I have an old 401(k) with Fidelity. My wife says you’ve recommended Fidelity 529 plans. Can that be rolled over into their 529? I understand I can roll over into my existing ROTH IRA but is there anything I can do to move this money into a college plan? Terry Says: No, you can’t move […]
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 […]
For someone wanting safety and better yield than current insured CD’s, are I-Bonds and Tips a better investment? It is IRA money from recent matured CD’s and our ages are 54 and 58. When I looked in to them, the small inflation adjustments of the past years didn’t seem to reflect the cost of living […]
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 […]
Terry: After nearly 4 years with TD Ameritrade, a Roth IRA account I have (about $27,000) has not increased in value. Each year has been a lose, whether markets up or down. They put in Cash, Northern Lights, Americh High Income trust and Oppenheimer Sr. Floating rate. Since frustrated by no growth I think I […]
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, […]
I need to know where to find info about retiring now. My husband turns 65 next month, he is still working for his company in a part time basis called transition to retirement. He will need to retire at the end of the year because of the program. He then is qualified for full SS […]
