Rethinking 401(k) Rollovers

401k rollover and other investment guidance

I recently interacted with Brooklyn Troy & Co. located at Desbrosses St., NY and they gave some very good ideas and guidance about 401k rollover plans and other investment strategies. I would recommmend anyone looking for similar info to give them a call. You can see more details at their website www.brooklyntroy.com

Bobby of NY @ Jun 04, 2009 01:10:01 AM

401k rollover

i came across a rollover site BROOKLYNTROY & CO. It is useful for viewers who are looking for information about retirement rollover.

sundar of CA @ May 28, 2009 02:28:03 AM

Hesitant to Rollover

I am hesitant to rollover while the market is bear. If I rollover now, my shares will be worth a lot less than if I wait for a bull. Are my assumptions accurate?

Ludnel Chery of NY @ Mar 18, 2009 15:08:49 PM

Additional contributions

Once I rollover my 401(k) to a traditional IRA, am I allowed to make annual contributions (assuming I am eligible) to this same IRA as well as roll other qualified funds into it? In other words, can I use 1 IRA for all legitimate purposes?

WPH of MS @ Feb 26, 2009 21:00:35 PM

withdrawal or rollover into ira

I got laid off from my job. I have less then 9,000.00 in my former employers 401k.I would like to know what would be the best way to go. A rollover into a IRA, or just withdrawal and place it in a regular savings account?

Mae Rose of NJ @ Feb 25, 2009 13:04:23 PM

withdrawal

I would like to retire at 56. My 401K plan only allows full withdrawal. I will not have to pay the 10% penalty because I am retiring. What can I roll this into so I can spread out the amount into monthly fixed withdrawals until I turn 62 and collect Soc. Sec. and not have to pay the 10% penelty from that account? My wife has already retired and plans on pulling her 401K out this year to pay off our debts. The addition of my 401k will put us in too high of a tax bracket to pay on both withdrawals this year.

David of PA @ Feb 23, 2009 10:00:32 AM

company buyout 401k

my company was bought out. had $50000 in old companies 401k plan. right now $ sitting in preservation trust. what are rollover rules to IRA? don't want to put my $ in new companies 401k because of the stock market right now. what would be the best strategy right now to avoid taxes and penalties? thank you, matthew

matthew mattison of CA @ Feb 22, 2009 15:10:30 PM

answer to Joliett and Virginia

Yes if you take money out of your 401k or your IRA before you are 59.5 (and that 1/2 year counts to the day) then you have an additional 10% tax penalty. That means 10% on top of your current tax rate, so if you are in the 30% tax bracket - you pay 40%. Make sure you calculate how much of that distribution will have to go to the IRS. If you still have to take money to get by - I advise you to go ahead and have the institution holding your plan withhold the taxes and send a check to the IRS for you so that you do not get stuck with a tax bill you cannot pay the next year.

Financial Advisor of TN @ Feb 11, 2009 15:59:30 PM