Answers in Retirement Plans

Your personal retirement plans will have to be your primary method of funding your retirement and you should consider all the tools at your disposal to plan for and achieve your retirement goals.
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Hi Vivian, If your question has yet to be answered, perhaps this can help. Many different companies provide their own indices/benchmarks that follow different asset classes (stocks, bonds, commodities, etc.). Although I don't know what benchmark data ...(more)
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Tunc Tanin Level 7
I would add few points here why you should never expect to find the same expense ratio in a 401k as compared to individual account at Vanguard. The individual account at Vanguard has a minimum account balance of 3000 and subsequent contributions have ...(more)
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Keith, It is unlikely that your employer can negotiate their own fee schedule unless the company plan is huge. If you are uncomfortable with the range of choices you have, you would probably get further lobbying for them to change providers. There are ...(more)
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John is correct in noting that you need to expect to pay some fees somewhere somehow in the plan. It is unreasonable to expect to pay the same fee as if you bought the fund direct from Vanguard due to all the costs involved in 401k recordkeeping, reporting, ...(more)
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Keith, Good detective work noticing the difference in the expense ratio of the fund your plan fiduciaries (those responsible for your plan) have placed in your 401(k) and the lower cost fund they could have put in your plan. If all employees paid attention ...(more)
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Brian Kuhn CFP® Level 16
Hi there thanks for reaching out. You need to contact the human resources department of your former employer or the investment provider of the 401(k) plan. The contact information for the 401(k) provider can be found on your statements if one of those ...(more)
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Thanks for your question. Typically, pensions do not allow loans. However, if you have a 401(K) then you should either review your Summary Plan Description (SPD) or speak with your Human Resources Director, because some 401(K) plans do allow employee ...(more)
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Layton Jacob Cox Level 11
These guys nailed it. However, I'm sure the real reason you asked is because you would rather know if taking the lump sum makes more sense than taking the annuity payments. In order to answer that question, I refer clients to this free online calculator ...(more)
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Brian Kuhn CFP® Level 16
Hi there thanks for reaching out. You need to contact the human resources department of your former employer or the investment provider of the 401(k) plan. The contact information for the 401(k) provider can be found on your statements if one of those ...(more)
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John Essigman Level 13
Hi Gnessa, Very smart to be thinking ahead but be careful. Highly recommend that you engage a fee-only advisor to join into your conversation on planning. Are you referring to “budgets” in terms of your current standard of living or in terms of income ...(more)
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Your employer is required to provide you with a plan statement at least once every 3 years which will list your monthly benefit at retirement but many plans provide such statements annually.
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Tunc Tanin Level 7
They may have moved your money to the new 401k provider, left it at the old 401k provider or cashed it out and sent you a check for the proceeds. If the account balance is less than 2500, they dont need your permission to cash out. If the account size ...(more)
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John Essigman Level 13
Hi Marjorie, Generally speaking… when you turn 65. However, every plan is different and some allow you to begin distributions much earlier. Possibly as early as 55. Pensions payouts are generally taxable as current income. Some pensions allow a lump-sum ...(more)
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John Essigman Level 13
Hi Billie, Generally speaking, all accounts would be moved from an old 401(k) provider to the new. Therefore, start your search here. Call the H/R or Benefits Administrator and find out who the current carrier is then call that carrier. You may be ...(more)
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James Holland Level 18
Ingrid it is outrageous that you are left with only TDFs as an option. You clearly have a Plan Sponsor who takes not interest in truly helping their employees obtain their retirement goals. Have they given you any documentation as to why this change was ...(more)
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