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Ask The Expert #9


An IRA Beneficiary Quiz. Can You Pass this Test?
Most people think it is easy to leave an IRA to their heirs. But is it? The following is a quick quiz, and the answers follow at the end.

QUESTIONS

  1. The IRA owner has four children. He names the oldest child as the beneficiary of his IRA and the executor of his will which divides all his assets equally among the four children. Who gets the IRA?

  2. The IRA owner has met with an attorney who recommends that he establish a trust for his spouse and that he names the trust as the beneficiary of his IRA. Who gets the IRA?

  3. The IRA owner and his spouse are both wealthy. They decide that he has enough assets to leave to their heirs and that they will leave her assets to charity. Her will is set up to leave all her assets to charity. The beneficiary form for her IRA says the beneficiary is her spouse. Who gets the IRA?

  4. The IRA owner and his spouse get divorced. He remarries and 10 years later he dies. His estate goes to his new spouse. His IRA beneficiary form names his ex-spouse. Who gets the IRA?

  5. The IRA owner established her IRA twenty years ago. Today, after numerous bank mergers, she dies. No beneficiary form can be found. Who gets the IRA?

  6. The IRA owner is divorced. He names his minor children as the beneficiaries of his IRA. While they are still minors he dies. Who gets the IRA?



ANSWERS

  1. The oldest child gets the IRA, and most likely the tax liability. He may be able to disclaim the IRA or gift some of the RMDs to his siblings. A disclaimer generally means that the IRA will go to the estate before going to the siblings which results in much less favorable distribution options

  2. The trust gets the IRA, not the spouse, even if the spouse is the trustee of the trust. RMDs will have to go to the trust first and then to the spouse in accordance with the terms of the trust.

  3. The spouse gets the IRA. IRAs do not pass through the will unless the estate is the beneficiary of the IRA.

  4. The ex-spouse gets the IRA. IRAs pass by the beneficiary form, not the will.

  5. Unless the beneficiaries have a copy of the beneficiary form acknowledged by the bank, the IRA is going to pass in accordance with the default options in the IRA agreement. Some IRA agreements default to the spouse and if no spouse to the children, many agreements default to the estate. The distribution options for beneficiaries who inherit through the estate are far less favorable than the options for beneficiaries who are named on a beneficiary form.

  6. Minor beneficiaries cannot sign paperwork for inherited IRAs, cannot manage the investments and cannot request RMDs. The IRA custodian may require that someone be appointed by a court to handle the inherited IRA for the children until they reach the age of majority or state laws could apply. The court could possibly name the ex-spouse to handle the inherited IRA for the children.



Email your IRA, 401(k), 403(b), 457, and pension questions to ttriquier@unitedplanners.com.

Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #8


DEAR TOM: Do you have any IRA, 401(k), or 403(b) suggestions for 2017?

ANSWER: Absolutely! With more than 10,000 people retiring each day, it is essential to take the time to review your financial situation with a CERTIFIED FINANCIAL PLANNER™ professional and to consider ways to increase your retirement assets and income. Here are five top 2017 financial resolutions:

  1. Don’t Wait. Thinking about making an IRA contribution? You have until the tax-filing deadline including extensions to get it done. This means you can still make your 2016 IRA contribution anytime until April 18, 2017. While you are at it, why not consider making your contribution for 2017 at the same time? Making your contributions early can make a surprising difference in the amounts you will have accrued in your IRA when you reach retirement. Also increase your contribution percentage you are putting into any 401(k) or 403(b) where you work.

  2. Consider a Conversion. Anyone with a traditional IRA can convert that IRA to a Roth IRA. Does that mean everybody should? No, but it is worth it to at least go through an analysis of whether a conversion is right for you. Each year your tax situation may be different. A conversion may not have made sense in 2016 but maybe it does in 2017 with President Trump’s proposed income tax bracket reductions. This may be the year that the trade-off of paying taxes now for future tax-free Roth IRA earnings makes sense.

