What is the FULL retirement age for social security retirement benefits?
Q. Full retirement age means that you won't get a benefit rate which has been reduced because of age.
Asked by moeursalen - Tue Jan 2 11:34:33 2007 - - 6 Answers - 0 Comments
A. It depends on when you were born if it was after 1960 it would probably be 67.
Answered by TaylorProud - Tue Jan 2 11:36:56 2007
Q. Full retirement age means that you won't get a benefit rate which has been reduced because of age.
Asked by moeursalen - Tue Jan 2 11:34:33 2007 - - 6 Answers - 0 Comments
A. It depends on when you were born if it was after 1960 it would probably be 67.
Answered by TaylorProud - Tue Jan 2 11:36:56 2007
What retirement plan rules do you need to know for the series 7 exam?
Q. I have a STC book my company gave me and it has the 2004 numbers for all the retirement plans. I know there was a major change in late 2006, so should I know the old rules or the new ones? Also, I'm getting at least 90% on all practice exams and understand the options in the book very well. The only thing I have trouble with is remembering some details like all the exemptions for rule 2790. Is the exam that detailed?
Asked by Tommy - Sun Aug 19 22:31:17 2007 - - 2 Answers - 0 Comments
A. The exam is not that detailed regarding retirement plans and IRS rules and regs. In fact not much is covered at all in this area. Basically the exam is an arcane test the focusses on rules regarding options, client communication and suitability. You'll find that you'll only need about 10% of it in your daily job if you will be working for a major brokerage house.
Answered by Matthew K - Mon Aug 20 08:06:16 2007
Q. I have a STC book my company gave me and it has the 2004 numbers for all the retirement plans. I know there was a major change in late 2006, so should I know the old rules or the new ones? Also, I'm getting at least 90% on all practice exams and understand the options in the book very well. The only thing I have trouble with is remembering some details like all the exemptions for rule 2790. Is the exam that detailed?
Asked by Tommy - Sun Aug 19 22:31:17 2007 - - 2 Answers - 0 Comments
A. The exam is not that detailed regarding retirement plans and IRS rules and regs. In fact not much is covered at all in this area. Basically the exam is an arcane test the focusses on rules regarding options, client communication and suitability. You'll find that you'll only need about 10% of it in your daily job if you will be working for a major brokerage house.
Answered by Matthew K - Mon Aug 20 08:06:16 2007
Can my retirement account invest in real estate that I purchase for leasing to unrelated tenants?
Q. If I have a retirement account, say a 401k or an IRA, can I use those funds - not to borrow - but as an investment in a mutli-tenant residential apartment complex that I will be leasing to unrelated tenants to derive income? How is this done? Who do I talk to about the details?
Asked by Michele L - Wed Oct 3 11:18:07 2007 - - 2 Answers - 0 Comments
A. If you can find an IRA trustee to do it, it is allowed. But with strict limitations, including: Your IRA must own the real estate strictly as an investment, which means no use by you or certain family members. The IRA trustee must also hold legal title to the property. And finally, your IRA must have sufficient liquid assets (either from other investments in the account or from your annual contributions) to cover any costs associated with owning the real estate. My guess is that the trustee, if you could find one that will do it, will charge a large annual fee to handle it.
Answered by Auntie Mame - Wed Oct 3 16:43:26 2007
Q. If I have a retirement account, say a 401k or an IRA, can I use those funds - not to borrow - but as an investment in a mutli-tenant residential apartment complex that I will be leasing to unrelated tenants to derive income? How is this done? Who do I talk to about the details?
Asked by Michele L - Wed Oct 3 11:18:07 2007 - - 2 Answers - 0 Comments
A. If you can find an IRA trustee to do it, it is allowed. But with strict limitations, including: Your IRA must own the real estate strictly as an investment, which means no use by you or certain family members. The IRA trustee must also hold legal title to the property. And finally, your IRA must have sufficient liquid assets (either from other investments in the account or from your annual contributions) to cover any costs associated with owning the real estate. My guess is that the trustee, if you could find one that will do it, will charge a large annual fee to handle it.
Answered by Auntie Mame - Wed Oct 3 16:43:26 2007
How good is a 403(b) retirement plan compared to the others?
Q. I am taking a new position at a non-profit organization. This company is offering a 403(b) retirement plan and I am wondering if I should take it or not. They will pay 75% after 1 year and I can make contributions, before taxes, of up to 10% and I can be fully vested after 3 years of employment . What is the difference between this and a 401K or other retirement programs really?
