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401k loan transfer

Atraditional IRA here É A rollover IRA there É Four job changes (so far!) and three retirement plan account balances left in the plans of former employers. Over the years, you may have accumulated a significant sum in various retirement accounts ...

It's 2009: Do you know where your retirement savings are? - Spectrum

Resolved Question: How should I hande this situaiton with an outstanding loan against my 401K?

My company was recently acquired by another company. I currently have a loan against my 401k with a balance of $16,500.00. I have a one time opportunity to allow this loan to be cancelled. This is the text of the information I received: “I understand that if I do not make the election to roll-over on this form, my account balance under the (OLD COMPANY), Inc. Savings Plan will not transfer to the (NEW COMPANY) Affiliates Employee Savings Plan. In that case, unless I make arrangements with the RRI Savings Plan to pay-off the loan(s) balance within 90 days of the acquisition’s closing; my loan(s) will default creating a taxable event. The unpaid loan balance(s) will be reported to the IRS as current income and will become subject to taxes and applicable tax penalties if I am under age 59 1/2. I also understand that I will not have a later opportunity to rollover any outstanding loan balance(s) and that loan balances may only be rolled-over with the full remainder of my RRI Savings Plan account.” I would like to take this opportunity to have this loan cleared because I have one child in college this year and my second child will start next year. Knowing that I will have 2 kids in college the next 3 years the $500.00 a month would be a HUGE help. My biggest concern is how it will impact my end of the year taxes next year. If I pay it off, I could have an extra $500.00 in taxes taken out each month to cover the bill at the end of the year. If it helps our annual family income (before taxes) is approximately $135,000.00. Any idea on how much the additional taxes would be on the $16,500.00??? Thanks for any help! more

Resolved Question: sites for info on comparing funds vs other funds performance?

my husband and i had a brokerage account with a large broker firm. with the economy as it has been and the lack of our accounts making the "supposed 8% return" after 8 years realizing the most we were making was an avg of 3 to 4% max. the accounts had been the same from day 1. mine changed only due to the fact i changed jobs and rolled over 401k or other stocks sold over the years. (with each new transfer, the broker would open another fund) my husbands was from his mother who was set up to be transferred to both sons upon her death in 2004. my husband and his brother are 7 years apart in age. i am 8 years younger than my husband. never in the last 8 years for me or 4 for my husband and his brother did this broker sit down and decided that maybe he should make some decisions based on age/risk/retirement etc. both my husband and his brother are self-employed and sometimes needed to take from account to pay bills; the broker suggested taking loans vs selling in some cases. stated best to pay the lower interest and get 8% in his investments. we have now transferred to a investment firm who told us the majority of our funds were performing at least 1/3 less than the same in other funds, or that some did good in the beginning, but the last couple of years did awful. that might explain our low returns. i know about morning star and believe there is another site that does research but don't know the name. i checked morning star, but now have to pay a fee; would like to do comparison on a free site. i would also like to compare the changes they do to see if they are on the money. (if a fund is ranked high/low vs same funds) any help would be appreciated. addtl details. i am age 56; my husband will be 64 in june. due to his health, may retire this year. the new investment firm is setting up a retirement plan for us and will review every year to make changes. i know about the awful bear, since i lost over 85k back in 2000-2002 with a lot of communitcation stocks i held on believing they would come back; lol also; our previous broker never had us in any index funds; gave some lame excuse he does not believe in them. when the market hit 14k, out accounts did not reflect in 2007 and when the market tanked, our accounts tanked just like everyone else. more

Resolved Question: Can I transfer my 401k loan from my old company to a new company that has the exact same 401k?

I took out a 401k loan to purchase my first loan - I got offered a great position at another company that offeres 401k as well, I was wondering if I could transfer this loan over to the new company if I decide to take the job. Thanks! more

Resolved Question: I was just laid off. Should I payoff my 401K loan w/ a low interest balance transfer on my credit card.?

My 401K is 37% of the amount I'll get for severance. My options are: a) payoff the loan from my severance b) let them report it as income and pay the tax of 28% and penalty of 10% or c) take a balance transfer being offered by my credit card. I can get 0% for 12 month or 4.99% for life? If I take the transfer, my credit card debt will be +/- $40K. more

Voting Question: Can I withdraw money from an IRA and repay a 401k Loan without penalties.?

