You are here:
- Home
- People/Relationships
- Retirement Planning
- Retirement Planning
Retirement Planning/Questions Answered by Expert Richard E. Reyes, CFP
| Subject | Date Asked |
| 401k Contribution | 2/1/2012 |
| Q: I received a bonus last year that made me a HCE. Now, I can only contribute 4% to my 401k because ... A: Donnie, thanks for your information. Depending on your marital status you and your spouse may be ... | |
| 55 Rule | 1/13/2012 |
| Q: If I took a severance package(2 wks. pay for every year of service) at age 54 that paid me ... A: IRS Publication 575, tells us that an early distribution penalty will not apply when withdrawals are ... | |
| RMD and tax issue | 12/12/2011 |
| Q: I have my IRA with a mutual fund company and have my RMD's set to be distributed automatically in ... A: Scott thanks for your question. I hope I can help. First easy answer is that I would just change my ... | |
| sellin property | 11/30/2011 |
| Q: i am a single person. I am 54. i have a house and land in the countryside. i am tired of maintaining ... A: Jerome, your goal is easily accomplished but is dependent on many variables such as how much money ... | |
| 2011 rmd | 11/21/2011 |
| Q: I turned 701/2 in 2011. I plan on taking my rmd this year. How do I know how much to withdraw? I ... A: RMDs are taxed in the year you receive them. If you’ve ever made nondeductible contributions to a ... | |
| 2011 rmd | 11/21/2011 |
| Q: I turned 701/2 in 2011. I plan on taking my rmd this year. How do I know how much to withdraw? I ... A: Glenn, thanks for your question. There are several calculators one can use on the web. You just need ... | |
| 401k | 11/17/2011 |
| Q: i had quit contributing money to my 401k and that means my employer is not contributing either.i am ... A: Connie thanks for your question. This is a highly complex question because it entails that you the ... | |
| Converting 401K | 11/7/2011 |
| Q: My company is stopping the 401K plan and I am wondering should this be moved to another 401K or put ... A: Mike thanks for your question. This is a loaded question and I would need a lot more information ... | |
| minimum distribution from ira | 10/12/2011 |
| Q: I turned 70 on July 27 of this year. Do I have to take out money for 2011 or do I wait for 2012? ... A: Sorry it took me so long to get to this as this went straight into my SPAM folder. The IRS says ... | |
| Tax on IRA | 10/6/2011 |
| Q: I bought IRAs with after-tax dollars. How do I report taxes and on what form. Do I declare only ... A: Withdrawals from your traditional IRA that contains non-deductible contributions are treated ... | |
| IRA maturity | 8/22/2011 |
| Q: My dad has about $69000 in an IRA which matures in Sept. He is 87 and in a nursing home in which my ... A: First IRA's do not mature. The investment vehicle the IRA is invested in might mature like a bond, ... | |
| Pension payout | 7/14/2011 |
| Q: I changed jobs a few weeks ago and recently received paperwork from my former employer giving me the ... A: Megan, thanks for your question. This question has a lot of answers as it is more based on your ... | |
| Early Distribution | 6/4/2011 |
| Q: I read an article that suggested taking some of your 401K (if you're eligible to) out of the company ... A: Carl, at your age you are able to either transfer a portion of your 401k and following the ... | |
| Retiree Option | 5/31/2011 |
| Q: I was reading the information below as an option for retirees that may help in being more ... A: Basically what it means is that the couple sold their house and took all the equity to provide them ... | |
| IRA mutual funds | 5/7/2011 |
| Q: I know if someone has a traditional IRA (e.g. mutual fund), after age 59 1/2 they can receive ... A: Yes as long as the individual has earned income they can make a contribution into their own ... | |
| 401K withdrawal | 5/3/2011 |
| Q: Will I incur a US tax liability if I withdraw my 401K capital (I worked in the US until 1973) at age ... A: Nathan, thanks for your question and I hope this helps. A lot of this is dependant on how much your ... | |
| fixed annuities | 4/25/2011 |
| Q: I invested in a five year fixed annuity 3 years ago. It only allowed me to contribute to it the ... A: Lee thanks for your question. What you mention is that you purchased a single premium annuity 3 ... | |