Asked by taalyn_1 - Mon Mar 17 09:46:37 2008 - - 1 Answers - 0 Comments
A. only real difference these days is who offers it. typically a 403b is offered by non-profits, governments, and educational facilities. In some cases they are exactly like a 401k and are protected by ERISA (federal law) and in other cases they don't have the same level of protection. They don't have the same level of protection because the offering institution is simply a conduit for the investment house and the individual rather than the company. Thus they (the offering institution) have no obligation to educate or ensure that the investment is appropriate...they simply forward the money and all responsibility lies on the individual. Often times these types of arrangements are more expensive than others because the mutual fund… [cont.]
Answered by digdowndeepnseattle - Thu Mar 20 10:04:04 2008
Q. I am taking a new position at a non-profit organization. This company is offering a 403(b) retirement plan and I am wondering if I should take it or not. They will pay 75% after 1 year and I can make contributions, before taxes, of up to 10% and I can be fully vested after 3 years of employment . What is the difference between this and a 401K or other retirement programs really?
Asked by taalyn_1 - Mon Mar 17 09:46:37 2008 - - 1 Answers - 0 Comments
A. only real difference these days is who offers it. typically a 403b is offered by non-profits, governments, and educational facilities. In some cases they are exactly like a 401k and are protected by ERISA (federal law) and in other cases they don't have the same level of protection. They don't have the same level of protection because the offering institution is simply a conduit for the investment house and the individual rather than the company. Thus they (the offering institution) have no obligation to educate or ensure that the investment is appropriate...they simply forward the money and all responsibility lies on the individual. Often times these types of arrangements are more expensive than others because the mutual fund… [cont.]
Answered by digdowndeepnseattle - Thu Mar 20 10:04:04 2008
Is it more important to have 3 different retirement savings accounts?
Q. My husband has been stashing money into 3 different retirement savings accounts through his work. I just found out about it after 3 years he's been on this job. Is it so very important to save for one's retirement that we can barely get by payday to payday? If he had bigger paychecks without saving for retirement we would be out of debt by now.
Asked by Mamabear - Wed Sep 26 16:27:37 2007 - - 4 Answers - 0 Comments
A. Since the rate of a passbook savings account is so small, and the rate on credit cards is so high, it makes sense to pay off the credit cards. Then cut up the cards so you don't owe on them again, just paying them off isn't enough. Does he have a different types of accounts like an IRA and a straight passbook and some other type? That would make a slight difference. But it maybe he has some unpleasant memories of his parents retirement and that's affected his attitude on savings. People are very emotional about money.
Answered by justagrandma - Wed Sep 26 16:34:15 2007
Q. My husband has been stashing money into 3 different retirement savings accounts through his work. I just found out about it after 3 years he's been on this job. Is it so very important to save for one's retirement that we can barely get by payday to payday? If he had bigger paychecks without saving for retirement we would be out of debt by now.
Asked by Mamabear - Wed Sep 26 16:27:37 2007 - - 4 Answers - 0 Comments
A. Since the rate of a passbook savings account is so small, and the rate on credit cards is so high, it makes sense to pay off the credit cards. Then cut up the cards so you don't owe on them again, just paying them off isn't enough. Does he have a different types of accounts like an IRA and a straight passbook and some other type? That would make a slight difference. But it maybe he has some unpleasant memories of his parents retirement and that's affected his attitude on savings. People are very emotional about money.
Answered by justagrandma - Wed Sep 26 16:34:15 2007
What are the penalties for withdrawing your retirement funds early to buy your first home?
Q. Does anyone know what (if any) are the penalties for withdrawing some or all of your retirement funds to use as a down payment to purchase your first home? I have a 457 retirement plan and I am considering pulling out $10K to go towards the purchase of my first home. Normally I would be penalized 30% but I heard somewhere that there are 3 circumstances where this is allowable without penalties. Can anyone vertify this is accurate or tell me where I can get more info. Thank you!
Asked by one4Christ - Sun Jul 1 15:22:28 2007 - - 3 Answers - 0 Comments
A. Generally speaking, the first 10k can be withdrawn without penalty, BUT you still have to pay the taxes on that, for a first-time home buyer ( not if you're buying for the 2nd or 3rd time ). I needed 10k IN FULL when I did it, so I had to withdraw 14,000 to cover the taxes, and since I went 4k over I had to pay penalties on that 4k as well as taxes. I think medical emergency qualifies as well, but I'm not sure on any other usages. - The Gremlin Guy - happily living at my Home for 7 years now..