  3. Make the Right Moves. Not happy with your current IRA, 401(k), or 403(b) investments? Changing investments may make sense, but if 2017 is your year to move be sure to make your move the right way. Use a trustee-to-trustee transfer and have your retirement funds move directly if you are choosing new investments with a new IRA custodian. Avoid having the funds paid to you. Direct transfers avoid lots of hassles like the 60-day rollover rule and the once-per year rollover rule.

  4. Review your Beneficiary Designation. There is one form that you can use to control the fate of your IRA, 401(k), and 403(b) after your death. That is the Beneficiary Designation Form. If you want to be sure that your hard-earned retirement savings end up in the right hands you will want to be sure that this form is up-to-date and safely in the hands of the Plan custodian. Spend some time in 2017 checking this form to be sure that it accurately reflects your current wishes and be sure to list primary and contingent beneficiaries.

  5. Watch for New Rules. The tax rules, including the IRA, 401(k), and 403(b) rules, are always changing. Every year brings new twists but 2017 is likely to bring more changes than usual. A new administration and change of control in Congress will likely have a big impact on your retirement funds. Stay tuned for the changes ahead.

Ask The Expert #7


DEAR TOM: My question is about conversion to a Roth IRA. I am a teacher and have a 403(b). Can I convert my 403(b) to a Roth IRA? If so, can this be done in installments over a period of years while I am still working to minimize the tax hit?


ANSWER: Just because you do not have a traditional IRA, does not mean that a Roth conversion is not in the cards for you. The rules allow a 403(b) plan to be converted to a Roth IRA. Your plan of partial conversions may be a good strategy to minimize the tax hit you will take when you convert. There is a catch, though. You must be eligible under the plan terms to take a distribution. If you are still working, that may not be case for you.

You may want to look into whether your 403(b) offers a Roth component and whether the plan allows those still working to do in-plan conversions where you can convert your 403(b) funds to a Roth 403(b). Some plans do, but not all. This may be a good option for you if want to convert, but are ineligible to take a distribution from your 403(b) because you are still working.

QUESTION: Is it possible to make a tax-free distribution from an inherited IRA to a qualified charity? If so, must the original owner of the IRA have been over age 70 ½ at death, or would the beneficiary of the inherited IRA have to be over age 70 ½?


ANSWER: Qualified charitable distributions (QCDs) are available not only to an IRA owner, but also to IRA beneficiaries. To take a QCD from an inherited IRA, the beneficiary must be over age 70 ½ at the time of the distribution. The age of the deceased IRA owner does not matter

Ask The Expert #6


QUESTION: I recently lost my mother and I was the named beneficiary on her IRA with a bank. I went into the bank yesterday and had them transfer the IRA directly to her NON IRA bank account. I checked with my life insurance company and they will allow me to add the money to my inherited IRA if it's coming from her account. Can I add it to my inherited IRA?

ANSWER: Unfortunately, once inherited IRA funds leave the IRA account, you have a taxable distribution. To make matters worse, non-spouse beneficiaries, like yourself, cannot do 60-day rollovers of inherited IRA funds. Therefore, under the tax code, you’ve made an error that cannot be fixed. The whole account will be taxable to you this year.

QUESTION: I am a 1% owner of a company I founded. I gifted my children and grandchildren 49% of the 50% I owned. My wife holds the remaining 50%. I will be 70 next year on May 12, 2017, and I have two questions. Can I, as the 1% owner, continue to contribute to my 401(k) after age 70 1/2 assuming I am still working? And, can I choose to defer my RMD?

ANSWER: Unfortunately, it looks like the answer will be a mixed bag. Your business ownership will generally be aggregated with the ownership of certain family members. That leaves you with a deemed ownership of more than 5% for the “still working exception.” Therefore, you cannot defer your required minimum distributions (RMDs), you will have to take them each year. However, provided you are still receiving compensation, you can continue contributing to the plan.

