Withdrawals from 401Ks

Subscribe to Withdrawals from 401Ks RSS

IRA Withdrawal How-To

Submitted by Rick Kahler on Thursday, March 12, 2015 - 3:00pm

Last year I reached a milestone age: 59½, old enough to withdraw money from my individual retirement accounts with no penalty. While this felt bittersweet, it did remind me of the importance of timing when it comes to taking money out of retirement accounts. Withdrawing at the wrong time can create serious tax consequences.

Realistic Retirement Goals

Submitted by Wes Moss on Wednesday, February 4, 2015 - 12:00pm

We all often hear about how dire the retirement outlook for Americans is. While the overall situation is scary, I like to focus on the benchmarks that everyone can target without feeling like they’re losing before even starting.

Financial Drawbacks of Age

Submitted by Phillip Shrotman on Friday, December 5, 2014 - 3:00pm

Though I recognize that the alternative is much worse, getting older is for the birds. I hate the word “senior.” I do enjoy senior discounts but can gladly renounce them for just a small amount of real respect – and that includes in financial matters.

Setting Retirement Income (Pt. 1)

Submitted by Larry Frank Sr. on Monday, November 3, 2014 - 12:00pm

How much can you spend in your retirement? Answering this pivotal question requires you look hard at your current spending and how long you can expect to live – and at new approaches to using both factors in your plan.

An important part of your annual update of your retirement plan is new facts and circumstances. The problem: You may overlook important variables even as basic as the right retirement age.

Delaying 1st IRA Payouts

Submitted by Jim Blankenship on Monday, October 13, 2014 - 12:00pm

For most folks, when you reach 70½, you must start taking money from your retirement accounts every year. A little flexibility exists in the first year for you to plan withdrawals to your tax advantage.

Wise Retirement Withdrawals

Submitted by Larry Frank Sr. on Friday, August 8, 2014 - 12:00pm

Saving for retirement is one thing, spending those savings wisely another. One school of thought says you must withdraw consistently from your savings to simply avoid exhausting cash before you die. Another believes in adjusting withdrawals depending on changes in your later years. Which is right for you?

5 IRA Withdrawal Mistakes

Submitted by Barry Glassman on Wednesday, August 6, 2014 - 3:00pm

When you put earned income into a tax-deferred account such as an individual retirement account or a 401(k), Uncle Sam eventually wants those taxes. The Internal Revenue Service requires you to take required minimum distribution (RMD) withdrawals. You must know when and how much to take, though, or you face hefty penalties.

Here are the top five mistakes people make with RMDs and how to avoid them:

Your Retirement Checklist

Submitted by Roger Wohlner on Thursday, June 12, 2014 - 12:00pm

Are you within a few years of retirement? Time right now to get your financial house in order and here’s what to include on your pre-retirement financial checklist.

401(k)s. You need to determine if you want to leave the plan and its assets with your soon-to-be-former employer, roll assets into an individual retirement account or take a distribution (the last choice likely results in a hefty tax bill).