Retirement Savings Knowledge Base
Retirement savings? I am 45, wife 38, she does not work. My job does not have 401K, but I contribute to Roth IRA and maximising it. The company has a Pension Plan where the company contributes. Is there any other Retirement plans where I can contribute more for both of us on a monthy basis?
Retirement Savings? My mom has about $30K sitting in a retirement account with an old job. What are her options in regards to pulling that money (with penalities) out and making the most out of it within the next 15 years or so?
Is it more important to have 3 different retirement savings accounts? My husband has been stashing money into 3 different retirement savings accounts through his work. I just found out about it after 3 years he's been on this job. Is it so very important to save for one's retirement that we can barely get by payday to payday? If he had bigger paychecks without saving for retirement we would be out of debt by now.
How do you collect your retirement savings plan? After leaving employment, how do you collect your retirement savings plan or 401K? how long does it take to collect it?
Is it better to put retirement savings in a Roth IRA or tax-sheltered annuity? My employer offers a 401(a) pension plan to which they make contributions. I plan on enrolling in this so that I will get the max contribution from them. For other retirement savings, they also offer a tax-sheltered annuity 403(b) plan. Would it be better to contribute to a Roth IRA or participate in the 403(b) plan for my retirement savings?
How do we get money out of a retirement savings program? Three years ago my husband left his job at a school district. He was employed with them for 6 years. How can we get the money they took out of his checks for his retirement savings since he obviously wont be retiring with them. They are not cooperating with us.
hey guys what is the advantage of a retirement savings plan compared to an ordinary savings plan? Considering that when u have to withdraw from ur retirement account you are taxed. But withdrawing from your savings account u r not taxed.
Why is my company renaming my 401k plan to a Retirement Savings Plan? After a recent merger, my company is renaming my 401k plan to a Retirement Savings Plan. It seems a little odd. What kinds of legal issues, protections, ect. do I need to consider?
Is the "buy and hold" theory of owning mutual funds for retirement savings now defunct? The "buy and hold" folks have for many years said that the stock market averages a 7% return annually, and to keep investing in a diversified portfolio of mutual funds representing stocks and some bonds. But many investors following this strategy lost 30 - 45% of their retirement portfolio value in the last six months as the recession pummeled both stock and bond values. Should US investors be looking somewhere other than mutual funds to grow their retirement savings?
Retirement savings ideas for someone who is self-employed? I'm 41 years old and started my own business one year ago. I would like to take the next step and set a some type of retirement savings plan but I know nothing about them. I am the only employee of this business so I'm only saving for myself. Do I consider a 401K plan, stocks or something else? Anyone have any suggestions?
retirement savings? i have recently opened an ira through wachovia it is set up where i put 400 a month and another 200 a month in stocks and bonds,for a total of 600 a month.i am 26 years old with an income of around 95k a year does this sound like the way to go or is there something more i could be doing? the ira is trans america asset allocation gr c,iaalx,which the 400 a month goes into. also tell me more about annuities. Common Sense has me worried now with his "last word" could you elaborate. thanks
what advice would you give a person that has 95% of their retirement savings in pre-tax investments? I am ~ 4 years from retirement and currently have $650,000 in savings + a current value of $215,000 in a company pension.
Starting a new job - What will be your advice on retirement savings? I've never worked as a 'perm', 'full time', 'regular' employee. I was a 'consultant' all these days. Tomorrow I'm meeting the HR person for my new job that I'll be starting in two weeks. I'm sure he is going to discuss with me about the benefits, retirement savings etc. If he talks about retirement savings, what should I expect and how should I answer? I'm trying to be less clueless about 401K, IRA etc. What would be the best strategy to follow while negotiating those terms? Can someone please help? Thank you all.
How will my retirement savings affect my ability to get financial aid for grad school? I have been working for almost 10 years and have been building my 401K since I started right out of college - now, I want to go back to graduate school, but I don't know if I'll be able to get any financial aid or favorably-priced student loans if I have retirement assets. Am I required to dip into this money as a first-dollar plan, or can I keep my retirement assets intact & still get financial assistance (even a Stafford loan)? Thanks!