Answered by gremlingts - Sun Jul 1 15:33:42 2007
Q. Does anyone know what (if any) are the penalties for withdrawing some or all of your retirement funds to use as a down payment to purchase your first home? I have a 457 retirement plan and I am considering pulling out $10K to go towards the purchase of my first home. Normally I would be penalized 30% but I heard somewhere that there are 3 circumstances where this is allowable without penalties. Can anyone vertify this is accurate or tell me where I can get more info. Thank you!
Asked by one4Christ - Sun Jul 1 15:22:28 2007 - - 3 Answers - 0 Comments
A. Generally speaking, the first 10k can be withdrawn without penalty, BUT you still have to pay the taxes on that, for a first-time home buyer ( not if you're buying for the 2nd or 3rd time ). I needed 10k IN FULL when I did it, so I had to withdraw 14,000 to cover the taxes, and since I went 4k over I had to pay penalties on that 4k as well as taxes. I think medical emergency qualifies as well, but I'm not sure on any other usages. - The Gremlin Guy - happily living at my Home for 7 years now..
Answered by gremlingts - Sun Jul 1 15:33:42 2007
What is the best retirement option for someone that wants to save on his own?
Q. I am a foster parent and I get paid by my agency through a per diem. That means the money I get paid is tax free. And since I don't have a full time job, I don't have a retirement plan. I want to start saving for the future. Can any one help?
Asked by jagorion - Mon Jul 16 23:26:31 2007 - - 3 Answers - 0 Comments
A. Although you don't have a retirement plan through your employer, you still have good options. If you have a spouse that does have a retirement plan at work, you can probably contribute to what is called a "spousal IRA." You get the right to invest through your spouse's earned income. Like any other IRA, there are two types, the Roth and the Traditional. Unless your spouse makes a whole lot of money, I'd suggest the Roth. Just mention that when you open your account. You have to file your taxes jointly and make less than $156k (in 2007), but you can contribute up to $4000 (in 2007). If that situation doesn't apply to you then you might be able to contribute to an IRA yourself using the money you earn as a foster parent. Check in… [cont.]
Answered by Brett C - Tue Jul 17 00:10:27 2007
Q. I am a foster parent and I get paid by my agency through a per diem. That means the money I get paid is tax free. And since I don't have a full time job, I don't have a retirement plan. I want to start saving for the future. Can any one help?
Asked by jagorion - Mon Jul 16 23:26:31 2007 - - 3 Answers - 0 Comments
A. Although you don't have a retirement plan through your employer, you still have good options. If you have a spouse that does have a retirement plan at work, you can probably contribute to what is called a "spousal IRA." You get the right to invest through your spouse's earned income. Like any other IRA, there are two types, the Roth and the Traditional. Unless your spouse makes a whole lot of money, I'd suggest the Roth. Just mention that when you open your account. You have to file your taxes jointly and make less than $156k (in 2007), but you can contribute up to $4000 (in 2007). If that situation doesn't apply to you then you might be able to contribute to an IRA yourself using the money you earn as a foster parent. Check in… [cont.]
Answered by Brett C - Tue Jul 17 00:10:27 2007
What are the best retirement plans for a yong lawyer to consider?
Q. i am a law school student and i want to know what would be the best way to plan out my retirement. Such as what i would be doing at what age. i am 26 now.
Asked by gooftroop_843 - Wed Apr 18 14:38:52 2007 - - 5 Answers - 0 Comments
A. Sorry don't have any retirement plan advice, but here's something on planning for those post retirement needs: A stingy old lawyer who had been diagnosed with a terminal illness was determined to prove wrong the saying, "You can't take it with you." After much thought and consideration, the old ambulance-chaser finally figured out how to take at least some of his money with him when he died. He instructed his wife to go to the bank and withdraw enough money to fill two pillow cases. He then directed her to take the bags of money to the attic and leave them directly above his bed. His plan: When he passed away, he would reach out and grab the bags on his way to heaven. Several weeks after the funeral, the deceased lawyer's wife, up in… [cont.]
Answered by Westhill - Wed Apr 18 14:52:25 2007
Q. i am a law school student and i want to know what would be the best way to plan out my retirement. Such as what i would be doing at what age. i am 26 now.
