Let’s Talk About Retirement

Erica T asked:


Is it possible to take a loan from your 401k with out having to pay taxes on it till 2010 taxes.

401K

Tauhric B asked:


Explain 401K benefits in a way that reached the audience, is easy tof them to understand and emphasize the advantages of a 401K. How can you explain this benefit during employee orientation so that it results in high participation, less confusion and fewer phone calls for clarification.

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RJ asked:


I know that the government has changed the distribution age several times in the past on 401k plans but I was told that the government could change the tax rate anytime and for any amount.

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soulravah asked:


………..

I have money invested in my 401K.

If I get fired from work, what kind of taxes will I owe if I need to access my 401K for funds, while looking for a new job?

Thanks!

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ange asked:


I recently switched companies I am cashing out my 401k. Its done, so I don’t want to hear about it being a bad decision. I am just curoius how long to expect to wait for the check. Can it be direct depoited? Would that speed it up? Does anyone have experience with this?

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RightLight asked:


I have some high interest credit that we can never seem to pay down. We have not added to the balance in over a year though and I am more than willing to cut them up. Should I borrow from my 401K and pay myself back at 8% interest to pay off the cards?

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axiomflash asked:


The limit for a Traditional 401k is $15,500/year, and the limit for a ROTH 401k is $4000/year. However, this year I put $3000 in my Traditional, and $1500 in my ROTH 401K, and Turbotax says I am over my legal limit. There seems to be a conflict in the tax code, so I must be misunderstanding something. Even my payroller and retirement account company are confused.

401K

MominOhio asked:


I am in my early 40s and have watched my 401k drop by about 40%. What’s a good rule of thumb when looking at your 401k balance? How much money should you have saved by your early 40s?

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Donkeyshane asked:


I’m already planning on opening an IRA at the maximum amount. So what do I do with my 401k if I’m leaving my job to go back to school and won’t be able to roll it over to another employers plan?

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zonagal43 asked:


Hi all! My son’s girlfriend is only 19 and her company has a 401k program. She was told that she can not contribute until she is 21. They live in Illinois. Does anyone know if there are age restrictions on beginning a 401K?

Thanks in advance for your answers!

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