The ira is my wife’s. The 401k that has a loan is mine. My theory is I can transfer assets from one place to another and free up my monthly cash flow. I might even get a tax write off for assets that have taken large dips and I am not really selling. I am transferring them. more

Resolved Question: Im leaning McCain right now, am I wrong?

Ive been reading a lot about the two candidates and put down my reasons on why I would want to vote for them, I don't really care about Gay marriage or Abortion because they don't effect me and my family, below are the reason I would vote for each candidate and how these issues would effect me and my family either now or down the road. PRO McCain Reasons * He is going to double the Personal Tax Exemption for Dependents, so that means more money for us for my kid and any other child we have. * He is proposing that we build 45 new nuclear power plants, my company specializes in nuclear power plants and is the "Greener Way" to produce Electricity. Obama also has a similar approach but its not as aggressive. * I think our Commander and Chief of the Military should have some Military Experience. * McCain's average tax breaks would benefit our total income bracket more than Obama's, if we made less money Obama's would benefit us more. * He is going to keep the Bush Tax rebate check that we received, I did think getting that check this year was pretty awesome. * He is in favor of implementing an act that will allow a employee to take 12 weeks of unpaid leave for family medical reasons without being penalized by their employer. Umm that's pretty awesome. He also sponsored the Family Friendly Workplace Act which sought to allow employers to provide more flexible work schedules to help balance work and family. PRO OBAMA Reasons * His health care plan is a lot better, his plan guarantees affordable health care and it only raises the national debt slightly higher than McCain who only offers a $5,000 tax credit. I currently have decent health care, but I think it could be better. * He is going to tax the rich more to fund Social Security. McCain is going to give the employer the option to invest or not. This is kind of a wash as it effecting me, but for people who don't have any 401K's its helpful. * He opposes the war in Iraq, but I'm not sure if we should pull out right now. Maybe this isn't a "pro" * Better Illegal Immigration and will crack down on employers who hire illegal immigrants. BOTH PRO OR NOT * Both have a great environmental approach to reduce emissions and help the environment. McCain has a great plan that rewards auto makers to create environmental safe car batteries and safer emissions. The League of Conservation Voters has given Obama the highest lifetime rating of anyone currently running for president. * Education - McCain supports vouchers that favor private schools while Obama doesn't, McCain voted against increasing federal student loans and Pell grants and expanding eligibility for financial aid. I support the voucher but not the vote against increased student loans. I decided to look and read about both of their pasts and found out that McCain is a pretty bad ass dude. He grew up as a Navy brat and bounced around like many of them did. He and his brothers and sisters followed in their fathers footsteps and joined the navy. He went to the Naval Academy, He butted heads with authorities and was popular among his classmates for doing so as well as not putting up with bullying. He ranked low in his class despite his high intelligence. He married a model with two children and adopted them, she got into a car accident and stayed with her for over 15 years before asking for a divorce. He was a career military man and I heard about him crashing in North Vietnam and being a prisoner of War and being tortured for almost 6 years, but didn't know the extent of what really went on. The guy has more scars than Frankenstein and has been through everything you can possibly imagine. I now feel bad for making fun of the way he looks and his "robotic like" moves, the guy is lucky to be alive let alone stand up. He has received many of the highest achievements and awards the military offers. He has been on many House Committee's and has alot more experience than Obama. He has made some mistakes in his past but has done more than enough to makeup for them. He is a guy who has a bad temper and doesn't always go with the grain, that is why he is known as a "maverick" and probably the closest thing to a democratic republican. The dude is 71 years old and has either been through or seen everything. Obama early life is probably the exact opposite of the way McCain grew up. He lived in Hawaii most of his life going to public schools although he did live in Indonesia for 4 years from ages 6-10. He didn't really know his Dad who was a foreigner from Kenya and his mother stayed in Indonesia with is step father, he was raised mostly by his grandparents. He admits to doing drugs like pot and cocaine back in the day and admits its his greatest moral failure. He moved to LA for college, transferred to Columbia, traveled, went to Law School and was your typical average young adult who strives and accomplished alot with out a successful family to back him up. He graduated law School, worked for more

Resolved Question: Wait or go for broke? I want to convert my 401k to an IRA with a SDB account in it...here's the stupid part-