 

For our free chart showing IRA, 401(k), 403(b) “Retirement Plan Limits,” call 978-777-5000, x146 or email dawillnow@unitedplanners.com. Contact us with IRA, 401(k), 403(b) questions.

Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #5


DEAR TOM: What is the deadline for taking the RMD (Required Minimum Distribution) from my IRA for 2015? What do I do if I missed the deadline?

ANSWER: For most IRA owners and beneficiaries the deadline for taking a 2015 RMD was December 31, 2015There is an exception. If you reached age 70 ½ in 2015, you still have time. Your deadline for taking your 2015 RMD from your IRA is April 1, 2016.

50% Penalty for Missed RMDs

The end of the year can be a busy time. Sometimes things slip through the cracks. If you missed the RMD deadline, statistics show you are not alone. A report released by the Treasury Inspector General for Tax Administration (TIGTA) in May of 2015 showed a surprisingly high number of IRA owners fail to take their RMDs and recommended that the IRS step up enforcement. The penalty for missing an RMD is steep. There is a 50% penalty assessed on the amount of the RMD that is not taken by the deadline. For example, if you failed to take your $6,000 RMD for 2015, you would be subject to a $3,000 penalty. If less than the full amount of the RMD is not taken, the 50% penalty is assessed on the amount not taken. For example, if your RMD for 2015 was $6,000 and you took only $1,000, you would be subject to a 50% penalty on the $5,000 not taken. Your penalty would be $2,500.

3 STEPS TO TAKE

If you missed your RMD, keep calm. The IRS can waive the 50% penalty for good cause. Here are three steps you will need to take to have the penalty waived.

  1. Take the RMD.To have the 50% penalty waived by the IRS you must correct your error. You must take the RMD amount that was not taken in 2015.

  2. File the 2015 IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored AccountsWhen you file this form, you do not have to prepay the penalty, but if the form is filed without payment of the 50% penalty and IRS determines that the penalty is owed, you could owe interest on the penalty payment. Form 5329 must be filed to start the statute of limitations clock.

  3. Attach a letter of explanation to Form 5329.The letter should include why the 2015 RMD was missed, the fact that it has now been taken, and that you have taken steps to be sure that future RMDs will be taken as required.


After submitting your request, you must wait for the IRS response. The IRS may respond to your waiver request within a few months. If you have not heard from them in three years, they have granted the waiver.

Getting a waiver of the 50% penalty for failing to take your RMD may seem complicated and time consuming, but it can be worth the effort because many taxpayers have had successful results. If you have questions or need assistance with the process give us a call at 978-777-5000, so we can help you complete Form 5329. It must be completed correctly to have them waive the penalty.

Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.
Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #4


DEAR TOM: I’ve heard Social Security benefits are changing in 2016. What are these changes and how will they affect retirement benefits?

ANSWER: There are many economic changes expected in 2016. However, two important Social Security changes will occur early in the year that will dramatically alter Retirement Planning for millions of Americans.

The Bipartisan Budget Act of 2015 was signed into law by President Obama, significantly impacting those trying to employ savvy planning strategies to get the most from their Social Security benefits. Here’s what you need to know.

The File-and-Suspend Strategy is Being Eliminated

Under the current rules, once you reach your full retirement age, or FRA for short, (currently age 66) you are able to file for your Social Security benefits, but request that such benefit not actually be paid to you. Once you have filed for your own benefit, it allows certain other family members – most commonly a spouse – to claim a benefit using your earnings record.

Under the current rules, if you’ve reached your FRA and have filed for your benefit, you may voluntarily choose to suspend that benefit. By doing so you can receive what are known as delayed credits, which increase your own Social Security benefit by up to 8% per year, not counting any cost of living adjustments that may also be added. But all of that has just changed for millions of potential Social Security recipients.

