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.
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.
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.
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.
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