Asked by gooftroop_843 - Wed Apr 18 14:38:52 2007 - - 5 Answers - 0 Comments
A. Sorry don't have any retirement plan advice, but here's something on planning for those post retirement needs: A stingy old lawyer who had been diagnosed with a terminal illness was determined to prove wrong the saying, "You can't take it with you." After much thought and consideration, the old ambulance-chaser finally figured out how to take at least some of his money with him when he died. He instructed his wife to go to the bank and withdraw enough money to fill two pillow cases. He then directed her to take the bags of money to the attic and leave them directly above his bed. His plan: When he passed away, he would reach out and grab the bags on his way to heaven. Several weeks after the funeral, the deceased lawyer's wife, up in… [cont.]
Answered by Westhill - Wed Apr 18 14:52:25 2007
What is the best way to rollover untaxed retirement accounts ?
Q. I am nearing retirement and have about 25k in untaxed money in a retirement account through my employer. I am looking for a way to roll it over tax free and still keep investing it safely but have access to it as needed with no withdrawal penalties. Is there a way ??
Asked by nobleinvestments - Sun Jan 7 15:01:08 2007 - - 4 Answers - 0 Comments
A. For maximum flexibility, roll your 401K OUT of the employer's plan and into a rollover ira. If you open the new IRA with a major brokerage house, you will have the world of investments available to you, including individual stocks and bonds, mutual funds, etc. You could choose to buy an annuity to guarantee a payout for life, or you could put it in a Rollover IRA with a mutual fund company. Personally, I recommend the brokerage type account for maximum flexibilty. Yo ucan even put your money in a money market account while you make your plan. But get it out of the employer's plan because you have no flexibility there. You can do a direct rollover at any age without penalty or tax effect. Talk to a financial specialist. Get a plan! The… [cont.]
Answered by WealthBuilder - Sun Jan 7 15:08:01 2007
Q. I am nearing retirement and have about 25k in untaxed money in a retirement account through my employer. I am looking for a way to roll it over tax free and still keep investing it safely but have access to it as needed with no withdrawal penalties. Is there a way ??
Asked by nobleinvestments - Sun Jan 7 15:01:08 2007 - - 4 Answers - 0 Comments
A. For maximum flexibility, roll your 401K OUT of the employer's plan and into a rollover ira. If you open the new IRA with a major brokerage house, you will have the world of investments available to you, including individual stocks and bonds, mutual funds, etc. You could choose to buy an annuity to guarantee a payout for life, or you could put it in a Rollover IRA with a mutual fund company. Personally, I recommend the brokerage type account for maximum flexibilty. Yo ucan even put your money in a money market account while you make your plan. But get it out of the employer's plan because you have no flexibility there. You can do a direct rollover at any age without penalty or tax effect. Talk to a financial specialist. Get a plan! The… [cont.]
Answered by WealthBuilder - Sun Jan 7 15:08:01 2007
How many years away from retirement am I?
Q. I have $40,000 today toward my eventual retirement that will earn 14% interest over the period. I want to have $500,000 at at the retirement date. How many years away from retirement am I?
Asked by FirenIce . * ) - Sat Feb 28 15:33:09 2009 - - 3 Answers - 0 Comments
A. about 19 and a quarter years, assuming no taxes and compounded.
Answered by stephen c - Sat Feb 28 16:07:12 2009
Q. I have $40,000 today toward my eventual retirement that will earn 14% interest over the period. I want to have $500,000 at at the retirement date. How many years away from retirement am I?
Asked by FirenIce . * ) - Sat Feb 28 15:33:09 2009 - - 3 Answers - 0 Comments
A. about 19 and a quarter years, assuming no taxes and compounded.
Answered by stephen c - Sat Feb 28 16:07:12 2009
Can I still get the retirement benefits of my father denied of him?
Q. After 27 years of dedicated service, and an outstanding loyalty award on his 25th year of service, he was administratvely charged of violating certain rules to remove him from office and denied of his retirement benefits. It happened in the early 1970's. Is there hope to prove his worth and claim it for my mother?
Asked by Ria - Sat Sep 22 12:17:56 2007 - - 4 Answers - 0 Comments
A. You can go to the local VA office and inquiry about that. If they have strip him of his retirement benefits then it is the same as if he didn't have it in the first place. In this case there is no way of getting it back. Unless laws has been changed since then that would entitle some or all of the benefits back due to a legal inquiry about the rules back then. Supreme Court has have strike down certain laws that military has imposed due to having no basis and haven't met certain criteria that doesn't violate an individuals guarantee rights. You may also have his discharge changed, but there is time limit to do that.
