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Retirement FAQs

  1. 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

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

  3. 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

  4. Can an employer adopt a different type of retirement plan for each employee?

  5. If a trust is named as the beneficiary of an IRA, can the trustee of that trust become the beneficiary without the IRA owner signing the Change of Beneficiary form?

  6. If I roll my annuity into an IRA and receive after-tax distributions, will this be considered taxable income?

  7. I retired and transferred part of my pension distribution to a Roth IRA. If I am over 55, do I still qualify for the age 55 exemption?

  8. Are any special forms or documents required when transferring an IRA/SEP/SIMPLE to a Traditional IRA?

  9. Can I roll the funds in an SEP-IRA over to a profit-sharing plan or self-directed retirement vehicle?

  10. How do I list the beneficiaries of my life insurance policies if I have a trust?

  11. Can I roll over a profit-sharing plan to an SEP IRA account without suffering any tax penalties and liquidation of current positions held in this account?

  12. Can you have a 403(b) and also contribute to a 401(k)?

  13. Is my husband's ex-spouse entitled to receive my spouse's retirement benefits?

  14. 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?

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

  16. 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?

  17. I want to purchase a five-year period certain single premium immediate annuity (SPIA) with my IRA account. I'm 53. Will the 10% penalty apply?

  18. Can an IRA owner disclaim his widow's account but exclude one spendthrift contingent beneficiary?

  19. Do I need to hit my 401(k) contribution limit before I can begin making catch-up contributions?

  20. Can I contribute to both a 401(k) and an IRA?

  21. How long does an IRA beneficiary have to take an RMD after the IRA holder dies?

  22. I have several CDs in my IRA with different maturities. Can I roll them over to another institution with a better rate as they mature?

  23. Can I roll my 401(k) and/or IRA funds into a more liquid investment fund without penalty?

  24. Can I, without tax penalties, use the IRA I inherited from my father to buy a home that I will live in? He was 72 and had started taking small payouts on it.

  25. My Traditional IRA has been converted to a Roth IRA. Can I still make a qualified withdrawal as a first-time home buyer?

  26. Can a person who is retired continue to fund an IRA?

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

  28. 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?

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

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

  31. Can I roll my 403(b) and 457 into other low-cost venders when I change jobs?

  32. I didn't earn any income this year. Can I still contribute to a Roth?

  33. Can I hold non-dollar currencies in my retirement fund?

  34. My spouse has little/no income. Can I contribute to my spouse's IRA?

  35. As a temporary resident of the US, can I withdraw funds from my Traditional IRA without penalty when I leave the country?

  36. I am considering taking a loan from my qualified retirement plan. What is the definition of a "reasonable interest rate"?

  37. Is my 403(b) account owned by me or by the institution?

  38. What are the requirements that a trust needs to meet to be qualified?

  39. If I participate in my company’s SIMPLE IRA plan, can I also contribute to another IRA in order to receive a larger tax deduction?

  40. I am making after-tax contributions to an IRA. Will I get taxed again when I withdraw it (when eligible)?

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

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

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

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

  45. Is there a limit on how much I can move from my IRA to my Roth IRA?

  46. My husband left his ex-wife as his retirement plan beneficiary. Can this be changed?

  47. Why should investors pick less risky investments as they approach retirement?

  48. Can I establish more than one IRA?

  49. My old company offers a 401(k) plan and my new employer only offers a 403(b) plan. Can I roll over the money in the 401(k) plan to this new 403(b) plan?

  50. Are the distribution rules for 401(k) and 403(b) plans the same as those for IRA plans?

  51. When should I take my Canadian Pension Plan distributions?

  52. My certificate of deposit (CD) has just matured and I plan to contribute $10,000 of it to my current Roth IRA account. The person doing my taxes can't tell me why I can't make such a large contribution except for my low income - I am a disabled veteran on

  53. Can I roll over my IRA assets to a sheltered Canadian plan?

  54. I am starting a limited liability company (LLC). I will be the sole member. Can I open an SEP IRA? How much tax-deferred money would I be able to contribute each year?

  55. Is an employee eligible for an SEP if the plan has already been set up for other employees?

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

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

  58. Can I give stock as a gift?

  59. Can I roll my SEP IRA into a Traditional IRA or should I convert to a Roth?

  60. What is the difference between a ROTH, SEP and Traditional IRA?

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

  62. How do I "vest" something?

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