What is the best retirement savings plan for a small business owner? I'm a small business owner (4 full time employees) who does not offer any retirement plan or have one for myself. My employees are commission based only. What would be the best retirement plan for me and for all of us, individually? Thanks!
How can I continue to maximize my retirement savings when my new employer does not offer a 401K or other plan? I will be working for a startup that does not offer many of the traditional benefits. I would like to continue maxing out my savings plans, but where can I put away money pre-tax?
How much can I safely withdraw from my retirement savings without running out of money? Is there a formula? I am planning on an early retirement and need to know what portion of my nest egg I can use to supplement my other sources of income without fear that I will end up with zero. I have another 40-50 years of life expectancy and plan to continue to invest the remaining balance as I make once-a-year withdrawals.
What percentage of my income should i save for retirement savings ? I need to start saving for retirement. Is there a rule of thumb that could get me started.. Like 5% or 10% of my income... I need some basic advice on what to do.
Can my 403(b) contributions be used to claim the Retirement Savings Contribution Credit? If so, where do I put my contributions on the 1040?
Am I a late starter when it comes to retirement savings? I make 135k a year, have $2000 in debt, but only $25000 in an IRA. I'm a late starter? 32 years old
Will there be future political turmoil over taxing retirement savings plans? Many of us are contributing to 401k and other retirement plans and some of us are contributing a larger % of our gross pay than others. Some are contributing little or nothing. Will the day come when those that did not use their offered plans to save look at those that are comfortably retired and say ( That's not fair ! ) . And then demand that congress and the president impose major taxes on those that have saved so those that didn't can reap their share of redistribution of wealth. And will the political parties be split along those lines. Does anybody else see this coming?
What should I do for my retirement savings? I contribute the max to my 401k the company will match. I take advantage of a biannual employee stock purchase plan with a discount of 15%. The shares are deposited into an e-trade account. Should I open a Roth IRA and put this money into it? What kind of waiting period would be appropriate for the best tax advantage? I want to take advantage of both of my companies programs I just need advice on how to strike a balance between the two for retirement. Should I ditch the stock plan and get more aggressive with the 401k? I am 41 y.o. Or should I open an IRA for my unemployed spouse? Hmmm. I forgot to mention I only have aroung $10,000 saved as of now (Late starter).Help me please.
. is there a way for me to cash out my retirement savings from there? i was in carpenters union,now im not. i wanted to know if i can cash out retirement savings?
My mother is 52, with little savings. What advice can I give her to invest for retirement? My mother is 52, and has very little savings if any. She recently ended up empty handed after a bitter divorce. She currently makes about $1200 - $1500 bi-weekly. What advice can I give her to pave the way to retirement this late in the game? The more specific, the better. Please give me some references if you can! Thanks!!
Is the SEC the real enemy of those who lost retirement, scholarship, savings and other monies? Hullo from the UK. I've just watched "America this week" with Harry Markopolos testifying against the complete and utter failure of the Securities and Exchange Commission to do anything about Bernard Madoff or similar big firms that cost you guys $billions. The only good thing to come of it was the entertainment value of watching SEC officials trying to evade straight questions. Do you agree with one of the Congressmen questioning them that they are the true enemies?
I would like to take funds out of my retirement savings? I work for the state of Arizona and there is a mandatory 9% contribution to the Arizona State Retirement System. My husband has become unemployed and we are hurting for money. I called the retirement system and they told me I cannot get my funds. Is there a way of getting my money to help us through a hardship?
I just got a lump sum of 33500. I am 57 with no savings or retirement. No debt. How to invest? My brother is handling my parent's estate, so I don't know what income I wil have from that for retirement.
Retirement savings, fund up to employer match, then what? I just started a job and need some advice for retirement planning. I know that I need to at least fund my 401k up to the employer match. But I want to save more that that, where do I put it after the match? more into the 401k? start a Roth IRA? I have been told to fund up to the match, then max out Roth IRA, is that a good strategy? BTW Im 24 and have no current retirement plan. Thanks!