Answered by redhotchillidawg - Sat Sep 22 12:30:50 2007
Q. After 27 years of dedicated service, and an outstanding loyalty award on his 25th year of service, he was administratvely charged of violating certain rules to remove him from office and denied of his retirement benefits. It happened in the early 1970's. Is there hope to prove his worth and claim it for my mother?
Asked by Ria - Sat Sep 22 12:17:56 2007 - - 4 Answers - 0 Comments
A. You can go to the local VA office and inquiry about that. If they have strip him of his retirement benefits then it is the same as if he didn't have it in the first place. In this case there is no way of getting it back. Unless laws has been changed since then that would entitle some or all of the benefits back due to a legal inquiry about the rules back then. Supreme Court has have strike down certain laws that military has imposed due to having no basis and haven't met certain criteria that doesn't violate an individuals guarantee rights. You may also have his discharge changed, but there is time limit to do that.
Answered by redhotchillidawg - Sat Sep 22 12:30:50 2007
how does a retirement account work? how how does my money grow by investing in a retirement account?
Q. I know that once I invest money in a retirement account I can't touch it unless it's for emergencies but I would like to know how does my money grow in this type of account and how soon can I see results?
Asked by bettygirl - Wed May 28 19:07:53 2008 - - 3 Answers - 0 Comments
A. When you are investing, you have to invest for the long term to see any results. In the beginning years, you may be quite emotional to the market fluctuations. If market went down, the value of your portfolio went down. Your natural response would be, "I lost money." But the fact is you haven't lost or gain any money because you didn't touch your money. How your portfolio performs depends on these factors: 1) What is your average price per share compare to current price per share? 2) How long have you had the investment? 3) Dividends and capital gains payout (if any) 4) Type of investment. Are you invested in conservative funds or large growth funds? If you want higher growth, you need to be willing to accept higher risks. 5) How… [cont.]
Answered by Financial JUSTICE - Wed May 28 22:27:49 2008
Q. I know that once I invest money in a retirement account I can't touch it unless it's for emergencies but I would like to know how does my money grow in this type of account and how soon can I see results?
Asked by bettygirl - Wed May 28 19:07:53 2008 - - 3 Answers - 0 Comments
A. When you are investing, you have to invest for the long term to see any results. In the beginning years, you may be quite emotional to the market fluctuations. If market went down, the value of your portfolio went down. Your natural response would be, "I lost money." But the fact is you haven't lost or gain any money because you didn't touch your money. How your portfolio performs depends on these factors: 1) What is your average price per share compare to current price per share? 2) How long have you had the investment? 3) Dividends and capital gains payout (if any) 4) Type of investment. Are you invested in conservative funds or large growth funds? If you want higher growth, you need to be willing to accept higher risks. 5) How… [cont.]
Answered by Financial JUSTICE - Wed May 28 22:27:49 2008
Should I pay off student loans or start a retirement account?
Q. I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.
Asked by BeenThereDone That - Fri Feb 6 16:11:26 2009 - - 5 Answers - 0 Comments
A. Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.
Answered by absteal - Fri Feb 6 16:22:41 2009
Q. I just graduated from college and will start to have to pay student loans within the next 5 months (about $13k) . I am also very interested in starting out a retirement account soon. I have been told that I can open an IRA for as little as $50 a month. Should I start to pay off the debt or start a retirement account? What is the best place to invest? I am 23 years old.
Asked by BeenThereDone That - Fri Feb 6 16:11:26 2009 - - 5 Answers - 0 Comments
A. Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.
Answered by absteal - Fri Feb 6 16:22:41 2009
What is the best poduct for retirement for someone self employed?
Q. I own my own company and I am the only one. I need to the most beneficial product (s) for my retirement.
Asked by krisclifton - Thu May 3 15:59:18 2007 - - 3 Answers - 0 Comments
A. Honestly sit down with someone who knows what their doing. Even if you buy the products online your going to pay the same commision as if you sit down with a professional and they can go over all your options. There is no one answer. Depending on your income you qualify for different funds, certain tax products can help. Some basic advice though, mutual funds. Find a good slid fund that matches your risk tolerance. Second max out your ira contribution its tax deductible. I know there are alot of other types of programs out there its impossible to say simply ones the best, otherwise everyone would be in it right. If you do do it yourself, dont sell to often, and diversify.
