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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Chris Schiffer Level 13
That is a pretty general question. I cannot make a recommendation withough understand more about your firm's structure and the goals for your participants. There are many options for smaler plans to set up a 401k . It is also possible to set up multiple ...(more)
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Johnny Kang Level 1
Penalty free distributions are allowed beginning at age 59 1/2. You are however allowed to rollover the 401k penalty free to an IRA and either decide to take a distribution (pay penalty) or wait until retirement age. Your going to pay a penalty taking ...(more)
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Randy Brunson Level 12
Hi Jerry, you can withdraw money from an IRA, and perhaps from your 401(k), penalty free, though distributions would still be subject to federal and, if applicable, state and local income taxes. There is a type of distribution, available to those who ...(more)
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Directly to your question, the YEAR in which you turn 55 is what is important and based on that limited information, generally, the withdrawal from your 401(k) would be penalty free. That does NOT mean tax-free...you will still have to pay taxes. That ...(more)
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Good Morning Jose, Do you know whom your plan administrator is? I would be happy to help you with this. Please feel free to email or call me. Rick.Solt@edwardjones.com 972-239-5630
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The best place to start is to call the Broker-Dealer of the old accounts. The Broker-Dealer is the company that holds the investments (Charles Schwab, Fidelity, Vanguard, etc.). i would recommend setting up an IRA and rolling those old accounts into ...(more)
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Peter C. Karp Level 20
Hi Melissa I am sorry to hear about the mold problems you are having in your house. I suggest that you obtain a copy of your Summary Plan Description (SPD) from your employer to find out all of the distribution options available to you. The SPD dictates ...(more)
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Hey Melissa, These plans are unique to the company's that establish them. If they are saying that you can't move it until 59, there may be no other recourse. Feel free to reach out to me personally if you want someone to look through the plan documents ...(more)
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What do you mean "pull your 401(k)"? Are you still employed there? Is this a hardship withdrawal or loan? Are you trying to cash out completely? 401(k) plans are complex and heavily regulated. If you could provide additional background information, ...(more)
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Karl Klingmann Level 2
ERISA does not require pension and profit-sharing plans to provide for lump-sum distributions. Lump-sum distributions are possible only if the plan specifically provides for them and only if you meet the plan's eligibility requirements. Other payment ...(more)
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Randy Brunson Level 12
Good morning, In order for the plan to offer passively managed funds, the plan sponsor (employer) or whoever makes decisions on behalf of the sponsor, would need to choose to include passively managed funds in the plan. They would then need to connect ...(more)
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Hi Gregory, Unfortunately, I will need more information to properly help you locate your annuity. However, here are a few pieces of information I will need to help you further. Did you purchase the annuity through a private insurer or is this though ...(more)
1 vote
Peter C. Karp Level 20
Hi Ralph This is a great question and it is good that you are taking an active interest in fees associated with your retirement account. With regards to a 401(k) plan versus an IRA, each of these vehicles have a different fee structure and within each ...(more)
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Ralph - costs vary widely and it's often difficult to discover what all the costs are. 401(k) plans typically have higher administrative and reporting costs than IRA accounts. Somebody has to pay those added costs. Many plan sponsors choose to pay ...(more)
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Tunc Tanin Level 10
I have seen it both ways. One thing to remember, you have no control over which funds go into your 401K, the company can change them any time. Your company can merge with another company and you can find your 401k fees suddenly double. There are also ...(more)
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