Looking for a good mutual fund for retirement savings.? I am looking to invest in a mutual fund for retirement. I plan on retiring in about 25 years. Looking for one that has good solid growth over the long haul. Anybody have any ideas?
Should I take money from my retirement savings to pay off high credit card debt? I have 17,000 in debt
Can the retirement savings calculator at Yahoo Finance be modified to change the age of receiving Social Sec? For example, the calculator assumes a person would start drawing Social Security benefits at age 62. Can this calculator be modified or updated to show what the benefits would be if the person started taking benefits at age 67 (or any other age over 62)? It would be a more useful Yahoo users tool if this item could be updated.
Do you have much sympathy the old biddies who are having their retirement savings nuked by the City?
What is the next best retirement savings option? I maxed out my Simple IRA contribution last year. What are my other options and which is best?
Does anyone else ever worry about their retirement and savings for the future? At what age would you consider a person has sort of missed the boat as far as ever having a carefree retirement with no financial strains if they have not previously saved for their future? The cost of living keeps increasing so shouldn't one basically panic if they've never saved a dime and have no retirement plan through their employer and are already in their forties?
Restriction on retirement savings contribution credit on taxes? What does full time student status have to do with receiving the credit?
You have a retirement savings goal of $1 million and you are saving $300 per month (at the end of the month).? You have a retirement savings goal of $1 million and you are saving $300 per month (at the end of the month). If you are earning 11% annually, how many years will it take to reach this goal?
19 yrs old and want to open a retirement savings? I cant open one with my job until I'm 21, and I'm not to sure about the other methods. Any advice please?
I need some money and I was wondering if I can take out my money from my retirement savings plan from Fidelity? I need to get my car fixed and i was wondering if I can withdrawl the 2500 dollars in there. If I can, do they tax it alot?
Can i use my retirement as a savings credit? I'm a corrections officer and i have a deducted amount each pay period. Can i use the amount already in my retirement as a savings credit??
Federal tax: Is it worth it to file the retirement savings credit form 8880? I file my own taxes...this year I finally noticed the credit for my 401K (deferred from my paycheck). I couldn't figure how to do this form since it does not come with step by step instructions. I hate to pay someone...especially if it ends up with me losing money. I went to the IRS wesite....got no help there on this matter. Any help from you all would be greatly appreciated. Thanks in advance.
Can you deduct IRA Contributions AND Claim the Credit for Qualified Retirement Savings Contributions? I am a 1099 Contractor, and make roughly 22,000/year and Single. I am wondering, if I contribute say $3,000 to a Traditional IRA, can I use the $3,000 as an adjustment to AGI (Line 32, Form 1040), AND claim the 10% credit of $300 against the Tax Liability?
pay mortgage early vs retirement savings calculator? Is there a calculator online that will give a graph or chart to a user comparing whether it is better to pay off a mortgage early or to invest in retirement?
What is the best retirement savings plan for self-employed? My husband & I have a General Contracting Bus. We need a retirement saving plan. What would be the best one.
i have a retirement savings.how do you get all your money out in times of need? i am now layed off with no call back.
You would like to begin (or increase) your savings for retirement? What types of retirement plans (401ks, IRAs, etc.) might be best for your personal situation? Be sure to explain the plan you are interested in and why this is best for you.
My mom keeps taking money out of her retirement savings..? She thinks its ok to take money out of her retirement savings, what can i tell her to make her stop??
Retirement savings versus monthly spending? What kind of person do i need to work with to provide advise on how much I should be saving for retirement versus spending on a monthly basis?