Answered by GSWALLY - Fri May 4 16:01:06 2007
Q. I own my own company and I am the only one. I need to the most beneficial product (s) for my retirement.
Asked by krisclifton - Thu May 3 15:59:18 2007 - - 3 Answers - 0 Comments
A. Honestly sit down with someone who knows what their doing. Even if you buy the products online your going to pay the same commision as if you sit down with a professional and they can go over all your options. There is no one answer. Depending on your income you qualify for different funds, certain tax products can help. Some basic advice though, mutual funds. Find a good slid fund that matches your risk tolerance. Second max out your ira contribution its tax deductible. I know there are alot of other types of programs out there its impossible to say simply ones the best, otherwise everyone would be in it right. If you do do it yourself, dont sell to often, and diversify.
Answered by GSWALLY - Fri May 4 16:01:06 2007
what are the advantages and disadvantages of opening a retirement plan?
Q. I am planning to open a retirement plan but what are the advantages and disadvantages of opening a retirement plan and what is the best company to open an account with?
Asked by unknown - Wed May 21 09:38:10 2008 - - 5 Answers - 0 Comments
A. advantage - being able to live and eat in retirement - social security doesn't pay enough to live on if it will even be there when you retire disadv - non
Answered by Doctor Deth - Wed May 21 10:01:55 2008
Q. I am planning to open a retirement plan but what are the advantages and disadvantages of opening a retirement plan and what is the best company to open an account with?
Asked by unknown - Wed May 21 09:38:10 2008 - - 5 Answers - 0 Comments
A. advantage - being able to live and eat in retirement - social security doesn't pay enough to live on if it will even be there when you retire disadv - non
Answered by Doctor Deth - Wed May 21 10:01:55 2008
Where and How can I start saving for my retirement?
Q. Im 25 years old and want to start saving for retirement. How do i go by searching for a retirement plan?
Asked by dolphine_luver84 - Tue Jun 30 23:36:34 2009 - - 3 Answers - 0 Comments
Q. Im 25 years old and want to start saving for retirement. How do i go by searching for a retirement plan?
Asked by dolphine_luver84 - Tue Jun 30 23:36:34 2009 - - 3 Answers - 0 Comments
What retirement statements do I need to keep and for how long?
Q. My 2 retirement account companies do not distribute annual statements on my accounts, they only distribute monthly or quarterly statements at best. So given that, what statements do I need to keep in my files and for how long? I'm trying to clean out my office and get rid of any unnecessary paperwork. Thanks.
Asked by Arleen - Wed Jun 10 15:24:01 2009 - - 1 Answers - 0 Comments
A. One year as long as no disagreements on account.
Answered by Not I - Wed Jun 10 16:28:10 2009
Q. My 2 retirement account companies do not distribute annual statements on my accounts, they only distribute monthly or quarterly statements at best. So given that, what statements do I need to keep in my files and for how long? I'm trying to clean out my office and get rid of any unnecessary paperwork. Thanks.
Asked by Arleen - Wed Jun 10 15:24:01 2009 - - 1 Answers - 0 Comments
A. One year as long as no disagreements on account.
Answered by Not I - Wed Jun 10 16:28:10 2009
What is the best way to handle retirement funds?
Q. I am inquiring for someone. How can you get the most of your money back? The govt wants to take 45% of his retirement fund before he can have it. I've heard of investment companies that can help you bypass this but ofcourse they have their hands on your money and there is a lot of fine print and he isn't very savvy and could easily be takin advantage of. Anyone got a clearcut solution?
Asked by ummmk - Tue Jul 29 20:00:25 2008 - - 4 Answers - 0 Comments
A. I assume your friend needs to take a disbursement from his retirement account (401k, IRA, etc) before he is aged 59 1/2? And he will be paying penalties? If that is the case, 45% seems high. Your friend will pay taxes on those funds and a 10% IRS penalty for early distribution. So whatever his tax bracket is (10%-35% at incomes over $300k+ as a single person) plus 10%. So he/she will only pay 45% if he makes a ton of money. Bottom line is that there is no way around it. If he takes a distribution he will pay a penalty. There is only one way around it: If he/she can afford the payments, he/she can take a loan against his retirement account. As long as the payments are made on time, penalties and taxes can be avoided. Ignore any company… [cont.]