| 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: David thanks for your question but it definitely would not be prudent to answer this question is ... | |
| Bond Fund Investing | 4/7/2011 |
| Q: I’m about to invest in bond funds but I have some questions first: (1) if the Fed increases interest ... A: Michael, thanks for your question and I am deeply apologetic for taking such a long time to answer ... | |
| regular IRA to government TSP | 3/30/2011 |
| Q: I have about $170K in one traditional IRA of which about $12,000 is non-deducatable contributions. ... A: Jim thanks for your question. You are indeed able to rollover your IRA into your TSP by completing ... | |
| Annuities | 3/13/2011 |
| Q: I am 62 years old, my wife is 60. Here is my retirement plan: I retire this year and collect SS(1400 ... A: Steve thank you so much for your question. This is my area of expertise as I only deal with folks ... | |
| Social Security/Retirement question | 3/4/2011 |
| Q: When I retire, my wife says that my income from social security and/or my employer's 401k retirement ... A: David thanks for your question. It is surprising how many folks ask me this question. Needless to ... | |
| Non deductible IRA | 3/1/2011 |
| Q: I max out my 401k at work ($16k) and I make too much money to contribute to a Roth IRA. Is there ... A: In your case dependant of many other variables that you should be talking about with a Certified ... | |
| Inherited IRA | 1/4/2011 |
| Q: My mother recently died.I was her Power of Attorney. Shortly before she died I changed the ... A: Steve, sorry to hear about your mom's passing. These beneficiary concerns happen all the time that ... | |
| 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: Michael, thanks for the question. Just to clarify, if you want to make a Roth Conversion for 2010 or ... | |
| Permanently disabled, 53 years old, SSDI, Retirment account and tax penalties | 10/13/2010 |
| Q: My goodness, aren't you convienient. I am 53 years old, unmarried and permanently disabled on SSDI. ... A: Michael thanks for your question and hope I can help you. You basically have $14000 in savings which ... | |
| S.S. | 9/27/2010 |
| Q: My husband has chosen to take his Social Security benefits at 62($1500) and isn't going to wait to ... A: Hope this helps. If your husband selects to take his social security benefits at 62, there will be a ... | |
| How Home Sale will Affect MY SS benefits | 9/22/2010 |
| Q: If I am receiving Social Security and sell my home, will that lower the amount of social security ... A: Carol thanks for your question. When you sell your primary residence, you can make up to $250,000 in ... | |
| 401k Rollover with options of Loan | 8/18/2010 |
| Q: I changed my job last year. I would like to rollover my 401k but I also want to borrow some money ... A: Yes you can certainly rollover your 401k from a former employer into an IRA of your own. However, ... | |
| 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: Aaron, thanks for your question. What is happening is that a 401k is a different animal and requires ... | |
| Who has rights to a retirement account | 7/20/2010 |
| Q: My ex passed away without a will after working 27 years DOD. We were married 15 years and had two ... A: Karen, all retirement accounts are distributed to the beneficiary listed on the account. These types ... | |
| Buy another target retirement fund? | 7/18/2010 |
| Q: I am currently 31 years old and have a vanguard ROTH IRA Target Retirement 2030 fund in addition to ... A: RL thanks for your question. First and foremost diversification is not based on the amount of ... | |
| Section 72(t) | 7/7/2010 |
| Q: I have a small 401k account ($15k) with my current employer. I am 55 and my employment will end this ... A: Sally, thanks for your question. Hope this helps. First and foremost you have a couple of ... | |
| retirement planning | 7/1/2010 |
| Q: I am moving to new york and marrying my fiance. I am 32 and she is 30. She makes decent money and ... A: James thanks for your question. Hope I can point you in a direction that will be helpful to you. I ... | |
| Draw my husband's Social Security | 6/12/2010 |
