Let’s Talk About Retirement

nikkisdaddyo2000 asked:


In order to avoid bankruptcy, during a 9 month period of unemployment, It was necessary to take early distribution monthly from 401K for income. Are there any hardship provisions for this type of forced early distribution?

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rainbow asked:


What happens to my 401k plan if I decide to leave USA and go back to Indonesia. I have my 401k plan for about 5 yrs. What are the consequences and how should I save from getting penalised ? I am resident in USA and 35 yrs of age.

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lainey asked:


I want to add someone as a beneficiary to my 401K, who lives in Germany. I can’t find any regulations on this. Does anyone know if it’s possible to select a beneficiary outside the US?

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Matthew F asked:


When looking at my 401k statement, there is an Earnings section and a Appreciation/Depreciation section. What is the difference?

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Donna S asked:


I know I can use a loan from my 401k towards the down payment. If I have some money left over from the 401k after that, can I use the rest for the closing costs?

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vsdbk asked:


Can I have an IRA and also a 401K plan at the sametime?

I am planning on getting a Traditional IRA plan so I can put away $4000 tax free for this year. However, my company may possibly introduce a 401K plan soon.

If I invest $4000 in an IRA account this year, and if my company introduces a 401K plan a little later this year, am I allowed to contribute to both IRA 401K plans in the same year?

FYI, my filing status is married filing jointly and my wife has a 401K plan at her work place.

Would appreciate any guidance here. Thanks.

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Peter W asked:


I have two questions about my employer retirement 401k contributions.
1. The maximum I can put in is $15,500 for 2007. But I started in mid year. Is it prorated from the time I started? Example: I started on July 1, is the contribution $15,500/2 = $7,750.
2. My employer matching is 2:1 up to a maximum of 6% of salary. Example: $50,000 annual salary, employer contribution is $3,000. For every dollar I put in, they will put in $0.50. Is the employer matching of $3,000 included in the $15,500 which means the employee total amount invested is $12,500, or, is it $15,500 from employee plus $3,000 from employer which would equal $18,500. I think it’s the former but just want to check.
Thanks….

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cluelessblue asked:


My mom said her 401K was getting smaller and smaller and she is not sure why. So she was told to cash it in. Is that the right thing to do?

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Matthew Smit asked:


Please give your age as well as the percentage breakdown of stocks, bonds, and cash in your 401K. Myself, I am 31 years old and am 50% bonds and 50% cash and 0% stocks. I am trying to get a sampling of how others are investing their company retirement plans. Thanks.

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Pablo asked:


I would like to withdraw funds to purchase and investment property from my 401k. the 401K is with an old employer. What is the best way to get the funds without being penalized or paying taxes? Someone told me to transfer to an IRA account. Is that true?
OK, I am 35 and married.

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