Question I am a retired, 65 year old widow with a gross income of $53,200 from pensions and social security. I have appx $12,000 in savings and $115,740 in a 401K, my home, valued around $200,000, is paid off. My...
Question: I don't know if this falls into the category of a "simple" question as described in your recent column "Get advice on finances year-round". Recently received inheritance - thinking paying off mortgage might be best way to "invest" the...
QUESTION: I am 68 years old and retired. I have no W2 income, only a pension and Social Security. Can I do a Roth Conversion with part of my IRA? A financial planner at Edward Jones said I couldn't because...
Question: I have a very small pension that I have earned while I worked for Johnson & Johnson. The pension will give me about $684/month when I retire in about 24 years and while it is not much it will...
Question: I plan to participate in the opportunity to shift funds from a traditional after tax IRA to a Roth in 2010. These funds will consist of after tax contributions and taxable "earnings". I presume I will be taxed only...
Question When I left my job several years ago I rolled over my 401k of 27,000 with a financial broker who invested my money and it got up to 97,000, but then lost down to 42,000 during the crisis. My...
Question: I have an option to begin a pension payout at age 55 or at age 60. At 55, I would receive $300 a month for life or at 60 $400 a month. I will not receive more than $400...
Question: Dear Sir/Madam, I am 62 yrs. old and currently unemployed. I want to tap into my IRA Rollover funds to pay off a HELOC and PLOC. I would like to know the tax ramifications and how this affects my...
Question: I don't consider myself in the "investor" class, though I do have an IRA and a CD. When I got divorced in the mid-90's, I got a fixed (can't go below 3%) annuity (QUADROPRO) or whatever it's called, with...
Question: My husband and I are 63 years old. He lost his job due to a cutback last May and has had no success in getting another. I went back to work as a legal ass't and make about $45,000...
We are the 66 year old parents of a son who is 35, married, and living in England. He has been living and working there for about the last 12 years. We have two other sons who live in the...
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...
The answer below is posted on behalf of Lynn Lawrance, CFP Question: I was recently laid off after working for a bank for 34 years. I am soon to be 56 years old and not sure I want to get...
Question Some of my former co-workers retired two years ago and warned me of the tax consequences of accessing social security benefits prior to the age of maximum benefits. What does not count as income in creating taxable social security...
The answer below is posted on behalf of Lynn Lawrance, CFP My question is related to the new law taking effect just for 2010 governing converting Simple IRAs to Roth IRAs. I turn 70 years old next year and will...
Most of the time a qualified plan is more expensive than a self directed IRA. Judging by the funds you own you are paying an advisor knowingly or unknowningly
I am 55 and retiring with over 30 years of service from a large local company. I have the option of taking a lump sum or a monthly annuity. Normally I would lean toward the lump sum, but with the...
It seems that there are lots of calculators and tools available to show how to accumulate funds for retirement. There seems to be shortage of books/articles/tools explaining options for using these funds in retirement. Even some of the programs that...
Question(s): Some background info and two questions. In October 2007, I turned over my financial management along with those of my recently widowed mom who I had been overseeing to Fisher Investments. With the market at all-time highs and over...
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...
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