Answered by Ryan Q - Tue Jul 29 20:11:31 2008
Q. I am inquiring for someone. How can you get the most of your money back? The govt wants to take 45% of his retirement fund before he can have it. I've heard of investment companies that can help you bypass this but ofcourse they have their hands on your money and there is a lot of fine print and he isn't very savvy and could easily be takin advantage of. Anyone got a clearcut solution?
Asked by ummmk - Tue Jul 29 20:00:25 2008 - - 4 Answers - 0 Comments
A. I assume your friend needs to take a disbursement from his retirement account (401k, IRA, etc) before he is aged 59 1/2? And he will be paying penalties? If that is the case, 45% seems high. Your friend will pay taxes on those funds and a 10% IRS penalty for early distribution. So whatever his tax bracket is (10%-35% at incomes over $300k+ as a single person) plus 10%. So he/she will only pay 45% if he makes a ton of money. Bottom line is that there is no way around it. If he takes a distribution he will pay a penalty. There is only one way around it: If he/she can afford the payments, he/she can take a loan against his retirement account. As long as the payments are made on time, penalties and taxes can be avoided. Ignore any company… [cont.]
Answered by Ryan Q - Tue Jul 29 20:11:31 2008
How do I transfer money from one retirement account to another?
Q. Will there be a charge to transfer my money? If I just take the money out of my retirement, will the tax on it be normal tax, or a different rate? It's from one company to another.
Asked by Nicholas - Fri Jun 26 17:52:42 2009 - - 3 Answers - 0 Comments
A. Call the company you want the money to go to -- tell them you want to do a direct transfer of assets from the company that has the money now. They will give you specific instructions. Follow them in a timely manner and there will be no penalties, taxes, or fees. If you cash out -- take the money out, you will owe taxes at your regular rate plus a 10% IF your money is not in a ROTH account and you are under the age of 60.
Answered by MVD34 - Fri Jun 26 19:05:48 2009
Q. Will there be a charge to transfer my money? If I just take the money out of my retirement, will the tax on it be normal tax, or a different rate? It's from one company to another.
Asked by Nicholas - Fri Jun 26 17:52:42 2009 - - 3 Answers - 0 Comments
A. Call the company you want the money to go to -- tell them you want to do a direct transfer of assets from the company that has the money now. They will give you specific instructions. Follow them in a timely manner and there will be no penalties, taxes, or fees. If you cash out -- take the money out, you will owe taxes at your regular rate plus a 10% IF your money is not in a ROTH account and you are under the age of 60.
Answered by MVD34 - Fri Jun 26 19:05:48 2009
Can a 66-year old individual with no retirement or regular income file for a tax return?
Q. Can a 66-year old individual with no retirement or regular income file for a tax return and be eligible for the stimulus package check in May 2008? Thanks.
Asked by aikon56 - Fri Apr 11 10:40:26 2008 - - 2 Answers - 0 Comments
A. You need $3,000. That could be Social Security (with no othere income, that is tax free) and file the form and get the check.
Answered by U Can't handle the truth - Fri Apr 11 10:45:23 2008
Q. Can a 66-year old individual with no retirement or regular income file for a tax return and be eligible for the stimulus package check in May 2008? Thanks.
Asked by aikon56 - Fri Apr 11 10:40:26 2008 - - 2 Answers - 0 Comments
A. You need $3,000. That could be Social Security (with no othere income, that is tax free) and file the form and get the check.
Answered by U Can't handle the truth - Fri Apr 11 10:45:23 2008
From Yahoo Answer Search: 'retirement'
Thu Aug 13 00:55:51 2009 [ refresh local cache ]
[Hide]▼
news.google.com
MiamiHerald.com
The reason - economic necessity - says a lot about what aging baby boomers may face as retirement age approaches. The nation's unemployment rate stood at ...
Five years of us 401(K) cash gone New York Post
all 23 news articles »
classyartwork.com
778px x 990px | 472.70kB
[source page]
retirement caricatur > 01 Apr 2008 20 08 573k retirement gift cari > 28 Mar 2008 10 52 473k retirement gift cari > 28 Mar 2008 15 35 473k
montrealnewsinfo.blogspot.com
Bookyards Beta Search Engine
ue, 04 Aug 2009 10:56:00 GM
A new generation of luxurious . retirement. homes, in all corners of the city. But none stands as tall as the 25-floor Manoir Laval. Since it opened in November of 2007, it has set a new record for the tallest . retirement. home in Quebec. ...
[Hide]▲
