Answers and Guides from Top Financial Advisors

0 votes
On your last plan statement. There's also a phone number on the statement you can call.
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Ted Jenkin Level 17
Not a big fan of this at all. Not only for the reasons mentioned above but you also lose the compounding interest of that money which defeats the purpose of having a 401(k). I would wait on the home purchase if this is the only way you are going to ...(more)
1 vote
Hi Colin, you are to be congratulated on your savings habits! It sounds like you have carefully thought out your retirement. Who knows what retirement will be like in 2048. Will the retirement age for Social Security increase or will it even exist? ...(more)
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Colin - You could take the 30k in non-retirement Vanguard funds to help with the downpayment. The market has done well the last 5+ years and may be nearing a peak. You could take this money off the board while its up and not forgo the 401(k)/IRA as much.
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Colin, First off "Congrats" on saving $404k in your various retirement accounts and achieving a great credit score by age 33! I think the four key facts that you didn't provide us are as follows: 1. What is your annual income?, 2. What is your Marginal ...(more)
1 vote
Pam Horack Level 19
Hi Colin! Wow - you are a great saver. I'm totally impressed by your retirement savings thus far. I'll start by saying that meeting with a fee only planner is probably a good plan. He/she can give you a good idea of where you actually stand in terms of ...(more)
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Urban C Fleming Level 4
Elgin, You can borrow the smaller of your vested share or up to 50,000. They will charge you interest on what you borrow (ask your HR department what the rate is). The term for a home purchase may be around 15 years. The risk you take when borrowing from ...(more)
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I'm generally not in favor of 401(k) loans. Remember, the money in your 401(k) is pre-tax and you will be repaying the loan in post tax dollars. Basically, the money you use to pay back the loan (and interest) will be taxed twice. Also, if you leave ...(more)
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I would start by talking with the HR department at Maronda. As another option, your statement may have a "contact us" number where you can call and get the Third Party Administrator to update your information and get you updated statements.
1 vote
First, others are correct in that in a strictly financial sense you may be better off having a larger loan instead withdrawing from your Roth 401k. If the retirement money is managed correctly, it should be able to earn more interest than the after-tax ...(more)
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Those are good points from others. I would just add a comment here: If you and your wife have not owned a home for more than 2 years, then technically your next home purchase would qualify as "first time home buyer," according to the IRS's definition. ...(more)
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It depends... First of all, the Roth funds rolled from a 401(k) will be subject to a "new" 5 year restriction. So any earnings that you withdraw will be subject to taxes and penalties. Second, pre-tax would be subject to taxes and penalty (assuming you ...(more)
1 vote
David makes an excellent point regarding what is called Net Unrealized Appreciation (NUA) Your Basis in the Stock is what you paid for it. The Capital Gains on the appreciation is a much more palatable tax rate for most. The maximum federal capital gains ...(more)
1 vote
Great question! Even thought you cancel your contributions, your not allowed to withdrawal the money from the 401(k) unless you meet IRS requirements like termination of employment. That's to make sure the money stays in the plan available for your ...(more)
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David J Haas Level 4
Hi Gladys, I do not believe the 401k will be distributed to your mother's estate because state intestacy laws do not apply to qualified plans. If you are the only child and your mother was not married, then the 401k should be distributed to you under ...(more)
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