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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Lonnie D Mclane Level 1
I am assuming you are actually referring to a Collective Investment Trust, which is often being used in typical 401k plans; if this being the case, and you are at the stage of having to take RMD's, then yes you would need to use asset in this account ...(more)
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Jarrett, Are you an employee or business owner? Employees - talk to your HR person to find details on any retirement plan that is available and what the requirements are such as age 21 and maybe employed for a certain amount of time. Business Owner - ...(more)
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You should have received statements on any plans that you were a part of. Also for 401(k) only plan, you have to make a contribution to get a match. Profit Sharing Plans are money from the employer only. I would go back to old pay stubs or W-2s (Which ...(more)
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Nicholas, Your plan documents might allow for a 401(k) loan up to 50% of your 401(k) account but you will have to pay it back. I recommend Reading a Dave Ramsey book.
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Most 401k plans will not allow you to take premature distributions before the age of 59 1/2 if you are still employed. The exception to this is for financial hardship, but credit card debt will most likely not count towards that exemption.
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Not exactly sure what type of plan you are referring to but typically you'll want to enact a "trustee to trustee" type transfer, so you can avoid taxes, when you roll it over.
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Jennifer, I am sorry for your loss. You will need at least one copy of the official death certificate in most cases to see and have access to the assets. Which benefits? Social Security has a website and you can view what they expect to pay and when. ...(more)
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Your HR probably gave you a summary plan description when you became eligible to join the plan. If you do not have those materials or the related website, Brightscope actually has a ton of plan information.
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Once you meet your RMD for the year, you can invest the money in any taxable account that you choose. An interesting possibility is instead of taking a distribution of cash, taking a distribution of the appropriate value in securities (stock, bond, mutual ...(more)
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Wonderful! I always love unexpected money. Do you still have contacts at the company? You should have been getting statements at least annually on your benefit. One way or the other, contact the company, find out who to talk to about your retirement ...(more)
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The plan is required to provide that information to you at least annually, but you can request it at any time. Contact the plan administrator and ask. Are you specifically asking about how much is in your account, or the plan as a whole?
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Roth conversions are taxable as ordinary income the year the conversion is made. I would suggest only converting an amount that will not push you into a higher tax bracket. If your tax bracket will be lower once you retire, that might be the time to ...(more)
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At the age of 70.5 you will be required to take out your (RMD)Required Minimum Distribution. The RMD is as it says the minimum distribution. The RMD is taxable as income for the year you receive it and each year after that. Taking the funds out and placing ...(more)
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Hey Hari, an IRA is an investment bucket, like a 401K plan. However, you can do anything in an IRA. You have limited choices in a 401K. To roll over a 401K, contact the HR department of your previous employer and have the check put into an IRA with ...(more)
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Best to open an IRA account and than Roll-Over 401K into that account. Otherwise will be a 10% penalty for withdrawal prior to 59 1/2 plus all will be added to your income for this year. Taxed as income.
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