I held my company's stock in my 401k for 25 years (Amex). Despite advising everyone else to diversify, I put it off and put it off, thinking that a nice blue chip like Amex would only do well in the long run. Now I'm 50 and unemployed, the market sucks and I have lost about 40% of the value of my 401k over the last 2 market dumps. I am nervous because boomers will be pulling $ out of the market and because of the dollar dive and the intrinsic feeling that the good ol' US of A is on it's decline in many ways. I was trying to hold out for a rebound, knowing about the big settlements Amex recently won from MC and VISA, and the fact that they did not invest in any of the stinky sub-prime loans, but I fear they are just lumped together with everyone else in the "finance" category. Now I just don't know about much, except that I don't want to lose any more, but am loathe to transfer into something else and kiss $70K good-bye (even though the return will most likely be better). Help! Do you REALLY like target retirement funds? I have rarely seen one above water. I thought they were just invented for people that didn't want to think or hire a CFP (you know, kind of like index funds). more

Voting Question: 401K withdrawal to pay off credit card debt?

In my recent divorce, I was assigned 10K in credit card debt that is in my ex-husband's name at 22% interest. I want to pay this off as the monthly finance fees are almost 200$ alone. I don't have the ready cash to pay it off, I used the loan maximum in my 401K last year to purchase a house and I don't currently qualify for a new account to transfer this loan to a better rate. As I recently purchased my house, a home equity loan is not an option either. I have the money in my 401K but know that there are tax consequences of taking this money out. My 401K in the current market has earned me -13.5% for the year and I'm paying 22% on this credit card. Even with the loss of dollar cost averaging blah, blah, blah would it make more financial sense to transfer the money from the 401K to the credit card? I'm in my mid-30s so have time to recover and also my employer contribution is not a match but a straight 10% of salary deposited so that will continue while I work here Thank you for the comments so far. I'm actually considering a withdrawal, not a loan and as I understand it you can withdraw for any reason as long as you pay the taxes and penalty or pay it back by a certain time. So I'm trying to figure out if I would lose less money paying 22% for the next 10 years on this credit card or less taking it from the 401K. I'm also fully vested in a retirement pension. I've tried to have the interest rate lowered but they won't talk to me since its not in my name. I have to forward a letter with the court agreement and its hard to negotiate that way ya know? He could call and ask but he won't. more

Resolved Question: Can I Move 401k to IRA and take Loan for First Time Home Purchase?

First I’ll have to give you some history. Over my career, I have frequently moved to different companies and I have moved my 401k several times. I now have 2 401k plans and a simple IRA plan. I have just started working in a new position but at none of the companies. I have approximately $50,000 in one 401k, and $8,000 in the other two. I don't own a home and I am now looking to buy my first one. My girlfriend has a lot of equity from the sale of her house. We are both 40 years old. I have only $2,000 in available cash in the bank. We have recently moved to a much more affordable region and I can now afford a mortgage but won't have savings for deposit for another 6-10 months or so. I would like to go in equally with my girlfriend or figure a way where we can share in equity. So I have several questions: 1.What's a good method that my girlfriend and I can work fairly with her greater equity? Like most people I am not thrilled by my 401k returns lately. I would like to move them to a self-directed IRA where I have more choices on investments. I am reading that index funds are best to minimize fees but I'd also like to be able to choose individual stocks and funds. 2. Where can I do this? Will I lose out on 401k advantages? I have also been thinking of taking a loan on my 401k or using moneys for first time buyer - I can't do this since I no longer work for the companies. 3.Can I do this in an IRA? In other words can I transfer my money to an IRA and then take loan from there? 4.Will a loan officer give us a loan if I have $15,000 from a 401k (IRA) first time buyer loan and only $5,000 cash funds? Thanks for your help more

Resolved Question: Can I use my IRA to pay off a $45,000 second mortgage on an investment condo? Would a 401K loan be better?

I know IRA money can be used for investments other than stocks or bonds, but I want to make sure the money is transferred and used within legal rules for IRAs. The 401K option is okay but, even though interest would be paid back to my own account, I dislike taking out $50,000 after the market has already tanked (and while I'm still contributing and getting matching funds). Either way, I would reduce my negative cash flow while I continue to attempt to sell the Las Vegas condo or rent it out. Perhaps borrowing money from a parent at 3% or less interest (to keep up with inflation) is the best option: the $45,000 second mortgage at 9.124% interest can be paid off and my tax refund in the next month can pay off about $8,000 back to the parent (all without touching my 401K or IRA). more

Resolved Question: Is whole life insurance a good investment vehicle and estate planning tool? Or are Mutual Funds better?

