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[Poll]
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What types of retirement accounts do you have?
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| TRADITIONAL IRA |
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| ROTH IRA |
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| SARSEPS or SEPS |
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| 401K |
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| 403b TAX SHELTERED ANNUITY PLAN |
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| 457b DEFERRED COMP PLAN |
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| THRIFT SAVINGS PLAN |
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| OTHER SAVINGS ACCOUNT |
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| OTHER ANNUITY |
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| GOVERNMENT PENSION |
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| NON-GOVERNMENT PENSION |
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| REAL ESTATE (PRIMARY RESIDENCE) |
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| REAL ESTATE (not primary residence) |
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| TANGIBLE ITEMS (precious metals, etc.) |
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| OTHER STOCK MARKET INVESTMENTS |
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| I PLAN TO COLLECT SOCIAL SECURITY |
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| OTHER (please explain) |
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Total Votes : 44
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(last vote on : 11/18/2009 7:56:32 AM)
(Poll will run till: -- )
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RE: What types of retirement accounts do you have? - 11/8/2009 4:46:02 PM
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clydewolf
Posts: 42
Joined: 8/6/2009
Status: offline
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Cinderella,
It is good that your employer has established a retirement savings plan for you. I hope you are contributing to that plan. It is especialy good when the employer also makes a matching contribution.
Be sure to read the Summary Plan Description for your retirement savings plan.
A good book about finances that I use is Austin Pryor's book, " The Sound Mind Investing Handbook". This book talks about getting out of debt, and I see you have done much work there, saving for future needs, insurance, investing your surplus, diversyfing for safety, and much more. You may find it in your local library, if not there ask them to get a copy to loan to you.
You can read some reviews of Austin's book here at Amazon: http://www.amazon.com/s/ref=nb_ss?url=search-alias%3Dstripbooks&field-keywords=austin+pryor&x=21&y=20
< Message edited by clydewolf -- 11/8/2009 4:57:10 PM >
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RE: What types of retirement accounts do you have? - 11/9/2009 9:49:25 AM
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Miss Giggles
Posts: 5192
Joined: 4/18/2005
From: MI
Status: online
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I have a 401k and an IRA. I will probably rollover the 401k to the IRA sometime this week.
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RE: What types of retirement accounts do you have? - 11/9/2009 11:47:27 AM
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clydewolf
Posts: 42
Joined: 8/6/2009
Status: offline
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Miss Giggles,
It is good that you have both an IRA and a 401k.
I encourage you to read your 401k plan Summary Plan Description before you do your roll-over.
Do you have employer stock in your 401k that has appreciated? You may want to take this stock out separately, pay the income tax on the amount you paid for the stock (401k custodian can tell you that amount). This would be your basis for the stock shares. Selling these shares once they are outside of the 401k, you would have capital gains taxable at a maximum rate of 15% today.
Leaving the employer stock in your Roll-over, the stock shares will be changed to cash. Then when you take a distribution from your IRA the distribution amount will be taxed at your ordinary income tax rate.
Do you have After Tax Contributions in your 401k? When you have after tax contributons in our 401k, you would want to do a manual roll-over of your 401k. You would receive two checks for your 401k balance. One Check is for the tax deferred amount and the other is for the After Tax amount. The Tax Deferred amount will roll-over to your Traditional IRA. The After Tax amount can go directly to Your ROTH IRA if you qualify for a Conversion to a ROTH IRA in 2009. In 2010 anyone with tax deferred 401k/403b account can make a ROTH IRA Conversion.
With After Tax Contributions in your 401k, and not qualifying for a ROTH IRA Conversion in 2009, you should wait the few remaining weeks of 2009 and do your Roll-over in January 2010.
Putting the After Tax money into your ROTH IRA from your 401k plan will give you tax free growth from these funds.
Keeping the After Tax money in your Traditional IRA will generate tax deferred growth.
When you do not have employer stock or After Tax money in your 401k I suggest you do your roll-over via a Trustee to Trustee Transfer. Here you would notify your IRA Custodian what you want to do. After you sign their appropriate paperwork, they would handle the transfer of your money. This method is easy and safe.
Always check your beneficiary designations when you move money into your IRA.
< Message edited by clydewolf -- 11/9/2009 11:54:01 AM >
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RE: What types of retirement accounts do you have? - 11/9/2009 11:55:41 AM
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Miss Giggles
Posts: 5192
Joined: 4/18/2005
From: MI
Status: online
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I do not have company stock or after tax contributions. All I have some fidelity funds (2040) and all I have to do is call fidelity and they will roll it over via telephone. I have done this before.
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RE: What types of retirement accounts do you have? - 11/9/2009 12:50:08 PM
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coolfamily6
Posts: 660
Joined: 4/18/2005
Status: offline
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quote:
ORIGINAL: _Cinderella_
My work set me up an IRA this year. So far that is all I have for retirement. Plan to start some more eventually when we finish paying off some debt. My husband and I are 23 and 25 at the moment, so honestly saving for retirement has not made it high on our list yet of stuff to delegate our finances to.
You are never too young to start saving for retirement. If you are carrying debt paying that off is that the most important thing to pay off but if you do not begin planning for retirement now you never will. Life will get in the way, take small steps life you have and build from there but keep building regularly and you will not notice it. Do not take from your retirement unless it is a true life or death emergency.
_____________________________
If your bible is a mess; your life won't be.
~Encouragement a mom gave to our children at our First Grader's Bible Ceremony!
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RE: What types of retirement accounts do you have? - 11/9/2009 5:54:42 PM
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mrtigger
Posts: 273
Joined: 4/12/2005
Status: offline
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quote:
ORIGINAL: Harvie
There's a wide array of options out there for people to plan, save and invest for retirement .... which ones are you doing? What works for you? What sorts of accounts do you have -- or plan to have?
(multiple selections allowed)
(No need to post personal or private financial details, of course.)
I have a 401k and an IRA. I also have accrued a small private company pension that I can start taking at some point in the future.
I think we will likely end up with several years of massive inflation as a result of the current money they are pumping into the system. So I expect the pension (is not inflation adjusted) will wind up pretty much worthless and I do not intend to depend on it for anything.
I think real estate is probably a decent inflation hedge so I am looking into that as a retirement investment.
My current home is paid off but it realistically cannot be considered to be part of retirement funds. Although it will help to not have a house payment during retirement.
_____________________________
mr tigger
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