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Tag Archives: ira

Are My Retirement Funds Safe From Creditors?

buy-in-april

Q. I understand that in certain circumstances IRA and 401(k) money may be protected from a lawsuit. However, if a person is retired and has rolled over their ERISA plan to an account with a financial institution, are those funds still protected? A. Generally speaking, yes. The laws can vary by state. “Under federal law, pension plans such as a ... Read More »

    5 Ways to Boost Your Retirement Savings

    retirement Paul Revere

    Even if you haven’t yet entered the working world, you can probably assume you will want to retire and some point. While most Americans have similar goals for a debt-free, affordable post-working life, you might not realize how much work (outside the office) it takes to get there. You probably are not saving enough, or are at least worried that ... Read More »

      Help! Credit Card Rewards Put Me Over the IRA Contribution Limit

      retirement

      What could be more painless than saving for retirement by having cash-back rewards automatically swept into your account? A card linked to your Roth IRA could automatically get a boost from rewards, and you would never miss the money. Except that the last part of “set it and forget it” can come back to haunt you at tax time. What ... Read More »

        How Smart IRA Planning Can Help You Pay Less For College

        taxform

        With college expenses at some of the best schools now exceeding $ 60,000 per year, education-related expenses are often one of the biggest obstacles many baby boomers face when saving for their own retirement. For many families, planning for a college education goes hand in hand with IRA’s and retirement planning. Retirement Assets are Exempt from the EFC A family’s ... Read More »

          Reduce Your Spending and Save More. Now.

          Ready to Collapse

          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 Keep Investing in My IRA or Pay Off My Home?

            retirement

            “Dear Steve, Bought a home a year ago after finishing paying off students loans (am currently 27). I started contributing to a Roth about 6 months before I purchased the home and am now wondering if I should continue to max out the Roth or pay off the house faster? M” Dear M, I think the math gives us a ... Read More »

              We Have Great Credit But Want to Take Money From IRAs to Pay Down Debt. – Doris

              robbery

              “Dear Steve, 48 year old female, married, 1 child 14 years olds in 9th grade – college bound. 11 years at job with vested pension, Roth and traditional IRA’s, home owner – 174,000.00 at 6% (fixed VA) monthly payment with taxes and insurance – 1507.00, 800 credit scores, 2 cars financed at 2.5% totaling – $40,000.00, 16 years before retirement, ... 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 »

                  What Do I Need to Know Before We Take Money Out of the IRA to Pay Our Credit Cards? – Jayme

                  “Dear Paul, CC debit and trying to find the best way to handle the situation. We have about 55k in cc debit and have spoken with an attorney who said we make to much for chapter 7 but could go with chapter 13. My husband really didn’t like this route. I have an IRA with about 63k in it. Tell ... Read More »

                    I Was Told Not to File Bankruptcy Due to Severance I Might Receive. – Diane

                    “Dear Lewis, In May 2009, I was laid off. I had an appointment with a bankrupcty lawyer the day after I was escorted out (I had fairly high security clearance). She told me to hold off on the bankruptcy due to whatever severance I might receive. I held off and held off…and had a really rotten relationship in the meantime. ... Read More »

                      My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

                      “Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves out back to having a ... Read More »

                        Should I Take Money Out of My IRA and Use it to Pay Off Debt? – Dan

                        Ready to Collapse

                        “Dear Steve, Ok, here goes. I have spent the past many years (decades) coming and going from home; being away so much I never paid much attention to the bills. Recently I changed jobs and noticed my wife stressed out, upon investigation, discovered we owe $109,000 to credit cards. We almost own (still have a mortgage for six more years) ... Read More »

                          Facing Unemployment and Wanting to Cash Out Retirement. – Susan

                          Ready to Collapse

                          “Dear Steve, My husband and I are in our early 40s. I am a stay at home mom, we have three kids, ages 1, 2 and 3. We have $190,000 in retirement funds (IRAs and Roth IRAs). We have $160,000 in mortgage debt (3.75% 15 yr term). We have no emergency savings account, no other debt. My husband’s job is ... Read More »

                            Marriage and Money: How to Talk to Your New Spouse About Finances

                            Ready to Collapse

                            So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

                              How to Survive a Job Loss

                              Example 1

                              If you’ve ever lost a job, you know how devastating it can be. It doesn’t really matter how you lost it — a company reorganization, merger, forced retirement or simply being fired — the results are the same. It probably feels like everything you’ve worked for is gone, including your income. And because losing a job is often unexpected, you’re ... Read More »

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