IRS form 8880 Credit for Retirement Savings Contributions? Is line 2 of the 8880 the amount of box 12b Code D? All the contributions from my 401(k). Line 2 states Elective deferrals to a 401(k) or other qualified employer plan,... When I use turbo tax online it says I can not take this tax credit but H&R Block allows me to take this credit. All you tax experts out there let me know if Understand this credit. It is an incentive to save using a 401(k) correct? I guess I have to spell it out clearer.... Am I reading the 8880 correctly. All my 401(k) contributions I put on line 2 of my form 8880? I know the income rules. I am just asking if this is correct for Example If I put $1000 in my 401(k) and I made just under $25,000 single. The tax credit would be $1000 x .1 = $100 Which in turn gives me back $100 more on my refund. Turbo Tax says I don't qualify for this credit which I don't understand why H&R Block allows me to take it. (Both online sites no people told me this)
Advice on retirement savings? I am in my mid 20s and getting things sorted with regard to retirement savings, but would like to know a few more things before I embark on any other schemes: * Is it worth starting a pension now? * Will there be pensions in 40-odd years time? * If pensions are worthwhile, which private schemes are a good idea? * Which high-interest savings accounts are a good idea (I already have an ING Direct account)? Thank you for your advice.....
What percentage of investments should goto each category: savings/retirement/life insurance? First I'd like to say this is my first time to ask a question and I like the responses so far... so let me add some info. Dual income family both able to max out there yearly 401k contributions. The family dabbles in the market with a brokerage account and has saving in a money market and laddering CDs. At this point do you still think term life insurance is still the only way to go? and just get more mutual funds in your brokerage account? Or look to a Variable Whole Life Account as another place to grow tax free investments?
Retirement savings? I have $8k in a roth IRA now. I'm 23, just starting out and I'm a long way from getting there... How much do I need to save to retire at around 50 with an income of around $50,000 in today's dollars?
American Retirement Savings proposal - Clinton? I really had a hard time reading through the American Retirement Savings that Clinton proposed as part of her platform in running for president. What happened to Social Security? Why is she trying to come up with a 401k plan for Americans to save for retirement when we have Social Security. I along with most every American working is NOW paying into this Social Security retirement savings plan and a good chunk of my paycheck at that. How is it possible for politicians to still take money out of our checks (the younger generations -- 20's to 40's) when they have already said that these funds are not going to be available to us when we retire? What makes you think that we will go along with this same type of a plan (except calling it a 401k)? The government will use this money - just as its used our Social Security. Is there an escrow account that this will go in that government will not be able to touch? Why should we have to pay into this 401k and Social Security?
Retirement Savings Credit? I just noticed this year that I got the Retirement Savings Credit. Now, I wouldn't have known this using the paper form I normally use. I found it out when I filed online. This makes me wonder.....since I wasn't aware of this last year, can I refile for 2006 and get the credit? And how would I go about doing this?
Recently divorced, any suggested strategies to build and grow savings for retirement? Currently use Merrill Lynch, not confortable with their responses?
Advice on retirement savings? I am in my mid 20s and getting things sorted with regard to retirement savings, but would like to know a few more things before I embark on any other schemes: * Is it worth starting a pension now? * Will there be pensions in 40-odd years time? * If pensions are worthwhile, which private schemes are a good idea? * Which high-interest savings accounts are a good idea (I already have an ING Direct account)? Thank you for your advice.....
I would like to begin (or increase) my savings for retirement. What types of retirement plans (401ks, IRAs? ect.) might be best for my personal situation? Could someone explain the plan that is more important and why this plan is best for me.
I am turning 50 -I freelance - I have no retirement savings, what can I do? As a freelance decorator and character actor, I experience a roller coaster income ride: Some months are good, many are bad, and some are just down right frightening! The good months let me survive the bad ones but never enough cash to save. Is there any way I can begin to save for retirement with such an unpredictable income? /sigh ... I would just like to experience a few years of my life without having to worry about money...