As part of the Bipartisan Budget Act of 2015, the file-and-suspend strategy is being eliminated, effective for suspension requests submitted after April 29, 2016. That means there are many people who will turn 66 by April 29th who need to act quickly if they want to utilize the file and suspend strategy. After that time, instead of family members being allowed to receive a benefit based on your earnings record after you have merely filed, the law makes it necessary for you to actually be receiving benefits for them to do so.

The Restricted Application Strategy is Being Eliminated

There are many situations in which you may be eligible to receive more than one benefit provided by Social Security. For instance, you may be eligible to receive a retirement benefit based on your own earnings record and your spouse may receive a spousal benefit based on the same higher earnings record. (This applies to your ex-husband or wife as well.) Under the current rules, once you reach your FRA, you can file what’s known as a restricted application. By filing a restricted application, you are essentially telling Social Security “pay me only my spousal Social Security benefit, not my own retirement benefit.” By utilizing this approach, you can receive at least some Social Security benefits, while still allowing your own retirement benefit to earn delayed credits until as late as age 70. At that time, you could switch over to your own, higher benefit. But all of that has just changed.

You would not be able to file solely for your spousal benefits while allowing your own benefit to continue to grow. Instead, you would be forced to either wait until as late as age 70 to receive a higher benefit, but receive nothing in the interim, or you could begin receiving smaller benefits sooner and not have your own benefit continue to grow. Neither option is as attractive as the restricted application strategy available today.

What Now?

There was very little warning that the file-and-suspend and restricted application strategies were going to be put on the chopping block as quickly as they were. Some families that were counting on using the advanced claiming strategies detailed above to help fund their retirement could be out of luck by as early as next May. Those of you who will be 66 by April 29th can qualify as being lucky.

So what if you are one of those people? What should you do now? Here’s a quick action plan for you.

  1. Review your Social Security projections and retirement plans for any difference in benefits you had planned to receive versus what you are now likely to receive if you don’t or can’t file now.

  2. Figure out where you will be able to make up the shortfall in your expected income if you don’t file. Will you have enough assets to make up the difference? Will you have to work longer? Spend less?


III.    Make sure that you are aware of the different effective dates. If you’re lucky enough to still be eligible to use one or both of the Social Security strategies discussed above, make sure you carefully analyze their potential benefits and act on them immediately.

 

Remember that Social Security is longevity insurance and your decision is an irrevocable lifetime commitment. Although you may be more tempted to claim your own benefit earlier, remember to take the long view. One of the biggest concerns Baby Boomers have is the possibility they could run out of money. Delaying receiving your Social Security benefits to as late as age 70 can greatly assist in achieving that goal by providing a guaranteed, inflation-adjusted and tax-efficient pension for life (and perhaps, the life of a spouse too).

The bottom line? You choose the option that is best suited to your financial situation and goals.

For our free chart showing IRA, 401(k), 403(b) “Retirement Plan Limits,” call 978-777-5000, x146 or email dawillnow@unitedplanners.com. Contact us with IRA, 401(k), 403(b) questions.
Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.
Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #3


DEAR TOM: I just inherited an IRA from my spouse. What do I do now?
ANSWER: Because most married people name their spouse as Primary Beneficiary on their IRA accounts,I hear this question often. IRA owners are not required to name their spouse as primary beneficiary as they may be required to do in some 401(k),403(b),457 and pension plans. Since a spouse has more options than non-spouse beneficiaries,it is important to review these options before proceeding.
Caution: You have until December 31st of the year after the year of death to choose one of the following four options:

1: You can leave the IRA where it is and remain a beneficiary.When you start taking distributions they will be accelerated and your beneficiaries may not be able to stretch distributions over their lives when they inherit from you. However,it could be beneficial for a younger spouse who will need funds from the IRA to live on before attaining age 59 1/2. Distributions from the inherited IRA will not be subject to the 10% early distribution penalty. Required distributions will begin in the year the account owner,not you,would have attained age 70 1/2 or in the year after the year of death if the owner was already 70 1/2.

