FAQs on Retirement
Joel Johnson, CFP® answers commonly asked questions about retirement planning on this weekend’s segment of Better Money Boston on WCVB Channel 5. Learn more about rolling your IRA into your 401(k), the Rule of 55, and how to know how much income you’ll have in retirement.
Can I Roll My IRA Over to My 401(k)?
The short answer is yes. Many people do this because they like the 401(k)’s investment choices better, because their employer plan is less expensive, or to simplify their retirement plan by keeping accounts in one place. However, beware of any withdrawal charges from the insurance company before doing so.
What is the Rule of 55?
The Rule of 55 is a guideline set by the IRS pertaining to 401(k)s that allows you to pull money out without penalty if you leave your job during or after the year you turn 55. Those who do not fit in this rule will have to wait until age 59 1/2 to begin taking money out of their 401(k) or IRA plans to avoid the 10% penalty.
Will I Have Enough Money in Retirement?
Many people contemplate and worry whether they will have enough funds in retirement. There are ways to know how much income you’ll have at age 70, what rate of return you need, and what raises you’ll need to keep up with inflation.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Identity Theft: What to Do If Your Identity Is Stolen
In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can… -
Estate Planning Must Haves
Estate planning can be a time-consuming and overwhelming process, but it’s a crucial step in securing your family’s financial future and cementing your legacy. By working closely with an estate pl… -
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o…
