Answers and Guides from Top Financial Advisors

1 vote
Hi again, there are different withdrawal rules for IRAs, 401(k) and defined benefit plans. The age 59.5 applies to IRAs, for 401(k) the age is 55. For your DB plan you have to have a certain amount of years combined with a minimum age requirement typically ...(more)
2 votes
Paul, Search for Jeffrey's name on Brightscope under "Advisors" (change the drop down at the top from Financial Q&A to Advisors). Click on Contact Advisor. I believe you can also track him down at: Phone: 813-264-0440 advisory@calton.com
2 votes
John, If you are thinking of beginning withdrawals from your pension plan, the tax code does charge a 10% penalty for certain withdrawals made before age 59 1/2. However, there are several exceptions to this rule that may apply in your case. First since ...(more)
2 votes
Hi John, Sorry to hear about the loss of employment. Your employer should have vesting requirements that have to be met in order to collect a defined benefit pension. Assuming you meet that requirement there would not be any tax penalties just because ...(more)
1 vote
Pam Horack Level 20
Clair, I agree that you need to be careful. Even if the letter is legitimate, you should be able to locate any unclaimed property (if this is what she is referencing) by searching the state database online. There is no change for doing this, so be wary ...(more)
1 vote
Pam Horack Level 20
Hi Micha! You have lots of good recommendations here. In the past, I have noticed that those in the restaurant industry tend to not save very much for retirement. Of course this is not true for every server, and I am really glad to see you starting out ...(more)
2 votes
Hi Vanessa, it's absolutly true that in order to give you personalized financial advise an advisor would need to know more about your specific situation, however based on your question here are my thoughts. You won't owe any taxes on the inherited CD. ...(more)
1 vote
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)
2 votes
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)
2 votes
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)
2 votes
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)
1 vote
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)
2 votes
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)
3 votes
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)
2 votes
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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