KJH Financial Services
Kimberly J. Howard, CFP®, CRPC®, ADPA®, is the founder and owner of KJH Financial Services in Newton MA and Denver CO. She is a Certified Financial Planner™ practitioner and has over twenty years of experience in financial management and education goals through effective comprehensive financial planning.
Kimberly holds a Master of Science degree in Computer Science Information Management from Boston University. She earned a Bachelor of Science degree in Mathematics and Physical Education from Stephen F. Austin University in Texas. She attended Boston University for her Certification in Financial Planning and H&R Block for Tax Preparation Certification.
Kimberly is where she teaches General Financial Planning Principles, Income Tax, Retirement Planning and Estate Planning. She is a past adjunct faculty member at Boston University and The College for Financial Planning.
Kimberly is a member of the Financial Planning Association (FPA) and The National Association of Personal Financial Advisors (NAPFA). She was named to the Metropolitan Who's Who Among Executive and Professional Women. She is an expert Advisor for Morningstar .
Kimberly promotes a life planning approach with a balanced work/life style. She is active in sports including cycling, golf, skiing, and hiking.
BS, Mathematics, Stephen F. Austin
MS, Computer Science, Boston University
Interview with Kimberly J. Howard, CFP
Financial Goals by Kimberly J. Howard, CFP
Great thtat you are interested in continuing to contribute to your retirement.
Your old company 401k should be rolled over into a rollover IRA. This type of rollover will not cause a tax event. If you roll it over to a ROTH IRA, then you will owe taxes. You might be able to contribute to the rollover IRA going forward, but most likely you will be able to contribute to the ROTH IRA. Vanguard is a good place to start. The expense are low and if you use elect online statements then you will not have any account fees.
Without more information it is hard to direct you. Things for you to look into: Were the taxes taken from IRA on the 1099-R you received from the investment company and did the amount of taxes you paid on the IRA show up on your tax return. If both of these are correct, then you probably did not have enough taxes taken out.
Creating a trust is probably your best option. In the trust, you will be able to document exactly what your wishes are. Seek a good estate lawyer to create the trust.
Once you take a distribution from you 457 plan, the amount is added into your ordinary income for the tax season. Depending on your deductions for the year you could be pushed into the next tax bracket. Depending on your need for the money it makes sense to take the money out over time to smooth out the tax burden.
Congrats on retirement!
As long as the funds are used for medical care. Once you reach 65 years of age, then the funds can be withdrawn and used for any purpose.
Kimberly J Howard, CFP