I am a Male 29 putting money in 401K upto company match.Ineligible for Roth.Cud max IRA,401K but is tht advised? What about further after tax dollars? These are points I have read on WLI as investment vehicle- Pros: 1)Builds cash value and insures survivors 2)Earnings are tax free 3)Don't have to pay 50% estate tax when transferring proceeds to heirs 4)Can borrow/take loans against built up cash value 5)Gains advertised on products such as Mutual Funds don't include taxes on gains and fees. 6)If you get divorced don't lose half your wealth unlike MFs 7)IRAs are taxed on withdrawal Criticisms: 1)Unused cash value is lost when the investor passes away 2)Fees and costs are prohibitively expensive and eat into gains 3)Loans against LI policy are a nightmare 4)Term LI and investing balance in tax-advantaged funds or MFs is better 5)Advisors suggesting LI as investment are greedy for commissions This selection is a nightmare.Someone honest to god (no salesppl!) plz help! more

Resolved Question: should i cancel a 401k to save on payments back on a loan from that 401k?

My husband borrowed against his 401k, Now we are paying back the loan at $225. every 2 wks. We r still financially strapped and would like 2 end the $224 payments. Can we do that without hurting the balance of the 401K. or would it be better 2 transfer into another retirement plan such as Roth IRA. Really do not want to lose balance of 401K but no longer can afford 2 pay back loan. Thanks! DJB more

Resolved Question: What are my options with transferring my 401k?

I have a 401k from a previous employer (29k in this account) that I have a 6k loan from. I have been paying back the loan, but I know I will be hit with the extra tax on the loan amount if I move the funds before they are repaid. Can I transfer the remaining 29k into an IRA (Roth or otherwise) and offset the taxes that I will pay on the loan with the advantages of putting these funds into another IRA? more

Resolved Question: Take loan against 401k or Balance Transfer to credit card?

I have about $3500 between a credit card and a student loan (avg interest rate is 8%)...I am thinking about doing a balance transfer to a credit card at 3.9% for the life of the balance transfer or pulling money out of my 401k. Which makes more sense? Loans against 401k is with an interest rate of 5.25% for a term of up to 60 months (with about $150 in fees). Also, if I could do 0% for 15 months on a credit card balance transfer - would you recommend that? more

Resolved Question: Which is a better way to use extra money?

My husband has a big Canadian student loan (not eligible for tax exemption in the US) at 8.5%. Should we pay down this loan first (we don't have any other major debt at present), or invest/save? Or alternatively, there is an option to transfer the loan over to the states, but it would be at a higher interest rate. Also, he's not eligible for a 401k plan until Feb or March. How would you recommend using extra funds? Also, if you answer invest/save, what type of account would you recommend? It would be helpful if you could explain why your suggestion is the best choice. Thanks. more

Resolved Question: Filing for personal bankruptcy in California?

I have over 80k debt, make avg 60k a year, have a 401k of 75k (but they won't let me withdraw- and I've already taken the maxium loans anvailable. I've cosigned a loan and my name is on a property.. payments for all cc are around $1300 and I net $1800. I still need to pay rent. I can't afford to make my monthly payments, and want to file for bankruptcy. Should I? Can I? Which one would I qualified for? If i could withdraw my 401k, and payoff my debt I would. But IRS doesn't see paying cc off as hardship to do so. Also, could I transfer name of the property to someone else, so it wouldn't affect them if i do file for bankruptcy? I don't want to drag other people with my problems! more

Resolved Question: in a divorce situation, in order to equalize assets,is it generally better to get a loan or transfer 401k?

Resolved Question: I have a loan from a 401K but my employeer switched from a PEO to a payroll company and the loan won't roll?

The company I work for switched from a PEO (place of employment organization (where technically I worked for this group in order to get better benefit) to a standard payroll company so now I technically work for my employer. The payroll company has a different 401K company that we now work through but the loan won't transfer over. The financial agent says it's a Trust to Trust so it won't go over. He says in the eyes of the financial world I quit one job and started working at another. He suggests I borrow the money from someone to pay the origional loan and then take a loan once the money transfers and then pay that person back. Or just let the loan default and let the company keep the money (along with taxes and pentalites). Is this right? If I didn't do anything why should I get screwed? more