Q: I am single and I received a deduction for all $3,000 of my Traditional IRA deductions last year. I ... A: Depending on your income you may be correct. These are the income limits for deductibility of a ... | |
| Social Security | 12/20/2006 |
| Q: Mr. Iappollo: I read somewhere a very long time ago that citizens are able to demand a lump sum ... A: The only instances I know of that would facilitate a lump sum from SS are the surviving spouse death ... | |
| early withdrawl of retirement funds | 12/20/2006 |
| Q: I am 47 years old and going through a divorce. I have 168K in my 403b. In exchange for no alimony, ... A: Sorry to hear about your divorce. One of the hardship exemptions is for first time home buyers so I ... | |
| retired and now building debt-isit time to tap my 457B? | 12/14/2006 |
| Q: i have a 457b and im retired. I have no mortgage, but I do have a home EQ loan(tied to prime). I owe ... A: D., Neither of your scenarios is ideal but I will explain what you will be facing. If you tap into ... | |
| 401k withdrawl | 12/13/2006 |
| Q: Our company is closing down. I have 401k and I am wanting to use my funds to buy farm equipment for ... A: I really don't believe that this is allowed but perhaps you could call your local Farm Bureau and ... | |
| 401K Loan Question | 12/12/2006 |
| Q: I have 2 loans from my 401k plan that I am in the process of paying back, total outstanding is about ... A: That's a very good question and one that I get alot. The double taxation that you mention is not ... | |
| Traditional vs. Roth IRA | 12/7/2006 |
| Q: David. We appreciate your help. As for our ages, we are both turning 27 this February so we've got ... A: Actually, I missed something when I was answering your question and you are correct. If you were ... | |
| 401K Early Withdrawl | 12/7/2006 |
| Q: I have recently moved onto a new job and am looking at rolling over my 401k but am now however ... A: Keep in that the 401k provider is just withholding the standard 20% that they do on all withdrawals. ... | |
| Traditional vs. Roth IRA | 12/6/2006 |
| Q: My wife and I want to open IRA's this upcoming year and are not quite sure of our best option. We ... A: Of course not knowing your ages and other information I can only give you a generic answer but it ... | |
| HSA administrated by 1pointsolutions | 12/5/2006 |
| Q: Just a follow-up on the 1 Point Solutions HSA. 1 Point Solutions CEO, Barry Stokes, is in jail. My ... A: Wow, I'm so sorry to hear that! I did a little research and found that are are certain circumstances ... | |
| Hardship early withdrawl of 401K | 12/4/2006 |
| Q: I'm being put into early Disability Retirement form the US Railroad Retirement Board. Is it ... A: You would have to check with your plan administrator to see if you would qualify for a "hardship ... | |
| 401K rollover to SEP-IRA | 12/3/2006 |
| Q: I have a 401K from a previous employer. I'm currently self-employed, and thinking about opening a ... A: Yes, you should be able to roll the 401k into the SEP, however I would check with the plan ... | |
| HSA administrated by 1pointsolutions | 11/20/2006 |
| Q: I have had an HSA for a little over 1 year. I didn't know until days ago that my monthly deposit ... A: You won't lose your money but I guess you have to find out where it is. It sounds like it was in a ... | |
| Roth IRA 5-year requirement | 11/20/2006 |
| Q: I am over 55. If my Roth IRA account is over 5 years old, does that make any contributions and ... A: Contributions are always tax free, however the 59 1/2 rule still applies. Rather than go into great ... | |
| Higher Educ Expanses and IRA | 11/16/2006 |
| Q: You are not 59 and 1/2 yet, but you need to take a distribution from your trad IRA (rollover) to pay ... A: You can withdraw trad IRA funds to be used for higher education cost for you, your spouse, children, ... | |
| pension plan | 11/12/2006 |
| Q: can the funds in a pension plan be rolled into a ira or 401k at any time A: Unless you have left the employer, probably not. Some pension plans won't even allow a lump sum ... | |
| Social Security | 11/10/2006 |
| Q: My wife an I are both 61. I have 40 years of employment so my Social Security benefits are ... A: I believe that if you retired at 66, than your wife would be eligible to receive half of your ... | |
| 401-K Mortgage? | 11/10/2006 |
| Q: I own an apartment building. Can I fund a 2nd mortgage for the building through my 401-K? If so, ... A: You could do this with an IRA, but not a 401k. If your not with the company anymore you could roll ... | |
| 401k | 10/30/2006 |