Retirement savings risks? What do you think the risks are regarding shifting demographics and retirement savings? It has been noted recently in the news that people are having to borrow from their retirement accounts in order to make ends meet in basic needs, often at the risk of having to pay heavy tax penalties for not being able to pay it back. Do you think that given the profound economic leverage certain industries (i.e energy)exert on the world economy, and the increasingly heafty amount available in 401Ks puts the individual at greater risk? In other words is the time for the baby boomers to move their money to a safe vehicle upon us given the fact the energy industry is capable of causing a world recession that would force them to use their retirement money at great loss to themseleves? What would be the market repercussions of such a move? Many economists, as recent news organizations have reported, support the idea that the energy sector has profound economic power in a vast array of markets. Due to their profound ripple effect on the economy, I chose this sector as an example. There may be other risks out there of which I am unaware. As suggested, the rampant consumerisim of the American needs to slow, but that will probably result in a contraction of the world economy before a rebalancing occurs. Also the irresponsible behavior in the corporate sector will undoubtly have its impact as well, forcing a reduction in consumerisim simply due to lack of planned income. I think it would due the inordinately wealthy of the world well to revisit the history of the '29 market crash in order for them to see what side their bread is buttered. I also want to point out that I am asking this question in reference to those who are struggling to meet basic needs, not those few people who "can afford" such luxury items as those mentioned. Heaven knows I can't, yet my 401K is 10x the average baby boomer if commenters are providing correct information.
Is the upcoming VISA IPO worth cashing out your Roth IRA and other retirement savings and investments for? The VISA IPO is expected to come out as early as around Christmas or as late as end of February. VISA's the world's largest electronic payments network with almost 2 billion credit cards and debit cards in circulation worldwide. VISA's owned by about 20,000 member banks worldwide and offers unsurpassed acceptance around the world at more than 30 million merchants and retail outlets. Its sales volume and number of credit and debit cards in circulation is almost double that of no. 2 Mastercard. Last year, VISA did $3.2 TRILLION in global revenue, compared to $1.9 Trillion for Mastercard. If No. 2 Mastercard's stock can jump 5 fold in 19 months' time, then No.1 VISA could do just as well if not better! Do you think it is worth unloading your Roth IRA and other retirement savings, and/or investments so you can get more cash for a shot at VISA's stock?? HOW MUCH savings and or investments would you UNLOAD so you can buy as many shares of VISA stock??
Is there a website that has personal finance info such as average savings/retirement balances you should have? There are websites out there that have information like average salaries for specific job types which have been a great resource for me the past, however I'm wondering if there is a similar website that has information on personal finances . Information such has average balances one should have or has in their bank accounts or retirement accounts (checking, savings, investments, etc) so I can gauge where I am or where I should be. If anyone knows of one or a similar website it would be greatly appreciated if they could share!
Retirement Savings Question? Joseph wants to earn an extra $95,986 per year while in retirement. If such payments are to last 20 years he requires a rate of return of 6%, how much should Joseph set aside today to have those annual cash flows during his retirement years?
Retirement savings calculator? Does anyone know an equation or a website with a calculator to determine savings based on a weekly contribution to an account with a fixed rate of weekly compounding interest. Example: 50 a week into an account with 15% interest over 30 years = ?
2 questions regarding retirement savings goals / benchmarks? 1) I am a 27 year old male with a college degree (accounting). What is a good figure that I should have saved in retirements accounts at this point in my life. 2) What is a good figured that I should have saved in retirement accounts by the time I'm 65 in order to have a comfortable retirement. Thanks all.
maximum retirement savings amount? I'm 51 years old. Is it a percentage or lump amount for everyone...I received info from my retirement rep., but he said "the maximum normal amount is $15,000 and increases to $20,000 after age 50" but I am confused if this is the maximum for a any salary such as someone making $200,000 and there is a maximum cap... is it a percentage for everyone with a max cap at $20,000 if over 50? If it is a percentage, he is misleading me because I make under $50,000 and if it is a percentage, I could not save that much...If I saved 15% then I would be only able to save $7,500 or so at most
Does anyone know if contributons to a KAPERS retirement plan qualify for the retirement savings credit? KAPERS= Kansas state employee retirement plan. I know it can be used on the state form but I'm unsure if it can be used on the federal form.