| Q: I am 77 yrs old (Federal employee/social security pension). My husband is 86 yrs old (social ... A: Rose thanks for your question and here is some information that can hopefully help you. However, ... | |
| claim under my husband | 6/11/2010 |
| Q: My husband is 66. I am 61. Can I claim SS under my husband when I reach 62 and then refile for my ... A: Karen thanks for your question. Here is some information you can hopefully use. A social security ... | |
| retirement/annuity | 5/13/2010 |
| Q: I am going to retire at age 56, If I withdraw my annuity in lump sum, will the penalty be only 20% ... A: Gina, thanks for your question. If you withdraw your annuity as a lump sum at age 56, (assuming it ... | |
| SS withholdings | 4/28/2010 |
| Q: I am receiving my SS distribution. If I become employed, is my employer still required to withohold ... A: Jerry, As required by federal law, an employer must by payroll deduction withhold social security ... | |
| Mutual Funds vs Managment Account | 4/19/2010 |
| Q: Richard, MY wife and I are both 79 and retired. We have no debt.We have a brokerage account with a ... A: Bill, thanks for your question and I hope that I can help you some. First and foremost I will tell ... | |
| Beginning to get income from IRA | 3/30/2010 |
| Q: I will be 69 on June 30, 2010. I have not officially retired, yet, as of January, the economic ... A: Jon, I think you answered your own question. You basically stated that you need more income other ... | |
| Ira Beneficiary | 3/22/2010 |
| Q: Sir: The IRA I just opened asked me to designate beneficiaries. Ditto the 401K at work. I listed ... A: Jim sure you can, however, you continue to run the risk of your IRA not going to who you want it to ... | |
| Ira Beneficiary | 3/21/2010 |
| Q: Sir: The IRA I just opened asked me to designate beneficiaries. Ditto the 401K at work. I listed ... A: this is pretty simple and the IRA and 401k institution could have easily answered this for you. Just ... | |
| retirement | 3/10/2010 |
| Q: Can I withdraw retirement money to pay off a student loan and not be subject to the 10% penalty? A: James, no you can't. Paying off debt by taking a pre 59 1/2 distribution from your IRA cannot be ... | |
| SS TAX | 3/5/2010 |
| Q: I am 63 and have a SEP. If I wait until after I start drawing social security pension to withdraw ... A: Dick, hope this helps. You are OK. A rollover from one custodian to another or to convert a SEP into ... | |
| mutual fund vs credit card debt | 3/4/2010 |
| Q: We incurred a large credit card debt and are working with a debt consolidation agency to slowly pay ... A: Shar, thanks for your question and I hope that I can help you with this decision. I will try to make ... | |
| Stay or go? | 3/2/2010 |
| Q: I own a house (actually the bank does) in western Canada but I am sure this question would apply to ... A: Bud, thanks for your question. There are so many things to consider that you did not mention, but at ... | |
| Cashing out a 401K to pay off credit debt | 2/16/2010 |
| Q: Reyes, I have recently switched jobs and had the option to leave my 401(k) in my previous ... A: This is one personal finance question that plagues many living paycheck to paycheck. Concerns about ... | |
| Solo 401K | 2/10/2010 |
| Q: As a solo business person Would a 401K make sense.What is my obligation to my two employees Nice ... A: Vineet, thanks for your question and thanks for reading about me in the Wall Street Journal. The ... | |
| Redeem Annuity | 2/6/2010 |
| Q: I have a fixed annuity that has a six year term. My wife and I put CD money in it for the interest. ... A: Martin, thanks for your question. First thing you should do is contact the financial advisor who ... | |
| credit card | 2/4/2010 |
| Q: I am 68 years old Texas resident. I have a rollover IRA from my 403B, it is the only income and no ... A: ZZZ, thanks for your question and sorry it took me a little time to answer. Unfortunately, I am in ... | |
| 100% IRA Withdrawal Taken in 2009 | 1/31/2010 |
| Q: Is there any instance where withdrawing an IRA before age 59-1/2 is either not penalized by 10%, ... A: Vee, thanks for your question and I hope I am able to help you out. Any distributions made from a ... | |
| conversion of Traditional IRA to Roth IRA | 1/21/2010 |
