Answers and Guides from Top Financial Advisors

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Many companies have similier names or the retirement plan is sponsored by the parent company. Check your plans SPD ( Summary Plan Description ) to make sure you enter teh right plan name. Lastly, if you work for a company with less than 100 employees, ...(more)
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Your goal should be to contribute 10% of your gross income. That's how much you need to save to be able to retire at your normal retirement age. Of course, you'll need to do that for the next 30+ years. If you're older than you'll probably need to ...(more)
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You can request a copy of the SPD ( Summary Plan Description ) from the plan administrator. Most likely this is your Union's administrator. It's important to understand your plan since your likely contributing something every pay period. That's what ...(more)
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Firstly, my condolences for the loss of your spouse. It is certainly difficult to balance losing a loved one with addressing new financial concerns. The fact that you are considering your budget is the first step to ensuring your financial success as ...(more)
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Always be wary because of the potential for scammers looking to get some personal info from you like account numbers, credit card info etc. But, I Googled "Sherri Pryzbysz First Clearing" and she is a licensed person that works for First Clearing, LLC, ...(more)
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Vanessa, That sure is good news. So if you receive a small windfall, what should you do with it? That really depends on your overall financial situation. Before you start investing, the rest of your financial situation should be stable. If you have ...(more)
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Hello Micha, You should contribute as much as you can to your company's 401k plan. At minimum, you should contribute the match amount that your employer provides. It's one good way to save for retirement. As Curt states, it's important to diversify your ...(more)
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Congratulations. Saving for retirement is very important. How much is an interesting question, it depends on many factors. Age is one. If everyone started saving 10% of their pay for retirement at an early age, we would have no retirement crisis in ...(more)
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Start by talking to the HR folks and ask them for information about the 401(k) plan. Make sure they include the Summary Plan Document in the information they provide you. Take a look through the documents and most importantly start contributing to ...(more)
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Peter C. Karp Level 20
Hi Stephen, I agree with the previous responses in that you can indeed have multiple IRA accounts. While it is often advisable to consolidate your IRA accounts for ease of operation, keep in mind that different types of IRA accounts (ROTH, SEP, etc.) ...(more)
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Christopher - see this answer to another question by Courtenay Shipley. I wrote a guide on this recently. You might find it helpful: https://www.brightscope.com/financial-planning/advice/guide/10268/Guide-To-Tracking-Down-Old-401K-Accounts/ - See more ...(more)
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You should call your former employer's benefits or human resources department. They should be able to provide you with the contact information. If your employer no longer exists, then you will need to do some research. One resource is to contact the Employee ...(more)
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I wrote a guide on this recently. You might find it helpful: https://www.brightscope.com/financial-planning/advice/guide/10268/Guide-To-Tracking-Down-Old-401K-Accounts/
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Jim Hyre, CFP® Level 4
Hi Joe, This is a great question! If you have already started to receive the monthly benefit, it’s unlikely that you can reverse your decision. If however, you are weighing your choices prior to making this election, then yes, you should be able to ...(more)
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Depends, when you say without penalties you first need to determine if the current IRA custodian will charge any penalty for moving the funds. For instance an IRA annuity could have surrender charges or a brokerage account could charge fees for liquidating ...(more)
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