2: You can leave the IRA where it is and have it re-titled in your own name and social security number.The account is treated as if it had always been yours and distributions to you will begin when you turn 70 1/2.

3: You can move the funds to an IRA in your own name.This can be either a new account or an IRA that you already had in your name. If you are under the age of 59 1/2,any funds you take out of an account you own will be subject to the 10% early distribution penalty.The account is treated as if it had always been yours and distributions to you will begin when you turn 70 1/2.

4: Disclaiming: If you are fortunate enough not to need the IRA proceeds and your deceased spouse named contingent beneficiaries,you can disclaim the inheritance within nine months of the date of death and it will go to the contingent beneficiaries as a “Beneficiary IRA”with a special immediate required withdrawal schedule.This will be discussed in detail in a future column.

Whichever option you use,always be sure to name your own primary and contingent beneficiaries on the account you have inherited.Any required annual distributions that are missed will be subject to the 50% penalty and are reported on Form 5498 for the year the distribution was missed.


The bottom line? You choose the option that is best suited to your financial situation and goals.


For our free chart showing IRA, 401(k), 403(b) “Retirement Plan Limits,” call 978-777-5000, x146 or email dawillnow@unitedplanners.com. Contact us with IRA, 401(k), 403(b) questions.
Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.
Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #2


DEAR TOM: What Should I Do With My Old 401(k) and 403(b)?
ANSWER: This is one of the most frequently asked questions I answer. Many people have one or more 401(k) or 403(b) accounts with an old employer just sitting, and possibly not invested properly. So, what’s a better way to manage and invest that money? We all have four options.

Option 1: Roll over the accounts into a Master IRA
Possibly the best way to guarantee the stretch IRA for your spouse, children or grandchildren is to roll all 401(k), 403(b), and company plan funds over to a Master IRA. A designated beneficiary of an IRA can stretch distributions on the inherited IRA over their life expectancy. The stretch IRA is the most compelling benefit to the IRA rollover.
An IRA can more easily be coordinated with the overall estate plan than the other plans. IRAs offer the option of splitting accounts and naming several primary and contingent beneficiaries.
Within an IRA, unlimited investment options are available. You do not have to pick from a small number typically offered by the 401(k) or 403(b) plans. You can easily make changes that better fit your risk tolerance and retirement needs in the IRA.
Company plans may have restrictions on withdrawals. In an IRA you have immediate access to funds, regardless of age. Even if you are under age 59 ½, you can withdraw from your IRA. You’ll pay income tax and the 10 percent penalty, but you still have the ability to withdraw quickly.
The Master IRA is a way to consolidate all retirement funds and ease worry about required distributions from both the company plan and your other IRAs.

Option 2: Leave the assets in the company plan
Laws give federal creditor protection to IRAs in bankruptcy situations only, not for other types of judgments.
Leave your money in your company plan if you have large plan loans or you may need to borrow from the plan in the future. It may be a better idea to use an equity line of credit on your home, where the interest is a deduction.
You cannot buy life insurance in IRAs. Your company plan may be the only life insurance you can qualify for or afford. It may be costly to continue the insurance if you leave the plan.
If a plan participant is at least 55 years old when they leave a job and needs some cash, then the money should be left in the company plan and withdrawn from there. Distributions from a company plan will be subject to tax, but may not be subject to the 10 percent penalty.
State and local public safety employees can withdraw funds penalty free if the separation from service was in the year the employee turned age 50 or older.

Option 3:Roll the funds to your new employer’s plan If you have been laid off and are seeking new employment, you can roll it over to your new employer’s plan, and delay age 70½ required distributions while you are still working. This does not apply to IRAs.

Option 4: Take the funds now as a taxable lump-sum distribution
This may be the WORST decision if you want the money for a “someday” retirement.

The bottom line? You choose the option that is best suited to your financial situation and goals.