| Q: I received a lump-sum payment from a defined-benefit pension plan upon retirement. I had the money ... A: David, you will have to pay taxes on any amount that you converted. You can convert the entire sum ... | |
| hardship withdrawal from annuity | 1/12/2010 |
| Q: I have been laid off from my employer. I have a retirement annuity with a past employer that has a ... A: Your best bet is to speak to your past employer or the custodian of the account and get the ... | |
| liquidating a variable annunity | 1/8/2010 |
| Q: I am 58...I have a substantial amount of nonqualified money in a variable annunity earning 7% for a ... A: Jackie, thanks for your question and hope I can give you an answer. Variable annuities these days ... | |
| Roth IRA v. non-qualified IRA | 1/4/2010 |
| Q: My parents, 71, need to start to take their RMD on their qualified IRA. THey want to take the ... A: Chris thanks for your question. Based solely on the information you provided, this cannot be done. ... | |
| 401K inheritance | 12/27/2009 |
| Q: My son inherited a 401K from his father in 2006. They sent him a check for the full amount. He ... A: I believe in the correspondence you received the IRS is making an assumption it is up to you to ... | |
| 401K inheritance | 12/26/2009 |
| Q: My son inherited a 401K from his father in 2006. They sent him a check for the full amount. He ... A: My answer will give you some information, however, I am pretty sure it is not the answer you want to ... | |
| Senior Life Settlement Investing | 12/22/2009 |
| Q: I saw this website (www.genesisprosperitygroup.com) that mentions that Senior Life Settlement ... A: Wow. It never seems like the financial industry misses a chance to make money. Even when it is on ... | |
| mortgage | 11/16/2009 |
| Q: For the long term, would it be better to prepay on one's mortgage or pay the required minimum amount ... A: Paul thanks for your question. Hope I can provide some insight for you. Paul your last sentence ... | |
| ROLLOVER IRA WITHDRAWALS | 11/3/2009 |
| Q: CAN AN EMERGENCY WITHDRAWAL BE MADE TO GET OUT OF FORCLOSURE A: Dorothy, you can make a withdrawal from an IRA at anytime. It will, of course, be a taxable event ... | |
| rollover LPL | 10/22/2009 |
| Q: i met with a financial advisor who is affiliated with the credit union at my previous employer for a ... A: Stan, thanks for asking your question. Hope that I can provide you a little peace of mind. When it ... | |
| Retirement Insurance? | 10/10/2009 |
| Q: I am a 41 year old male who works for an employer who only offers the 401K program for individuals ... A: Thomas, thanks for taking your time to ask me this question. I would tell you that you do not need ... | |
| gifting | 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: Dan thanks for your question. Hopefully I can give you a little help. What I would first say is that ... | |
| 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: Loretta, thanks for your question. Keep in mind that I am not your CPA or tax preparer so the ... | |
| CFP | 9/18/2009 |
| Q: In a target-benefit plan, what determines the amount of retirement benefit a participant will ... A: Marie, thanks for your question. A target benefit plan is different from a defined benefit plan in ... | |
| IRS definition of retirement | 9/1/2009 |
| Q: I understand that I can take money out of my 401 after age 55 (and before 59 1/2) if I am retired. ... A: Ron, thanks for your question. Hope this helps. You can make penalty-free withdrawals from a 401(k) ... | |
| IRA Accounts | 8/27/2009 |
| Q: I know someone who inherit IRA monies because of the death of a love one. She is over 60, She can ... A: If non-spouse individuals are named as beneficiaries each will be required to take distributions ... | |
| withdrawal from IRA to pay bills | 8/17/2009 |
| Q: I am 57 and what is left of my retirement funds is about $150K in an IRA. I am going through a ... A: I appreciate the opportunity to hopefully give you some advise. The only issue that I have with ... | |
| social security | 8/14/2009 |
| Q: I am a 58 year old woman working full time in a low paying job, i just got a divorce from my 54 year ... A: Brenda thanks for your question. Here's some good news about your divorce! If you were married to ... | |
