Welcome! | Ask A Question

 
 
 
 
Question

Asked 1/8/2009

I will be 66 soon and thinking of retirement. What should I do about my 401 k at work?

I will be 66 soon and thinking of retirement. What should I do about my 401 k at work?

 
 
 
 
 
Answers

Answer 1/3 - Submitted 1/8/2009

I am losing money in the 401 k. Should I just roll it over to a roth IRA?

 
 

Answer 2/3 - Submitted 1/8/2009

If you don't need the money now, you can roll it over but once you hit 70.5, you'll need to start taking disbursements.

 
 

Answer 3/3 - Submitted 1/9/2009

If you roll it over into a Roth IRA, you will have to pay tax on that amount as income. After that you could leave it in the Roth IRA without penalty.

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
No income, but deductions

I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...

See Answers

 
Additional retirement programs

If i participate in a 401k program where i work, am i allowed to invest in other form of retirement funding.such as a retirement ira?

See Answers

 
Max deduction with retirement plans?

I'm the sole owner of my company. i need to set a retiement plan for retirement, but also for a tax write off. my understanding is i can deduct what i contribute or a portion of it. what is the max deduction i can take with a sep, profit sharing, 401k, etc?

See Answers

 
Related Questions

No income, but deductions


I was out of work for the entire year of 2007. i did not collect any unemployment. even...

 

Additional retirement programs


If i participate in a 401k program where i work, am i allowed to invest in other form of retirement...

 

Max deduction with retirement plans?


I'm the sole owner of my company. i need to set a retiement plan for retirement, but...

 

Do i file taxes if i have not worked but have forms to file


I did not work at all last year. i lived off a serverance pay i got from the closure of my...

 

401k


My husband has a 401k plan at work but the employer doesn't match so it isn't growing...

 

Catch up contributions


Can you tell me if a couple is married, one is retired, one is still working,is in a 401k...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: