Between retirement at 66 and the RMD at 70.5, should I be takeing money out and placing it in different types of accounts to bypass the RMD with a forced withdraw? Enjoyed you at GSU on Tuesday. Thanks in advance, Al Terry Says: It all depends on when you want to pay your taxes!! The […]
Let me preface this by saying that this is not my primary retirement fund. This fund is something I’ve been meening to move for years and never got around to it. I have a 401k from a previuos job that is in active. I would like to make a with drawl as a gift for […]
Hi Terry, I would like to roll over an old 401k into an IRA and wanted to know what questions I should ask the financial firms I contact. I have 15 years until I plan on retiring so I won’t be using most of the money before then but I may need access to it […]
Terry, I wanted to take a portion of my 401k (from past job) and transfer to an IRA. I learned that since I’m not a current employee, I’m not allowed to take out just a portion of my money. Either all of it or nothing. My 401k has been doing well an average of 15% […]
Hi Terry, We need to get a new financial person, I meet Jim Flanagan of Bentron Financial Group, Inc. at his office regarding taking early retirement (I’m 61) because of no job for 2 years. He looked at my rollover IRA accounts which have not been doing very good for at least 10 years. What […]
Hi Terry, can i merge 2 different traditional IRA’s ( held at different banks ) together to make one account ? Terry Says: The way to do that is to do an official IRA ROLLOVER, from one custodian to the other. In other words, don’t touch the check. Simply instruct one bank to roll the […]
Terry,, I met you recently during your Allstate Book Tour stop in King of Prussia, PA. I am 26 years, I turn 27 in April. I just moved back in with my Mom after graduating from Graduate school in July with my Masters. I have zero debt with the exception of student loans and my […]
Hello Terry, My traditional IRA CD is maturing soon. My bank is trying to convince me that I should renew for another 5 yrs. Because of my elder age, I don’t think this is wise & don’t want to lock in for this amt. of time , especially if rates do increase. They are telling […]
I am retired and my wife is retiring at the end of this month. should we combine our retirement funds with one administrator or keep them separate ? Also is there a penalty in doing so? SAVAGE SAYS:I think you need to get some personal advice because there seems to be a big gap in […]
Looking for some of your thoughts on fixed annuities through my bank to rollover traditional IRA CD that has matured. Cannot get more than .50 % interest rate on cd renewal but a fixed 5 yr. annuity will pay 2. 50 %, big difference. Can you mention any reasons as to why this would be […]
Dear Terry, When leaving or retiring from a firm, can a person’s Roth 401k account be converted directly to a Roth 401k without incurring taxes or penalties? Phil SAVAGE SAYS: I’m sort of going to punt on this and send you to the real experts. I would suggest your contact Fidelity or Vanguard about your […]
I have 170,000.00 in a pension fund from my job the hospitali work at was purchased and the money is just sitting there. I am 64. Years old but don,t plan on retirement for the next 4 or 5 years I would like to put it in somwthing that I can earn some interest. Don,t […]
I’m 63, opened a ROTH IRA in 2012, have put in only money directly from me, no rollover or conversion or mixing with any other money. I got a copy of form 5498 from Vanguard, original to IRS. The form records the amount of my contribution, and accumulated growth during 2012. Why does the IRS […]
Hi Terry, my employer is having us take our profit sharing 401K out of our current management firm and place it individually where ear choose. ( I know it’s unusual). I am 60 and hope to retire in 5 years. Would it be better to keep it as a 401K , which is a little […]
Thank you for your marvelous column, I have learned so much from you. I have now reached the magical 70-1/2 point in my life and need your help with the RMDs. I know I can bundle all my various IRA accounts’ RMDs and take them from one account if I chose to do so. However, […]
