As noted in my last post, “How Old 401(k) Funds Can Get You Out of Debt Quicker,” many people change employment and still have money sitting in an “old” 401(k) they set up with their previous employer. In my last post, I noted that this money...
Ed Slott is an expert on IRA’s. I have edited his remarks here to add the Money Mastery perspective, but details he shares are a fantastic guide. First, know that anyone turning age 70.5 years old in 2016 must take their Required Minimum Distributions (RMD’s)...
Within in a few years of retiring you will turn age 70. Then a notice from the IRS arrives that says you must start taking income this year from your deferred retirement account or be forced to pay a 50 percent penalty, plus income tax. Deferring your taxes through...
Most employees don’t understand what they have in a 401(k) retirement plan — that’s because it is so confusing and difficult to keep numbers straight and to understand what effect they will have on the future. They thus become passive about the money they...
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