| Long term care | 8/13/2009 |
| Q: Given the following scenario, would you advise the purchase of long term care insurance? Husband ... A: Dave, thanks for your question. Lets be simple about this. Long-Term care insurance is an insurance ... | |
| 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: Your question is better asked to a CPA since this is their expertise. At the very least I would ... | |
| Withdrawal of retirement lumpsum rollovers | 7/22/2009 |
| Q: Retirement funds have to be distributed by 70 1/2. To avoid having to pay taxes at this time, ... A: Eleanor, thanks for your question. I believe you might be a little confused. What is required to ... | |
| Retirement | 7/19/2009 |
| Q: Me & my wife retired almost a year ago from the same state (Texas)agency and have a set gross income ... A: Steve, thanks for your question. Unfortunately, It is impossible to answer your question in a ... | |
| still working exception | 7/13/2009 |
| Q: This was your answer to a previous person's"You are right. This is the "still working exception" for ... A: For those who have 401(k)s or other employer plans (not IRAs, self-employed plans or SIMPLEs), your ... | |
| Retirement 59 1/2 | 7/3/2009 |
| Q: I worked at a company for 10 years, at 59 1/2 can I start getting that money although I am out of ... A: Hope that I could be of service to you. The fact that you worked at a company for 10 years in this ... | |
| Retirement--Roth IRAs | 6/1/2009 |
| Q: I want to open a Roth IRA to save for retirement. I want to know: 1) Where should I open the Roth ... A: Nikki, thanks for your question. Hopefully I can give you a little help with my answer. First a ... | |
| Revocable Living Trust | 5/24/2009 |
| Q: Revocable Living Trust Under what conditions would you recommend that a person get a Revocable ... A: Steven, good question although I am not sure that this should go to me but rather and estate ... | |
| 401k as part of divoirce settlement | 5/21/2009 |
| Q: MY SISTER IS GETTING HER HUSBAND'S 401K AS HER DIVORCE SETTLEMENT, SHE WAS PLANNING ON BUYING A ... A: Cecelia, thanks for your question. I have answered this previously and there is an easy solution. ... | |
| Roth IRAs | 5/18/2009 |
| Q: My wife and I invest in Roth IRAs through a financial planner. He has my wife invested in American ... A: Matt, thanks for your questions. I hope I can give you some guidance. You have a couple of issues ... | |
| roth ira establishement date | 5/10/2009 |
| Q: I understand that a roth ira can be established for calendar 2008 if 2009 tax return was not yet ... A: I hope that I can help you with your question. In reference to the first part of the question I ... | |
| Rolling over pension payments into IRAs | 4/20/2009 |
| Q: I am just shy of my 61st birthday and have been retired for a year from a government job from which ... A: John thanks for your question. Hope that I can help. The straight answer is "NO" you may not ... | |
| SEP Distribution | 4/4/2009 |
| Q: We would like to take out some funds from a SEP plan (not IRA) to cover education costs for our two ... A: Yes, you can avoid the 10-percent tax penalty on early distributions from an IRA when you are paying ... | |
| IRA Contributions | 3/23/2009 |
| Q: May anyone make an IRA contribution on my behalf? I have $26,000 of earned income this year. My ... A: Amy, thanks for your question. You must make YOUR OWN IRA contributions as long as you have earned ... | |
| paying for medical expenses | 3/21/2009 |
| Q: I am caring for my ailing husband at home. Our Long Term Care insurance pays for four hours of Home ... A: Gloria, thanks for your question and I hope I can help. Gloria, if you need to tap into your ... | |
| Best IRA investments after 70 1/2 | 3/19/2009 |
| Q: I was required to take an initial RMD for 2008, and at the time rolled over an employers' 401k plan ... A: Sarah, thanks for your question. Hope I can help. Based on the information you provided, I would ... | |
| Need advice about 403Bloans please | 3/17/2009 |
| Q: Can anyone give me some advice on what to do here. I know this will sound really irresponsible but I ... A: Michelle, thanks for your question. I hope that I can help. Sometimes the investment company for ... | |
| SEP withdrawal | 3/15/2009 |
