401k to ira
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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...
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- 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.
What Exactly Is a 401K?
Asked by D.F. from New York
on December 18, 2010
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My husbands job is pushing him in to signing up towards the 401k plan. What exactly is it? Is it worth signing up for?
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- I agree that it is worth signing up for. A 401k plan is a retirement account that you deposit pre-tax money into. Since your contributions are pre-tax, it may actual...
- Hi D., It is a tax deferred investment plan. You put in a percentage of salary now, and it is taken out of the paycheck before taxes, thereby lowering the taxable inc...
- YES -it's worth signing up for, particularly if you don't already have some guaranteed retirement accounts. A 401K is a retirement savings plan and most companies m...
401K's and Penalties for Taking Some Funds Out
Asked by K.C. from Las Vegas
on May 4, 2011
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Hello Mom's
Could any of you tell me about penalties on taking money out from your 401K's before retirement. I had some friends take it out for buying a house, but ...
Answers
- You really have to look at the rules for your plan. But, in general, a loan is always better than a withdrawal but you generally only have access to a portion of your ...
- I don't see that anyone has mentioned the specific numbers, so here goes: If you withdraw the money from your 401k (not a loan) and you are under 59 1/2, you will pay...
- My company administers retirement plans. Your friends were eligible for what is called a primary-residence loan. They have to pay back the loan, with interest, to the ...
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 ...
Need Easy to Read Guide for 401K Info, Roth Iras, Etc
Asked by S.J. from St. Louis
on December 17, 2009
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My husband for Christmas would like a book or guide explaining the difference between all the available investment possibilities, most notably Roth IRA's, 401K, etc. ...
Answers
- S.- This is sooooo smart. I was a financial advisor and so many people didn't take care of this. There is a "Wall St. Journal Guide to starting your financial life....
- Dave Ramsey has some great books on investing/saving
- You can go to IRS.GOV and look at publication 590. This has a lot of information about IRAs and Roths. This is free of charge might be a good place to start. Also m...
Financial Questioin
Asked by H.M. from Detroit
on September 15, 2010
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Like almost every other person out there my husband and I are in a financial bind. We have a ton of credit card debt. My husband wants me to cash out my IRA of which...
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- Both are bad ideas. Doesn't matter "how much of your own money" you put into it--it has retirement value and to use it is unwise. Also cashing out or usig part of a ...
- Haley, If Dave Ramsey seems too drastic for you and your husband, you might want to check out Pam Young's book "The GOOD Book - Get Out Of Debt". Here's a link: ...
- You might look into borrowing from the 401ks instead of cashing out. I believe the penalties are pretty steep to cash out...like 30%. Get some sound advice.
IYO What Are the Jobs/careers That Has the Best Retirement Benefits?
Asked by N.N. from Detroit
on March 14, 2012
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Jo W post (I don't want to go to work) has me thinking about investing and retirement. What are you doing or what did your parents do in order to make sure that they w...
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- My husband was in outside sales for years with raw materials. In 2005 we had an opportunity to slowly start our own LLC with brokering raw materials, consulting, etc. ...
- Which post? I know that public union jobs are about the last hold out for the defined benefit plans. Can't get better than that. In the real world anything tha...
- Well I work in the retirement plan administration industry. Pharmaceutical companies typically have excellent retirement plans, as do finance companies. The downside i...
Husband Made Bad Investment Decision
Asked by S.J. from New York
on October 13, 2011
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Recently my husband made some bad investing decisions in my 401K and it's pretty much gone. I'm beyond feeling angry -- especially since he knew about it and never di...
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- I also wonder how he made the decisions. If you allowed him to, then it's partly your responsibility. And all of it was lost between last statement and this statemen...
- There are a lot of unknowns... How long have you been married? Did you just meet the guy? How did he obtain access to 'your' money? Did you build this 401k up befo...
- I would be ticked off beyond belief! Thirty years worth of saving your hard earned money...not mentioning financial security. I'm just shaking my head right now wi...
In Today's Times: Do You Save?
Asked by V.M. from Las Vegas
on August 31, 2011
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Hey moms,
I am really curious how moms out there manage their budgets...what is a comfortable "leftover" amount after all bills are paid and money has been put away...
Answers
- Sounds like you have a nice problem. I'd seek a financial planner.
- I wish I had that much to save. We usually save 10%. Thats all we can do.
- Well just what you put away for that (3500 plus the kids) well we don't even make 3500 a month so for your lifestyle that is probably good. Our family of five on one i...
