Some 401(k) plans allow investors age 59½ to take a non-hardship 401(k) withdrawal, providing the option to transfer savings to an IRA without penalty.
Challenges can emerge for investors who have not planned for the impact of taxes on retirement income.
Individuals who withdrew retirement funds under the CARES Act have options for filing and paying taxes.
Some tax proposals introduced by the Democratic presidential campaign may cause changes to retirement savings accounts.
Changes to retirement savings plans are expected in White House budget proposal.
“To see what is in front of one’s nose needs a constant struggle.” – George Orwell The Putnam Investments 2014 Lifetime Income Study, done in collaboration with Brightwork Partners, drew on data from over 4,100 working age adults (18 to 65 years of age) to comprehensively assess their potential to replace pre-retirement incomes. The survey
Some 401(k) plans allow participants to transfer money while they are still working. If your plan provides for in-service withdrawals, funds may be transferred to an individual retirement account, which could provide access to more investment options and the ability to consolidate accounts. Transferring funds out of a 401(k) could have some disadvantages, however, such
While there has been no action yet on the fiscal cliff, high-income earners are wise to prepare for higher taxes, fewer or capped deductions, or all of the above. The window of opportunity to take advantage of tax strategies while tax rates remain historically low is narrowing, so now is the time to contact clients