| Q: I am a 66 year old single female, trying to eek out a living in real estate. Last year, I had to ... A: Susi, thanks for your question. Tough being a real estate agent these days. However, don't let the ... | |
| RMD | 3/13/2009 |
| Q: No RMD is required for tax year 2009. Assuming all "things being equal" would a $50000 withdrawal be ... A: Ralph, Thanks for your question. This is a no brainer. Absolutely from a taxable account. Would you ... | |
| Selling my funds to lock in cap loss and then buying another fund with similiar objective | 3/8/2009 |
| Q: Reyes, I invested in Vanguard Windsor a few years ago. Is it persmissible for me to sell my ... A: As far as the sale of the Vanguard Windsor to buy Vanguard Windsor II, I would see absolutely no ... | |
| Pension roll over into IRA | 3/1/2009 |
| Q: My wife is changing companies and we would like to know if we should keep her $180,000 pension with ... A: Hope I can help. If you are an employee who has terminated employment with a company or an ... | |
| Over 70 1/2--Wants More Tax withheld | 2/21/2009 |
| Q: My wife is over 70 1/2 and has a Fidelity IRA. She must make an annual withdrawal and some ... A: Nighttrain, very good question. And very nice name. I would venture to guess that because of your ... | |
| pensions | 2/16/2009 |
| Q: "I understand or believe I understand once you retire and recevie your pension it is guaranteed and ... A: Lee good question. Thanks for your time. I will tell you that the answer to your question is "yes" ... | |
| lump sum/ taxes | 2/12/2009 |
| Q: Recently retired took lump sum and got taxed on that, Now when filing my taxes (gov't/ state) trying ... A: Jay thanks for your question. You are not getting taxed twice. When you took your lump sum ... | |
| 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: Sue, thanks for your question. Basically what is happening here is that the custodian for your dads ... | |
| 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: Chris, thanks for your question. First what the 5.49% sales load means is that someone got a ... | |
| Calculating Net Worth | 1/27/2009 |
| Q: I have a 401k that I have borrowed against. If I have $25000 in the account with a $12000 loan on ... A: Well there are two ways you can look at it and really at the end of the day it will come up the same ... | |
| 403b to index annuity | 1/10/2009 |
| Q: I am 58 years old and retiring after 35 years as an educator. I have money in a 403b and need to ... A: ABSOLUTELY NOT. RUN, RUN, RUN as far away as you can from this guy. This is an insurance agent who ... | |
| long-term savings | 1/7/2009 |
| Q: why is it a potential problem if long-term savings are too low? A: Happy New Year Demetra and thanks for your question. This one is quite simple. Lets define what ... | |
| recesssion | 12/28/2008 |
| Q: reyes im married with 2 kids and living in shreveport louisiana and i work and wife 2. With this ... A: Antoine, thanks for your question. Antoine, this is a loaded question as you might imagine. In ... | |
| Rollover IRA vs IRA | 12/18/2008 |
| Q: is there any rationale to continue to have segregated IRAs due to portability laws now in effect? i ... A: Ralph, thanks for your question. This is a preference question vs. anything else and you will ... | |
| retirememt accounts | 12/6/2008 |
| Q: I contribute the maximum yearly to a 401K from my employer. Recently I have been earning a ... A: Jane, thanks for your questions. That is great to hear that you are doing well in your business. I ... | |
| mortgage insurance | 12/5/2008 |
| Q: My father-in-law passed away in 1988. We recently found an insurance policy on the mortgage loan. ... A: Good question and this is beyond my level of knowledge. However, common sense would lead me to ... | |
| real estate trust | 11/23/2008 |
| Q: Mr. Reyes: Could you kindly explain the advantages and mechanics of how living trusts work. I ... A: First of all, please do not take the information you find on this forum, any other forum, radio ... | |
| Social Security | 11/18/2008 |
| Q: I am 64. I wanted to hold off taking my Social Security till I am 67. My hours have been cut back ... A: Ginny, I like the way you think outside the box. However, the answer is NO. You see you are only ... | |