On Form 1040, what is the difference between line 27(IRA Deduction) and line 53(Retirement Savings Contrib)? Is it possible that I could claim both? I am totally confused. It seems like I would qualify to claim both situations! And I contributed to Federal Thrift Savings and made less than 52k for this year. I am trying to rough out my taxes. Is there an IRS site to go to with this question? Or do IRS people frequent this site? I did contribute to Thrift Savings and to IRAs in this year and my Fed pay for the year is about 21k.and it seems that blocks 27 and 53 both apply to me. Could that be possible? Correction.....Line 27 should read line or block 32. Sheet 27 of the instruction book tells you how to figure this out though.
Which retirement savings option is better? Whenever I read personal finance columns, the writer suggests investing in a 401(k) up to the company match AND, if you qualify, (which I do) opening a Roth IRA account. Currently, I have a Roth 401(k) with contributions up to the maximum company match. Am I killing two birds with one stone, or is it better to have two separate accounts? I don't like the idea of being taxed later on investments AND interest in a traditional 401(k).
gruma corporation retirement savings plan Azteca non-exempt employees ATB? need to know total balance on my account.
Pension reforms: Retirement savings find way to D-street. Is it SAFE? Comment? http://www.mobileshoppee.com/article2.php http://www.mobileshoppee.com/mirror.php
Reality check on my retirement savings strategy please? In the last 2 years I have moved all of my IRA$ into high yield bond funds that invest in B rated bonds, ARK and HYF. I am 43 and have $160K currently yielding 9.5% and paying $1,260 per mo., which I reinvest in the funds. I am contributing about $1,400 per mo. that I invest in HYF, which is currently paying the highest yield I reason that 9.5% is as good as you might expect from the appreciation from an average collection of equity funds, and at the rate I’m going I will have over $700K in ten years I think the conventional wisdom of a balanced portfolio of diversified investments with an annual rebalancing seems to be somewhat structured to optimize the maximum amount of trades and therefore commissions for brokers. And if you consider the meltdown that occurred following 9/11 you realize that timing is very important to the value of ones equity investment. I’m comfortable we the choices I’m making but would love to hear input from anyone who thinks there are huge holes in my plan
Education, Airport Security, Health Care, Retirement Savings Accounts all put under the control of the Feds? And all of them a mess what next?
If your husband had been secretive, deceptive, lying about using his retirement savings for bad investments... What do you think a woman should do when her husband, father of their three children has been lying,secretive and deceptive all their married life.He finally had to come clean because he could no longer keep his financial secrets since we were about to lose our home.He is self employed with a good income but now three yrs.later we don't own our own home or office,everything is rented.He gets very defensive with me but claims he is now trustworthy and can account for every penny. Needless to say, I'm skeptical but try to confront him as little as possible.We're together for our children, ages 13,17 and 20.If it wasn't for the children, the youngest one a son, I would have left him.I told him our whole marriage has been an illusion. I don't feel any love for him, very little warmth at all.However, he is providing income,is good with the kids,is content to live with a wife who does little for him at this point except the basics and lets him still be part of this family.Lets him save face.
Need finincial advice. A good portion of my retirement savings was going to my companies stock option plan.? My corp. has gone private so I'm no longer able to get stock. Sould I increase my pre-tax 401K contributions ( currently I 'm only contributing up tp the company match) or should I take the extra money (post tax) and open a Roth IRA? Any other advice would be appreciated. Thanks...Rob Should've given more info. My 401k is diversified and since the company did a stock buy back... I 'm trying to determine what to do with the portion of my income that used to go toward co. stock. I'm 44, my income so far this year will be arround 140K. Considering that I'm in the highest tax bracket does that make a Roth less desirable?
If my personal business files chapter 11 or 13 bankrupsy, can I lose my personal retirement savings?
Good savings/retirement plan to start? My husband and I are both 25 and really need to start saving for retirement/future...what is/are some good (and stable) investments
savings account without retirement? Can you roll over a 401-k account to any other savings..ie. Keeog, Roth or other without retirement. Ive heard about hardships, but they do not cover pending anything (attorney fees) that Im running into . The safest one. Accoording to TRowe... I cannot make any withdrawl until I eather leave company or retire...
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