On Feb. 3 Trump also signed a presidential memorandum instructing the Labor secretary to evaluate a specific regulation placed on financial advisers. Known as the fiduciary rule, it requires brokers in charge of retirement plans to act in their clients best interest. The rule is set to take effect on April 10, but that may […]
Could you please elaborate a little more on your paragraph “take a portion of your rollover money”, specifically regarding rmds? Thank you Sam
I have a small(100k) 401k and will be 70 1/2 in a few years.Is there a way to give this money to my kids or either donate it before ir becomes taxable? txs, BB Terry Says: When you are 70-1/2 you will be required to start taking Required Minimum Withdrawals. Right now, you can withdraw […]
Recently an advisor was indicating that we should invest in an FIA. I am a few years away from retirement and my wife a bit more. Between us we have 3 different pensions, social security and about $950k in 401k, 403b, rollovers, annuities and some mutual funds. I have read and talked to other people […]
Hi Terry, When my mother turns 90 next year her variable annuity IRA will annuitize. We would like to perform an IRA rollover prior to this occurring. She depends on her IRA distributions and social security for her monthly income and other than her house and a savings account (~$50K) she doesn’t have other substantial […]
HI Terry, I am planning to retire at the end of this year when I will be 68 yrs. old and, if needed, would start Social Security. I am VERY concerned about loosing my money like what happened in 2008. We have attended MANY investment/retirement seminars over the past years and I am still very […]
Hello Terry, Read your book several years ago and followed your column back in Chicago when i was living there. Saw you on Etrade video conference which really was outstanding. What are your thoughts on taking money out of your 401k to start an annuity and why is this subject not offered or talked about […]
My wife and I, both in our late 60’s, have built a retirement nest egg, not huge, but comfortable. I am confident that, barring a health-care catastrophe, our funds will not run out before we do. My question relates to how we pass on what is left of our nest egg at our passing. The […]
I withdrew my money from my 403B account and my financial person turned it over to LPL to invest, but it continues to lose money. I don’t need it right now, but I’m concerned that it is slowly disappearing! Where should the money be? Terry Says: What? You “withdrew”?? First, you can’t “withdraw” unless you […]
We recently converted our universal whole life policies (which we had for 35 years) to whole life insurance. However, for the first time ever, we received forms to complete for tax withholding purposes. Apparently, the dividends earned (which we want reinvested in the policies) are taxable? Either our insurance representative is using the incorrect vehicle […]
How can I cut taxes on my IRA withdrawals ? How can I transfer money from a spouse’s federal thrift savings into an IRA? Terry Says: Oops, you can’t “cut taxes” on IRA withdrawals; they are always considered ordinary income! Are you asking how you can stay in a lower income tax bracket once you […]
We have a college savings account through Hartford for my son. It is a custodial account with my husband as the owner. Today my son turns 18 so we can no longer contribute to this account. We are going to open a 529 with my husband as the owner and my son as the beneficiary […]
I need to invest retirement funds safely. I have to live off the interest. Invested with one firm and lost a lot of it. They now have it in international I shares , and I am not comfortable with this. I think this company is motivated by commissions at my expense. I talked about no […]
I have about 50K in 5-6 stocks. I have been losing since the ’08 meltdown (prior to ’08 had 70-80K).. I know its time to put the money in a different investment but not sure what. Maybe an ETF, mutual fund or index fund? That’s where I need direction. I currently put money into deferred […]
Terry– i am 68, married,no debt, Soc. Sec and military pension coming in. Kids educated and gone, have long term care insur. I recently accepted $378890 from Alcatel-Lucent as a pension buyout. I have an IRA=203K with TrowePrice. and another with my wife totaling 266K invested with our local CU CFP. My question? Where(what funds) […]
My department at work downsized so I was let go,I had invested in 401k matching thru employer what should I do with the money? I was told I can’t get any money from the pension plan that the company put money every month cause I didn’t fulfill 5 years of employment? Also what investment plan […]
I need a little advice. I lost my job in Mid-August and have a 401k that I need to rollover. I have rollover accounts at fidelity that I want to use. The problem is the 401k has lost a lot of money (150K) since I lost my job I would have to liquidate my 401k […]
My mother passed this spring and left me and my children a small Ira approx 3000. My question is are the rules or laws about how we take this money? my children are 21 and 24. We each get a third of this IRA. I am 59 not quite 59-1/2 . Are there any rules […]
Is it better to take a lump sum RMD or take a monthly check? I will be 70 years old in October and will need to make a decision by April 1st. Terry Says: Well, that depends on how you like the money coming in. If you get it all in one lump sum can you […]
Hi Terry, I am a 35 year old woman mother of two boys. I had a 401k with my first employer than another one with my most recent. I left the work force to stay at home and take care of my 6 year old kindergartener and rambunctious 2 year old. I have these two […]