| starting / deciding about retirement plan | 11/11/2008 |
| Q: Richard, Here is a "big" question for which probably there is no definite answer. But any ... A: Well you are right about a definite answer.It is obviously difficult to plan out your entire life ... | |
| contributions to 403 K | 11/8/2008 |
| Q: I am 60 years old. I contribute the maximum to my 403 K and my employer contributes 10%. I have ... A: Welcome to the club, everyone has lost a lot on paper. Many have lost, panicked, and sold. So those ... | |
| Retiring next month | 10/4/2008 |
| Q: My wife is retiring from the state of Florida next month. She will be getting approximately $170,000 ... A: Congratulations on your upcoming retirement. I am also here is Orlando, Florida and I guess the best ... | |
| Required Minimum Distribution | 9/17/2008 |
| Q: I have a 401K and I am over 70 1/2 but I also still have earnings. Do I have to take the required ... A: Great question Linda, and I will assume that this 401k is with your current employer. If you are ... | |
| Annuity of municipal (non-tax) bonds? | 9/10/2008 |
| Q: Is there such a thing as a lifetime annuity based on a mutual fund of municipal bonds (i.e., no ... A: Unfortunately, there is NO SUCH thing. An immediate annuity will provide a small amount of interest ... | |
| early withdrawal from SEP | 8/12/2008 |
| Q: How do we determine what the taxes and penelty would be on an early withdrawal from our SEP? ... A: This is very simple. A withdrawal from your SEP counts as income taken for that year for which the ... | |
| DAD'S ESTATE | 7/10/2008 |
| Q: My mom passed away and left a CD w/Dad as co-owner, and named 3 of 5 children ad beneficiaries -- He ... A: You did not provide too much detail on the specifics of the CD. However, it seems hard to believe ... | |
| Estate Planning-Lump Sum for Grandpa? | 7/7/2008 |
| Q: Lump sum for my Grandfather? My family has offered to sell me my grandfather’s home in Florida, ... A: Paul, this question is rather long and has several components. It also leaves out a lot of important ... | |
| Suggestions? | 6/2/2008 |
| Q: I am 55, retired military with a $1660/mo pension...taxable...and a non-taxable VA disability of ... A: Denver, thanks for your question in advance. Based on the situation you provided for me I would ... | |
| 401k | 5/18/2008 |
| Q: My mother is 65, had a heart attack, and will be retiring next month. She will be receiving about ... A: Mary, thanks for your question. Based on the information you are providing, I would say that her ... | |
| Pension Plan Rollover to IRA | 5/15/2008 |
| Q: I have a pension plan through my company (no longer employed there) Bruel & Kjaer Instruments. I ... A: Steven, thanks for your question. It is obviously not great to hear about your troubles with the ... | |
| PSP Loan against | 5/14/2008 |
| Q: I have a PSP plan and I have a loan against this. I'm retired from this company but working again ... A: Steve, thanks for your question. I am somewhat surprised that the loan you currently have against ... | |
| 401K early distribution | 3/1/2008 |
| Q: I am considering early retirement at the end of this year to lock in a lower health insurance rate. ... A: Randy, thanks for your question and a very good one it is. Making the decision to retire early and ... | |
| 401k | 2/5/2008 |
| Q: One of our staff died today and he has frozen his 401k in OCt 07, amount 1,300.00 before his death. ... A: Deborah, Since this is a 401(k), the account value will pass to the beneficiary on the account. ... | |
| Retirement Account Mix | 1/14/2008 |
| Q: I currently have around 800K in retirement funds in three places. One is Fidelity and I intend to ... A: Congratulations on your upcoming retirement. I hope you are prepared mentally for that challenge. ... | |
| Paying Tax on 401-K | 1/8/2008 |
| Q: My husband is 69 and we are now dealing with the prospect of paying tax on his 401-K. The 401-K is ... A: Lookup Net Unrealized Appreciation and educate yourself on the process. Make CERTAIN that you find ... | |
| Paying Tax on 401-K | 1/7/2008 |
| Q: My husband is 69 and we are now dealing with the prospect of paying tax on his 401-K. The 401-K is ... A: Mary, thanks for your questions. The area of distributions from retirement plans is one that is very ... | |
