My husband is getting a lump sum of money from his 401K from Raytheon ( which was part of T. I.) at age 55 (2 more yrs). It is almost $85,000. With the economy the way it is, will it...
Question In 2006 my wife and I left jobs with combined income of $190k/year so wife could stay home and I could start insurance business. Went in with no credit card debt, $90k in 401k, $35k in cash, $45k in...
Question Can you closeout your 401k if you are only 47 with penalties or does it depend on whose plan you have? I was told I could not by John Hancock. Thanks, Jay....
Question Should you still contribute to your 401K if your company stopped matching? Should you have both a 401K and an IRA for long term savings? Is your 401K better then a long term CD? Should you roll over a...
Question Dear Madam/Sir: I took a voluntary retirement package from my previous employer beginning January 2008. I have a 21 year traditional pension plan and a 401K account. I have had no success finding alternate employment in this economy and...
When the market collapsed my 401K lost about 35%. In November, too late, I stopped the bleeding by moving all my diversified funds into the safe money market fund. I also stopped my contributions. The question is; is it a...
Editor's note: Please note that Ryan Huey's response to this question has been updated to reflect a change in the rollover rules. Our apologies for the initial error, and thanks to the reader who pointed it out. Question: Our daughter,...
The answer below is posted on behalf of Lynn Lawrance, CFP Question: I'm approaching the point where I'm going to need to withdraw money from my IRA. Back before the election, one of Obama's points was a temporary suspension of...
The below answer is posted on behalf of Bill Perryman, CFP, CPA. Question: Here's my question. I was laid off in 08. I had been contributing substantially to my 401k (403b) to get the pretax benefit. My husband is on...
Question: I would like to ask you a question about my personal investments. I currently invest 14% of my pretax salary in my 401K. My company matches $0.75 on the dollar up to 6%. I also have some pretax investments...
Question: What retirement plans for self employed individuals exist besides Keough plans? Also, what is the best annuity that is to be payed out on a monthly basis for life? Thank you.....
I am weighing taking money out of my tax deferred accounts prior to being 70 1/2 (up to the unused level of my tax bracket dollars) so I will not enter another tax bracket when I do so. That is...
Question: Should I cash out my 401K to make my monthly mortgage payment? My husband and I are both unemployed and our house is worth half of what we bought it for 3 years ago. Should we walk away from...
Question: I have a 401(k) from a previous employer and am planning to roll it over to Vanguard where my individual IRA accounts reside. Most of the 401(k) is allocated in managed funds and I am wondering if there is...
I heard an essay on NPR this week arguing that frugality is hampering the U.S. economy. I'm curious what my fellow Dollar Wise readers and bloggers think about this thesis. The idea is, people who haven't lost anything financially, yet...
I have a small amount ($10,000) in a 401K at a former employer which was allocated 100% in stocks which, of course, is decreasing in value daily. I am 60 years old, in a 30% income bracket and probably will...
Question: I am planning to retire by the end of April/May of 2009. I am debt free, and with my military pension and social security will be taking in slightly over $100,000 per year. I will have $30,000 set aside...
Question: I thought I was smart and decided to consolidate all our bills. My husband agreed (against my not-so-better judgment). Now we still owe -- out of 360 months we're only on month 31. What is your advice for me...
Question: My husband is 63 and I am 61. I have applied to take my Social Security beginning March 2009. I have worked off and on all our married life and it will be about $571. a month. My initial...
Question: I'm 56 years old and have the following questions: I'm being forced to take an early retirement package from my employer after 16 years, probably about 5 months of salary. I will be able to keep our health benefits...
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