| Q: I was very interested in your reply to Emile Bisson with question of the bank (1 pointsolutions)out ... A: All employer retirement plan participants are protected under ERISA, which stands for the Employee ... | |
| early withdrawl from 401K hardship case | 10/30/2006 |
| Q: can i borrow from a O.K.'d and pay it back and avoid the penalties. i lost my job and am only ... A: Check with your former employer's HR dept. to see if the plan allows for hardship withdrawals. If ... | |
| Using IRA money | 10/25/2006 |
| Q: My sister and I are starting our own buisness. Our mother wants to take money out of her Jumbo IRA ... A: The money will be taxed to her as ordinary income. So if she were in a 25% tax bracket, the taxes ... | |
| contributing to Roth IRA through gift | 10/24/2006 |
| Q: I am 19 years old and am wondering whether I am allowed to contribute to a roth IRA with money that ... A: I'm glad you see the value of investing at a young age and the Roth is a great choice. As long as ... | |
| I think I am in deep trouble | 10/22/2006 |
| Q: David, History: I was disabled due to my response to hurricane Katrina. (Fire Fighter) Had a stroke, ... A: I'm very sorry to hear about your misfortune. Let's look at your situation step by step. As for you ... | |
| IRA rollover to LLC with NTC for realestate | 10/21/2006 |
| Q: We are in Colorado Springs Colorado. Are looking to purchase a duplex with IRA funds from my wife's ... A: This is not really an area that I deal with however I am aware that you can invest in real estate ... | |
| IRA to Sep | 10/21/2006 |
| Q: David, I have funds in a IRA account @ Harris now Etrade, it is a traditional IRA i believe. I also ... A: I wasn't sure which way you were asking, so I'll give you both ways. You can rollover your funds ... | |
| Bonds & Notes | 10/17/2006 |
| Q: I have some 30 year bonds for entities in Florida(originally my mother's) paying 5,6 & 7 pct., and ... A: Yes, you will get the face value of the bonds when they mature in addition to the interest each ... | |
| Changed jobs | 10/13/2006 |
| Q: David, In July 2006 I left the agency where I have 85,000 in my 401K. I had borrowed from my 401K ... A: Although all 401k plans differ in many ways, I've never heard of one that would allow you to ... | |
| 457B Plan | 10/9/2006 |
| Q: Also to answer your questions, I do own a home now and have 10k-30k equity depending on the market? ... A: Based on what you've told me, I would look at th possibility of opening a traditional or Roth IRA, ... | |
| 401k bank in bankruptcy...HELP! | 10/5/2006 |
| Q: ..this gives a bit of hope. I just wanted to be clear that my employer did not declare ... A: Your welcome Emily! Yes this was what I presumed. Unfortunately you may have to wait a bit longer in ... | |
| 401k bank in bankruptcy...HELP! | 10/4/2006 |
| Q: I have/had a 401k plan with a former employer. I was about ready to transfer(rollover) the funds to ... A: There's no need to worry. Your money is protected by under ERISA. You'll probably have to wait a bit ... | |
| 401K early withdrawl | 9/28/2006 |
| Q: The money I am looking to withdrawl would be for emergency expenses. Is there any way to avoid the ... A: Scott, Your tax bracket is determined by your AGI or adjusted gross income. You can find these ... | |
| 401K early withdrawl | 9/28/2006 |
| Q: I am 41 years old. I worked for a company for 16 years and had a 401k account there. I was part of a ... A: If you take a withdrawl, the money will be taxed as ordinary income plus a 10% penalty because you ... | |
| pension plan | 9/26/2006 |
| Q: it is a defined benefit plan...I put no money into itThe company I've worked for for the past 5 ... A: The lump sum would get taxed as ordinary income plus a 10% penalty because you are under 59&1/2 ... | |
| pension plan | 9/26/2006 |
| Q: The company I've worked for for the past 5 years offers a pension plan. We have been bought out by a ... A: Is this a Defined Contibution plan, such as a 401k, that you've contributed to, or a Defined Benefit ... | |
| cash management funds, ISP, | 9/13/2006 |
| Q: David, thank you very much for your response. I have purchased life insurance so that in the event ... A: Elizabeth, There is one catch to opening a Roth IRA for children. They have to have earned income ... | |
| cash management funds, ISP, | 9/13/2006 |
| Q: I have the insurance paper work in front of me so let me explain it better. One example; my son is ... A: The policy you are talking about is variable life insurance. Part of your premium goes toward the ... | |
| Two IRA accounts with one company? | 9/11/2006 |