| 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: Sam, thanks so much for your question. I hope I am able to lend you a little clarity. Unfortunately, ... | |
| 401k profit sharing plan | 12/6/2007 |
| Q: my employer stopped contributing to the profit sharing over 2 years ago and the money i have in the ... A: Lori, first thanks for taking the time to ask me this question. For you to get a better ... | |
| IRA early withdrawls | 11/19/2007 |
| Q: If I withdrawl money from an IRA to pay"qualified education expenses" is there a lifetime limit to ... A: College can be expensive. Thankfully, certain higher education costs for you, your spouse, children ... | |
| Question about annuities | 11/16/2007 |
| Q: Just out of curiosity. Is the following correct? *All other things being equal*, a lifetime ... A: Great question. However, your question has some flaws. Please be mindful that when it comes to ... | |
| Withdrawal of all IRA savings | 10/29/2007 |
| Q: I am 61 years old. I want to know what are the fees, besides taxes, will be levied on me for ... A: Jerry, I am not certain what your particular individual situation is or how much money we are ... | |
| Equity Index Annuities | 10/29/2007 |
| Q: From what I understand, and EIA (Equity Index Annuity) is an annuity that credits interest based ... A: NEVER consider using an EQUITY INDEXED ANNUITY Great Idea? Invest in the market with no downside ... | |
| 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 same thing. Basically you open up the IRA account with E-trade. All that E-trade is is just a ... | |
| 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: One of the the surest methods of reaching financial independence is that you start early putting ... | |
| Retirement | 9/14/2007 |
| Q: i am a physician and just left one group and have about 400k in a 401k. my new group makes all new ... A: I would go to www.napfa.org. This is the organization for fee only advisors in the country. You will ... | |
| life insurance | 9/3/2007 |
| Q: While on vacation, someone told us about a company that would buy a life insurance policy on you and ... A: Linda, there are strings attached - YOU MUST DIE. In life insurance you only collect the death ... | |
| Whne my father dies | 9/2/2007 |
| Q: When my father dies and has a will and an insurance policy am I responsible to pay any outstanding ... A: Jennifer, Yes the Estate of the deceased is responsible to pay the creditors of the estate ... | |
| 401k distribution. | 8/30/2007 |
| Q: I am 84 years old, and still actively employed, and contribute to my company's 401K. I was told ... A: You are right. This is the "still working exception" for RMD distributions from your employer plan. ... | |
| Trad IRA to Work 401k | 8/29/2007 |
| Q: I have a an Traditional IRA that I am considering rolling over into my workplace 401k. None of the ... A: This is always a question I enjoy answering. Primarily, because it is important to clear up some ... | |
| max 401k , traditional ira before roth? | 8/21/2007 |
| Q: Should one usually put in the maximum allowable into their 401k and traditional IRA per year BEFORE ... A: The benefits of a Roth IRA are hugely misunderstood even among CPAs and financial planners. In ... | |
| disabled - cash in IRA or Life Insurance Policy? | 8/16/2007 |
| Q: I am permanently disabled and have a question regarding my IRA and my Life Insurance Policy. I ... A: Lisa, Thank you for your question and I hope I can offer some assistance in the answer. Although ... | |
Retirement Planning
Answers by Expert:
Richard E. Reyes, CFP
Top Expert on this page
Expertise
I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.
Experience
Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching.
We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.
Publications
Seminole Success Magazine “Retirement Planning”
Seminole Success Magazine “Small Business Snapshot”
The Orlando Sentinel – Ask the Expert Financial Section (Various)
Greater Orlando Broker Agent Magazine “The New It”
Senior Market Advisor “Random Reader, Random Questions”
Education/Credentials
B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL
©2012 About.com, a part of The New York Times Company. All rights reserved.