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.
0 votes
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)
0 votes
Layton Jacob Cox Level 10
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)
0 votes
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)
0 votes
John Essigman Level 12
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)
0 votes
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.
0 votes
Tunc Tanin Level 6
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)
0 votes
John Essigman Level 12
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)
0 votes
John Essigman Level 12
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)
-2 votes
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)
3 votes
I agree with Biran and Tunc. It may not be fun or sexy, but it is effective. If you expect a 2030 retirement date and want to be more aggressive, then go into a 2040 fund. Don't think that's diversified? Look under the hood. You will likely find ...(more)
1 vote
Tunc Tanin Level 6
This is one issue with smaller 401k plans, we are seeing more and more pushed into target date funds. If your 401k allows you to pick which target date fund you can adjust your portfolios risk by choosing a higher or lower risk target date fund. This ...(more)
4 votes
Ingrid - Thanks for the question. In reality, you are not losing diversification, at least from an asset class standpoint. Target date funds offer a single solution for a fully-diversified, professionally managed investment portfolio. Arguably, the ...(more)
0 votes
Tunc Tanin Level 6
is this a question from the general public or someone in the industry trying to get our take on a new product?
0 votes
John Essigman Level 12
Hi Paul, This is a very broad question and you are not giving us much information. In short, it depends on what type of retirement plan you currently have. Speak with your H/R Department, benefits coordinator, or plan administrator regarding your plan. ...(more)
0 votes
There are a few things to consider when discussing "closing out" a 401(k) account. Do you have an email address or phone number where I can give you a little more insight?
  • posts per page
  • 15