There are a lot of legalities and rules that are hard to find or understand untill you actually retire….(read more)
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Are you taking advantage of your 401k and pension benefits? Before you sign up, it’s important to understand the fine print. Here’s what you need to know.
First, read the fine print on your 401k and pension plans. Make sure you understand the vesting schedule, contribution limits, and other details. You should also know how withdrawals and distributions will affect your taxes.
Second, understand the fees associated with your 401k and pension plans. Some plans may charge administrative fees, investment fees, or other costs. Be sure to ask your plan administrator about any fees and how they will affect your returns.
Third, understand the investment options available to you. Many 401k and pension plans offer a variety of investment options. Make sure you understand the risks and rewards associated with each option. You should also understand how your investments will be managed and monitored.
Finally, understand the rules and regulations that apply to your 401k and pension plans. Make sure you understand any restrictions on withdrawals or distributions, as well as any early withdrawal penalties.
Understanding the fine print on your 401k and pension plans is essential for making the most of these benefits. Make sure you take the time to read the details and ask questions if you don’t understand something. Doing so will help you get the most out of your retirement savings.
Great information Steve! That’s why we all need a good financial advisor
That sounds rough. I guess wait until 59.5 and transfer the whole thing? Why they do this God only knows. It's for each company to figure out. Not any law that drives it. Sorry to hear you have to deal with this crap.
That is what’s worrying me. Finding correct information to be ready for retirement
I retired in late December 2022. The one thing I learned is the 401k company is great at taking your money but the local guys know NOTHING about the process to get YOUR money to you! After a few weeks of chasing MY money, I have a direct line to a manager at the home office. One more thing,I signed up for a monthly withdrawal on the 5th. But it takes a few days for the money to be available in my account. There are too many steps, at a snail’s pace, to get my money. Plan ahead and get names of who you talk to.
You are absolutely correct about the peace of mind you get with a paid off mortgage and a guaranteed income.
The only thing guaranteed, is death and taxes.But it may save you a few gray hairs ,God Bless
Never was impressed with 401 they give you free money but few choices.
I roled my Fidelity 401K over to an IRA(with Fidelity). I went from the ability to choose from 31 funds to THOUSANDS of funds. There was no tax implications because I did not take any withdrawals. I was 63 when I retired and rolled the 401K over to an IRA. I made my wife the benificiary too. THAT is important.
Steve, Brother you are right. They do say to not pay your house off and use the money for investing but I know that my housing expenses are paid except taxes, insurance and property maintenance. That is a good feeling. The biggest thing that concerns me in the 401k is that new Biden rule put in in November. It used to be Fund Managers had one responsibility, the investors best interest and best return, and if they varied from that they had better have a Damn Good reason why or they had problems. Now the New Biden rule says fund managers can invest as long as it is in the Best interest of the environment, the best interest of the investor is secondary. I can't remember what it is called initials wise other than BS. My goal is to stay out of the 22% tax bracket. I live within my means and my pension currently pays all of my bills with a little to spare. When I start withdrawal on my retirement account I would like to draw no more than 4%. I talked to my account rep a year and a half ago, at that time he said that I could take it any way I wanted, monthly, lump sum and I could stop or start at any time or multiple lump sum. This was verbal and not in writing so it could probably be wrong or change at any time or change with the laws. I put a little into a Roth IRA and play a little with stocks, I will never get rich but I did better than the market last year. Don't ask me about the previous few years lol. Steve, enjoy it. You are looking happier already. I went out to breakfast Tuesday with a group of guys who retired before I did. I had a Great time and even saw a guy that I hadn't seen in 15 years. Take care.
They should change the tax laws so people can do penalty free withdrawals from IRA/Roth/401k at 55 regardless if they're still working or not. Why penalize people that planned for an early retirement.
Great video! Thanks
Oh wow. I didn’t think about the 401 k having rules. I had the chance to get into Fidelity Contra back in the day. Will Danoff is probably going to retire soon, then I will probably try to roll it over into an ira with vanguard or something I am retired but I didn’t have to do anything with my 401, it’s just sitting there. I think Fidelity did want me to roll it over to an ira, but I think expenses are higher. I am 65 but don’t think I will draw anything for several years
I agree. I cant put a price on knowing my living expenses are pretty much guaranteed. the other assets are for playing. I have my eye on a Margaritaville drink blender lol I sure don't need it, but it looks so fun!!! we will see – likely a cooler head will prevail
question to the recent retired… how long did it take for your employer to release you… I'm over a month now and they still haven't released me…
I need to read the fine print on my pension and 401k this weekend!
Man, it's a wonder anyone can figure out all the ins and outs of retirement. I'm glad it worked out for you. I'm not surprised it came back to what you originally figured.
That is the way our 401k ….it is all dates every 5 year increments.
Hey there Steve!