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Retirement FAQs

  1. If I pass away, will my retirement plan go to my spouse tax free?

  2. Does participation in a 401(k) plan prevent an individual from contributing to a Traditional IRA?

  3. What do you do for a non-spouse beneficiary receiving a required minimum distribution (RMD) when the plan terminates? Is the purchase of an annuity the only option? Any thoughts on whether an IRA could be opened?

  4. I made involuntary contributions to a retirement plan while temporarily employed. Can I withdraw these funds without penalty?

  5. My mother inherited my father's IRA. When she died, I received an account application listing me as the beneficiary, as well as notice that my brother and I will have to take my mom's required distribution. My brother is nowhere to be found. How should I

  6. Is it easier to save for retirement if you start earlier in life? Can I make up for what I don't save now by contributing more later on?

  7. I have several jobs. Can I contribute the maximum to multiple employer retirement plans?

  8. Will I incur a tax penalty when making withdrawls from my IRA in excess of my SEPP?

  9. How can I reduce the taxes on my inherited retirement assets?

  10. I want to roll over a portion of my retirement plan with my employer and I have been advised to ask for separate checks to account for pre- and after-tax amounts. What does this mean?

  11. What types of plans allow catch-up contributions?

  12. Can I roll a Traditional IRA into a 529 college account for my grandchild?

  13. Can I close my existing Roth IRA and invest in a new Roth IRA at a different financial institution without a tax penalty?

  14. My company is the trustee of our 401k plan (which has 112 participants). What are the pros and cons of having the company instead of the plan provider/vendor as the trustee?

  15. Can an individual contribute to both a Roth IRA and a Traditional IRA in the same year?

  16. Can I borrow from an IRA without penalty?

  17. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount in the IRA as ordinary income, forcing them into unusually high income tax brackets?

  18. What is the difference between a Traditional and a Roth IRA?

  19. I didn't record my Traditional IRA contributions. Is there a website that lists IRA contribution limits for past years?

  20. I own a small business. Can the SBO-401(k) work for me?

  21. Can high-income earners deduct yearly defined-benefit plan contributions of over $100,000?

  22. How do I get credit for my retirement plan contributions?

  23. If there are two plans and one is terminated, creating a distributable event, can loans in the terminated plan be rolled over?

  24. What effect will a prenuptial agreement have on a 401(k)?

  25. What are the income limits for Roth IRA contributions?

  26. I converted my former IRA to a Roth for tax purposes in 1998, so even though the tax was paid over four years, am I correct to assume that this is now mine to withdraw, if I like, at no penalty? I am 60 years old.

  27. If an individual still has his or her former spouse as the beneficiary of an IRA, does the former spouse receive the assets upon the individual's death?

  28. My wife and I both converted our Traditional IRAs to Roth IRAs in Dec 1998 and have invested the maximum amount each year to date in the Roth. I am purchasing a new home in January. Do my wife and I each qualify for a one-time, tax-free $10,000 "qualified

  29. I am the beneficiary of an IRA and a Keogh. Can I combine them into one plan?

  30. If an IRA owner dies after starting required minimum distributions (RMD) but the spouse is under 70.5, can the spouse roll over the IRA into his/her own IRA, and stop RMDs until age 70.5?

  31. What is the five-year waiting rule for Roth IRAs?

  32. I am in the second year of taking SEPP distributions from my IRA. Can I transfer some of the funds to a new IRA with different investment options?

  33. What's the difference between a savings account and a Roth IRA?

  34. I'm 70.5 and still working for my own company. Can I defer starting my required minimum distributions?

  35. I have two jobs. Can I contribute to two SIMPLE IRA plans?

  36. I just opened an IRA. What can I do to help my money grow?

  37. How can I get information about my deceased husband's retirement account if his employer withholds it?

  38. How do I "vest" something?

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