A Changing Variable Annuity Landscape -- What to Watch for in the Next Few Years
This is the second part of an interview with...
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Withdrawal
Almost Half of All People Leaving a Company Take Cash from a 401k
A 2005 survey from the benefits consulting company Hewitt Associates indicates that almost 50% of all people who are leaving an employer take a cash distribution from the existing 401k plan. A cash distribution is very different from a IRA rollover . A rollover does not involve penalties or taxes--simply moving money from a 401k to an individual retirement account or IRA. On the other hand, a cash distribution involves both taxes and early withdrawal penalties. This is an amazing and disturbing...
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Prudential EVP Comments on "Deeply Flawed" Retirement System
Bernard Winograd is an executive vice president at the Prudential Insurance Company . Speaking at a recent industry conference, Winograd expressed his views on the existing methods of explaining retirement issues and solutions in the United States: "The retail system in this country of explaining this (retirement) to people is deeply flawed. There are way too many people in the system without adequate training, and there are way too many people with the wrong motives." The "retail" system...
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Many Rules and Pitfalls with Early Withdrawals from 401k and IRA
The financial crisis has taken a heavy toll on the personal finances of most people. A natural reaction is to consider withdrawing funds from a tax advantaged saving plan such as a 401k or IRA. The reality, though, is that funds from such sources can be extraordinarily expensive when all of the penalty fees and tax implications are taken into account. The rules are complex and generally depend on a person's age and the type of plan involved. Some high-level points to consider: The federal...
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A Roth IRA Conversion Might Make Sense with Tax Increases on the Horizon
Both traditional individual retirement accounts (IRAs) and Roth IRAs are tax advantaged accounts.
With a traditional IRA, contributions to the account are tax deductible. Appropriate distributions from the account are taxed in the future at income tax rates that apply to the account owner's future level of income....
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