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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: JimisJim who wrote (6489)	11/17/2010 3:32:02 PM
From: Steve Felix	Read Replies (2) \| Respond to of 34328

When my 80 year old mother has a financial dilemma, such as what to do with a CD coming due, ( that is something to worry about when you are 80 evidently lol! ), I always tell her just to be thankful she has the problem of what to do with her money. Many don't. My own current dilemma is whether to have the wife start taking her pension when the county sells her place of employment Dec. 31st. Extra check every month to invest? I'm thinking along the lines of the difference in taking Social Security at 62 versus 65. My dad died at 64. I'll take the cash asap. Since my plan is to be a kept man for another year, I need to find out what waiting one year would do to the monthly benefit. Better get on it since we are past mid November. Problem is that she has to make the inquiries, and she doesn't show any interest at all. I just don't get it. Maybe a promise of dinner and a movie? Ah life. Nothing but a series of problems to be solved. <gg>

To: JimisJim who wrote (6489)	11/17/2010 4:15:49 PM
From: deeno	Read Replies (1) \| Respond to of 34328

not sure but...... "There is a rule/law that people over 55 can take a one-time distribution from a qualified plan (my 401k is one) without penalty, but would have to pay regular income taxes on the distribution." if you do this and pay the taxes..... you cant do this.. "roll the rest either into the existing IRA, a new IRA, or a ROTH.'

To: JimisJim who wrote (6489)	11/17/2010 6:33:50 PM
From: Tom C	Read Replies (1) \| Respond to of 34328

I have to assume you are still working like me. You can quit. That would allow you to rollover the account to an IRA. ha ha! You may instead want to check all the options. My work 401K with Vanguard has a brokerage option. From the promo: Vanguard Brokerage Option (VBO®) lets you buy and sell mutual funds, individual stocks, and other types of investments in a brokerage account based on your plan provisions. I have not taken advantage of this option but thank you for jogging my memory about it. It's been available for a year now. I'm going to take a closer look.

To: JimisJim who wrote (6489)	11/17/2010 7:13:22 PM
From: chowder	Respond to of 34328

Some plans say at 59 1/2 you can take a one time withdrawal and roll over to a traditional IRA without taxes or penalty. I'm not sure about ages under 59 1/2. The key is that it has to move to a traditional IRA to avoid current taxes.

To: JimisJim who wrote (6489)	11/17/2010 7:58:04 PM
From: LTBH	Read Replies (1) \| Respond to of 34328

The first question is are you still working for that employer?? If not and are 55 or older, there are many sites with appropriate info .. you can start here: obliviousinvestor.com The following is a brief summary from that site. Simple Summary * In most cases, it’s beneficial to roll your 401(k) into an IRA after leaving your job. Doing so will give you access to better investment options and will likely reduce your administrative costs as well. * If you left your job at age 55 or older, and you plan to retire prior to age 59½, you may want to postpone rolling over your 401(k) until you reach age 59½. * If you’re planning a Roth conversion of non-deductible IRA contributions, you may want to hold off on a 401(k) rollover until the year after your Roth conversion is complete. * If you have employer stock in your 401(k), before rolling your 401(k) into an IRA, it’s probably a good idea to speak with an accountant to see if you can take advantage of the Net Unrealized Appreciation rules. * In most cases, the best place to roll over a 401(k) is a mutual fund company with low-cost funds or a discount brokerage firm that offers low-cost (or no-cost) trades on ETFs ------------- The site goes into taxation etc. Luck LTBH