When you encounter tough economic times, you may be tempted to tap your retirement plan. If you are considering this, you will want to proceed carefully. If you are under age 59 ½, any distributions you take may be taxable and also subject to the 10% early distribution penalty. Whether or not there is an exception to the penalty for financial hardship is a common misconception.
“If I roll my 401(k) money to an IRA, how safe will it be from creditors?” This is one of the most common – and in some cases, important – questions people have when they are considering moving their 401(k) money to an IRA. Unfortunately, there’s not just one simple answer.
Everyone thinks they know what a rollover is, but do they really? A rollover is when you move retirement funds from one account to another. Well, that is partially right. We examine the true definition of a rollover in the employer plan and IRA worlds.
We get many questions from those nearing the RMD (required minimum distribution) age of 70 ½ who are still working. We put together a list of 7 frequently asked questions and our answers on this important IRA planning topic.
This rumor of Marge and Homer Simpson's divorce made the rounds late last week. It was quickly countered. They are supposedly separating for only one episode. But how would a separation or a divorce affect Homer’s retirement assets?
Whether it’s in sports, with taxes or in life, we’re programmed to avoid penalties, and that’s usually a good move. Occasionally, however, by simply avoiding penalties, we can be detrimental to ourselves. Indeed, sometimes incurring a penalty on purpose can be the right move. If you don’t believe me, consider the following example.
The 5 biggest retirement mistakes - miscues that can cost those saving for and nearing retirement - have nothing to do with investing! I sat down with TheStreet.com to discuss what I believe are the five biggest retirement mistakes people make with their retirement accounts.
Young savers are impressionable. They read an article on a credible website and think it's full of actionable ideas they should start implementing. However, young savers, please don't follow James Altucher's advice on 401(k) planning. Here's why.
This week's Slott Report Mailbag, proudly sponsored by GoldCo Precious Metals, includes questions on concluding if the "age 55 rule" is applicable and understanding the transfer of the estate tax exemption.
One of the most popular small business retirement plans is the SEP IRA. In contrast to other potential options for small businesses, such as a 401(k), the SEP IRA is often favorable. That said, there are many reasons you might consider using a 401(k) for your small business instead of a SEP IRA. Here are three of them.
