401(k)
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401K
Asked by K.R. from Houston
on January 14, 2009
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Does anyone know if an employer has the right to keep an employee from taking their money out of a 401K plan? Apparently, these employees are losing alot of money. ...
Answers
- The employer absolutely has to follow the plan documents as well as IRS regs. This document outlines whether or not loans can be made. You should be able to take the...
- You have every right and you should remove your 401k, especially if you are losing money. Most employers recommend you transfer your 401k if going to another company....
- I am sorry to hear about this. I am by no means an expert but I would try 2 things: 1. stop making contributions if possible; and 2. try to transfer from your current...
What to Do with 401K
Asked by M.M. from Santa Barbara
on March 18, 2009
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When I left my job over two years ago to stay home with the kids and have our baby, I didn't cash out or rollover my 401K. Of course now that the ecomony and stock mar...
Answers
- I would leave it in place. In order to cash it out to put it in a CD/MMA, you would have to pay a 40% tax on early withdrawal. If you are concerned about your 401k, ch...
- Or invest some of it in "poor people". By that, I mean, don't invest in high tech, etc. Invest in Walmart, etc....since they made TONS of money this last quarter, wh...
- That is accurate. You should leave it in place. If you can put a little more in there in fact, it would be the best time to buy mutual funds.
401K & Foreclosure
Asked by K.M. from Milwaukee
on August 8, 2007
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My husband and I are having a lot of financial struggles... since I started working first shift, and we've begun paying for childcare, we haven't been able to afford o...
Answers
- I'm so sorry for what you are going through. Unfortunately I don't have any good answers for you?! I would suggest talking to a lawyer...but that would cost money to...
- I think that if you took the money out of your 401k for the house then you need to use it for that. If you took it out as a general loan then you can use it however y...
- I guess I'm confused as to why you are working a job that is costing you the possible loss of your home? When my child was born, I had been working a job, but when we ...
Cashing in My 401K to Pay off Credit Cards
Asked by J.V. from New York
on September 6, 2008
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Hello All, I have about 8K in credit card debt I would like to pay off. I also have 11K in an old 401K from my previous employer. I know the golden rule is not to ...
Answers
- Hi J., You should consult an accountant to be sure. But, I believe you pay all your capital gains taxes up front. I'd also consult an accountant about the best way t...
- DON'T DO IT! Dont cash in your future to pay off the past. You'll be creating more problems. Go to Consumer Credit Counseling Services, of New Jersey or whatever s...
- DO NOT DO IT! You will get hit so hard in taxes and penalties that you will have to take a loan just to pay that! My mom closed out hers at a previous job and she had ...
Can You Help with Money Saving Tips?
Asked by A.H. from Chicago
on October 21, 2008
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My retirement savings just took a major nosedive with the recent stockmarket drops so I am going to need all the help I can get with saving money. Is there one major ...
Answers
- Hi A., Things we have done: -Switched to CD One Price Cleaners instead of using regular drycleaners for almost all of our clothes, only $2.29/item, even a dress and ...
- Sounds like there's lots of good advice. Skimming through, however, I didn't see anyone put down http://www.freecycle.org. This, and other swap-type groups help peop...
- Did you do the typical things they suggest on money saving websites? -Change to fluorescent coil light bulbs -Lower your thermostat a degree or two in the winter- ...
Who Do I Go to for This? Seeking Possible Financial Advisor
Asked by K.P. from Kansas City
on July 11, 2008
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I am seeking someone who can teach me about financial issues. Right now my husband and I could die and I don't know what would happen to our home, our child etc. I kn...
Answers
- I highly recommend Martin Meyers- financial planner with Edward Jones. His number is ###-###-####. Our friends recommended him a few months ago. He is by far one o...
- I would recommend that you visit with a couple of different folks and learn about their particular philosophies and values. It is important to take a look at the whole...
- We used a group called Lighthouse investments (I know it is lighthouse but not sure about the investments part). The financial planner we saw was Rick Bain. We set up ...
Does Anyone Else Really Miss Their Kids While at Work?
Asked by C.C. from Chicago
on April 22, 2009
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I work full time - corporate job downtown with a 2 hour commute. I leave my kids at home with a babysitter, but I miss them so much each day. I try not to think abou...
Answers
- Since your commute is so long, would your employer let you work 4 long days instead of 5? Or, could you work from home one day a week but still keep your babysitter on...
- HI C.. Just like you I was the main bread winner, with all the insurance and other benefits. After my first was born I went back to work and worked 3 years while he ...
- I miss my son during the day too. I have to admit, I'm not as productive as I was at work before I had him, but luckily, my office is very understanding. I just think ...
Took in 2 Grandkids Full Time and Living on Fixed Income - Help
Asked by N.Y. from Dallas
on August 10, 2009
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Hi moms, I have some friends who have taken in their two grandchildren to care for full time. They are living off their retirement savings and now have expenses such ...
Answers
- You didn't say how old they were but one of the suggestions I didn't see listed was for one of them to go back to work at a job that provides medical benefits -- or bo...
- Also, check with some local churches. For example, Oak Cliff Bible Fellowship has a clothes pantry, food pantry, and a Family Center which helps with baby items. Angel...
- You might want to suggest they go to this website www.raisingyourgrandchildren.com It has a lot of information of resources and legal issues that they need to conside...
Do I Go Back to Work or Not?!?!?!?
Asked by E.G. from Orlando
on April 10, 2008
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Ladies,
I need some advice on if I should go back to work or continue to stay at home with my 2 year old. I dont know if it will be worth it after I pay for childc...
Answers
- I know that you will get and have got a lot of advice on this topic! I say why not stay home so that you can enjoy being home with your children and husband. The price...
- E.: I have stayed home with my children (now 9 1/2 and 6 1/2) for almost ten years now, and, although sometimes challenging, I have zero regrets for doing so! I w...
- It is something that you will have to look at. Maybe you could find something to do at night. This way you still get a lot of the benefits of being at home with the ki...
Dave Ramsey's Way
Asked by J.Y. from Chicago
on September 21, 2009
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I have been reading Dave Ramsey's book, Total Money Management, and have a couple of questions. 1) One of Dave's recommendations is to get rid of all credit cards. W...
Answers
- His money management concepts really work, and I wish many more people used them! I don't recall him saying that we ever should stop 401(k) contributions... you wil...
- I have no debt except our house and we have four main credit cards. EVERY thing goes on the card basically, and we pay it off in full every month. For every $100 I ...
- Hi Judy, I too would suggest you get rid of the credit cards, if for no other reason than the one you stated yourself. Having them make them easier to use and what...