| Q: I haven't seen this question anywhere else, so here goes. I have an employer-sponsored 401k, though ... A: To answer the first question, it would depend on what types of investment options that this company ... | |
| cash management funds, roth IRA | 9/7/2006 |
| Q: I am 45, my children are 14, 16, and 18. My annual income is $60,000 and currently have a deferred ... A: It sounds like this "cash management fund" is basically a savings account. If there is no term on it ... | |
| cash management funds, roth IRA | 9/7/2006 |
| Q: I am fixing to invest $25,000 in cash management funds(12,500), ROTH IRA ($6,000)and about $6500 in ... A: I'll be more than happy to give you some advice but I need a little more information from you. How ... | |
| starting at 22 y/o | 8/25/2006 |
| Q: I'm 22 and I've recently met an 80 y/o man who has to work 34 hours a week because he thought he was ... A: I'm glad that you see the need for starting to save now. At your age, a Roth account is the best ... | |
| retirement planning | 8/20/2006 |
| Q: How much would I have to invest to get an income of $500 per week for 5 years and have the entire ... A: Well to make the math simple, let's assume you have $500,000 and have an investment that pays 5%. ... | |
| IRA Distribution | 8/19/2006 |
| Q: Mr. Iannopollo: Thank you for my prior question (conversion from traditional IRA to Roth). If ... A: No, your withdrawl doesn't have to be taken all at once. RMD's or required minimum distribution's ... | |
| Early IRA withdrawal | 8/16/2006 |
| Q: I am in special situation. I am 53, was laid off last May. My mother had to move in with me, she's ... A: Well, it's never a good idea to tap into an IRA early, but life does have a way of throwing us a ... | |
| IRA Conversion | 8/13/2006 |
| Q: Iannopollo: I am about 60 and after I turn 62, I think I would like to convert from my Traditional ... A: You can convert your money in increments, however your going to need to speak with your accountant ... | |
| cd | 8/11/2006 |
| Q: I am 58 and plan to work 4 more years. My wife and I are postal employees. I have a cd worth 80000 ... A: I would put the money in a good variable annuity. You can let the money grow tax deferred until you ... | |
| IRA early withdrawl | 8/8/2006 |
| Q: I am considering withdrawing funds from my IRA due to an emergency and I am trying to figure out if ... A: Sorry to hear about your emergency. You would be required to pay ten 10% penalty, however if you ... | |
| equity | 8/2/2006 |
| Q: I just paid off a 15 yr mortgae that I purchased when I was 27. I am now 42 and have about 300K in ... A: Well it sounds like you are in great shape! I definitely wouldn't cash out any of your equity. Your ... | |
| high yield savings account | 7/31/2006 |
| Q: i applied for this "certain" credit card and this credit card allows me to use the card and ... A: No, this is not a retirement account. Interest earned on a savings account is taxable, so the ... | |
| traditional IRA | 7/22/2006 |
| Q: I have a traditional IRA invested in 85% stocks and 15% bonds. I am 50, my husband is 54. We were ... A: Well, your idea is good in theory, however you cannot roll money from your IRA into an IRA for your ... | |
| 401K Distrobution Snags | 7/20/2006 |
| Q: I've been having problems retrieving my 401K funds from my former employer. I've not been employed ... A: Sorry to hear of your troubles. Unfortunately, there really are no laws governing the amount of time ... | |
| 40lK | 7/15/2006 |
| Q: I have been saving on a 40lk for my retierment. I now have 60,000.00. I have a loan for 22,000.00 ... A: When you take a loan from your 401k you are paying back the interest rate on the loan to yourself. ... | |
| Of wasting life and qualities | 7/15/2006 |
| Q: Could you please advice how a professional non-Anglo-Celt (non-Anglo-Sax if one likes such ... A: I guess what you are saying is that there are prejudices toward non-Anglos in regards to employment ... | |
| 401k | 7/13/2006 |
| Q: Should I put more money in my 401k or open a Roth? A: Without knowing your situation it's hard to give you the right answer. I would need to know your ... | |
| retirement planning | 7/12/2006 |
| Q: I am 43 years old & self-employed. I am finally in a position to begin saving for retirement but am ... A: MJ, It would all depend upon how much you can put away per year. The IRA contribution limit for 2006 ... | |
Retirement Planning
Answers by Expert:
David M Iannopollo
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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.
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I have over 20 years experience in the business and financial world.
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