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Tag Archives: 401k

401(k) Limit Updates Worth Knowing for 2015

retirement

Every year someone asks me how much they can actually contribute to their 401(k). There seems to be a ton of confusion. Some 401(k) participants seem to think it’s a percentage. They are confused by the match percentage. Somehow they have confused that’s the max that they should contribute. Not true, that’s the max contribution to get your employers match. ... Read More »

    Reduce Your Spending and Save More. Now.

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    Here’s some good news. Fidelity Investments recently reported that the number of 401(k) millionaires on their books has doubled over the past two years. Specifically, they went from 34,920 accounts with million-dollar balances to, as of the end of 2014, 72,379 accounts with seven-figure balances. That’s wonderful for those folks. The bad news is that those diligent savers are the ... Read More »

      Should I Take Money Out of My Retirement Account to Pay for a Move? – Sam

      retirement

      “Dear Steve, My wife and I paid off our debts and we don’t want to go there again. I recently found a better job but it is going to involve significant upfront expenses in terms of move etc which is not paid for by the company. I have a 403b from my current employer with about 20K in it. When ... Read More »

        Many Draining Retirement Accounts Rather Than Deal With Debt

        black-hole

        I’m not sure how many times I can say it, don’t drain your retirement assets to pay debt. It’s a bad idea on so many levels. In a couple of posts I even talk about the long term consequences of tapping those funds. See Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in ... Read More »

          How to Borrow From a 401k in a Make Sense Way

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          Borrowing from a 401k is a major decision. It is important you make certain considerations before borrowing from your 401k, so that your loan doesn’t negatively impact your retirement. The key aspect to borrowing from a 401k vs withdrawing from one, is you won’t have to pay taxes or penalties unless you default on your loan or in some circumstances ... Read More »

            Should I Roll Over My 403(b) to My 401(k)? – Salvador

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            5 years in present employer.with GREAT 401k retirement plan … 2 years in previous one with so so plan worked at a place for 2 years with a 403 b retirement plan… there are $2100, right now and for the past 6 years im in a good place with great 401k plan… can I cash out on the previous plan ... Read More »

              Should I Drain My 401K So I Can Pay Off Debt And Retire? – Cathy

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              “Dear Steve, I am 65 yrs old, still working and my husband 71, retired. Our income is $51k (me), and my husband’s SS benefit of $10k. I used to have $250k Line of Credit/ c card debt. We’ve been diligently tried our best to pay and now the it’s down to $140k of Line Of Credit Debt on a home ... Read More »

                Should I Take Out a Loan from My 401k to Payoff Credit Cards? – Terry

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                Income 70K Debt $300,000 mortage 4.5% fixed Debt $4,000 Student loan 4.5% Debt $5,000 Student loan 6.5% Debt $5,000 Student loan 6.0% Debt $5,000 Credit Card 10.2% 401K $11,000 Should I take out a loan of $5,000 from 401K @ 4.25% to pay off credit card, stop paying in to 401k and focus on paying off student loan? I still ... Read More »

                  I’ve Got a 401(k) Just Sitting Stagnant. – Steve

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                  “Dear Steve, I am a state employee and am fully vested in the state’s pension plan. My job is secure and I will be able to retire with a full pension. I also have an older 401k from a previous employer with approximately $30k just sitting stagnant. My wife and I have some credit card debt and a home equity ... Read More »

                    Should I cash in 401k to pay debt down to get better mortgage rate? – Carol

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                    Going to buy a home soon. Would like all credit cards to be at the 30% mark so that we get a better rate. Was told wed get 4.125 now but im wondering if I could get better. We make plenty of money but made bad choices in youth. Cc with high interest rates= a tone in lost money. Carol Read More »

                      Should I Take Money Out of My 401k or Roth IRA to Pay My Student Loans? – Seapar

                      “Dear Paul, Annual Gross Income: 66,000 401k balance: 16,000 Roth IRA balance: 6,000 Savings: 5,500 Stock: 1,500 Grad Student Loans: (72) payments left of one $520 combined payment per month on total $32,500 balance on the following (so, $5,000 interest would be paid over the life of the loan at this payment rate). Loan 1 Direct Unsub $5,500 balance, Interest ... Read More »

                        Should I Use My 401(k) to Pay Off My Mortgage? – Edi

                        “Dear Paul, My 401 k has lost 1.7% this year. I am 51 years old. I am wondering if I could use my 401 to pay off my mortgage. I have about $100,000 in my 401 and owe that on my house. I would be debt free. Should I use the 401 to pay off my mortgage Edi” Dear Edi, ... Read More »

                          Can I Take Money Out of One IRA, 401(k), 403(b), or Roth IRA and Roll It Into Another Account? – Dave

                          “Dear Paul, Hello, I am unemployed and need money…fast!!. I have several different retirement accounts: With “Investor-A”, I have both, a Traditional IRA & a Roth IRA With “Investor-B” I have both, 401k & 403b accounts (100% vested)… and I also have a SEP-IRA Interesting scheme… do you think this will work..?? I know you cannot borrow from the IRA ... Read More »

                            Cashing Out My 401(k) to Pay Off Debt. Is It a Good Idea? – Paul

                            “Dear Paul, I work for the federal government and make about $90K. My wife makes about 45K (no benefits) after losing her corporate job in 2003. I am 47 with an MS, she is 52 with a BS, married 23 years. I have to retire from my current job at 57 so we both know we will be working at ... Read More »

                              401(k) Loans Rising to Make Ends Meet. Spells Big Future Trouble for Consumers.

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                              The bad news is out, more people are raiding their 401(k)s for cash to address current financial needs. While the ability to reach into a 401(k) might be perceived as a good thing, after all isn’t it our own money, it’s not. When you steal from your 401(k) you are really taking money from your 81 year old self who ... Read More »

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