For our free chart showing IRA, 401(k), 403(b) “Retirement Plan Limits,” call 978-777-5000, x146 or email dawillnow@unitedplanners.com. Contact us with IRA, 401(k), 403(b) questions.
Source: Ed Slott and Company, LLC
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.
Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.

Ask The Expert #1


DEAR TOM: What is an IRA, 401(k) and 403(b)?
ANSWER: More than 10,000 baby boomers retire each day, and most have retirement savings in an IRA, 401(k) and/or 403(b) and have questions. As a 7-year member of Ed Slott’s Master IRA Advisor Group™, I have access to educational information that can help provide those answers. Email your question to ttriquier@unitedplanners.com and it may be featured in a future column.
As our first “Ask the Expert” question, I thought we would cover the best ways to set aside tax deductible dollars for retirement. IRA, 401(k), and 403(b) are retirement plans with tax benefits designed to help Americans save more money for retirement. A short review of each follows.

QUESTION: What is an IRA?
ANSWER: An IRA – or Individual Retirement Arrangement – is a way to save for retirement that allows you to make tax-deductible contributions and accumulate the money on a tax-deferred basis. Income tax must be paid upon withdrawal. The Individual Retirement Account is “a custodial account set up in the United States by written document for the exclusive benefit of you or your beneficiaries” (see IRS.gov and IRS Publication 590).
The IRA was implemented by a Congressional Act in 1974 – the Employee Retirement Income Security Act (ERISA). The IRA not only gives employees of companies without a pension plan a tax-advantaged retirement savings plan, it also offers a way to preserve the tax-deferred status of qualified plan assets when employment terminated through rollovers.
For pre-retirees focused on building retirement savings, the primary advantage of an IRA is the ability to defer paying taxes on the earnings and the tax-deferred growth of your savings until you take a distribution (withdraw money). A disadvantage is the tax penalty imposed on funds withdrawn before you reach age 59.5 years.
Although the Economic Recovery Tax Act of 1981 made IRAs universally available to workers under age 70.5, not everyone is eligible to open an IRA account due to eligibility restrictions based on income or employment status.
There are various types of IRAs, each with its own tax implications and eligibility requirements. A Roth IRA also allows your money to grow tax-free, but it is funded with after-tax dollars. Although contributions are not tax-deductible, these accounts can provide greater flexibility than traditional IRA accounts. There are other types of IRAs that can be opened by small business owners or by those who are self-employed.

QUESTION: What is a 401(k)?
ANSWER: A 401(k) plan is only available through an employer-sponsored plan. It is a retirement savings plan offered by an employer that “allows eligible employees to make pre-tax elective deferrals through payroll deductions.” A particularly attractive added benefit in a traditional 401(k) is that “employers have the option of making contributions on behalf of participants” and can choose to match some or all of your contributions. (IRS.gov)
Your employer serves as the “plan sponsor” for the 401(k) and hires another company to administer the plan. You determine the amount or percentage of your salary you want to contribute each pay period. Through payroll deduction, these pretax earnings are sent directly to the company managing the plan for deposit into your account on your behalf. The plan administrator could be a mutual fund company, a brokerage firm or insurance company.
You are responsible for deciding how to invest your money among the options offered by your plan.

QUESTION: What is a 403(b)?
ANSWER: Like a 401(k), a 403(b) plan is a type of defined contribution retirement savings plan. Even though they are no longer restricted to an annuity and participants can choose to invest in mutual funds, you could still hear a 403(b) referred to as a tax-sheltered annuity. A 403(b) may be offered by certain non-profit and public education organizations, such as schools, churches, and hospitals. Eligible employees can defer pre-tax earnings to their 403(b) through payroll deduction and grow tax-deferred until the money is withdrawn from the plan. Distributions are taxed as income. See IRS Code 504(c)(3)

Rollovers into an IRA
For many participants in 401(k) and 403(b) plans, a rollover into an IRA could be the best decision because of the advantages offered by IRAs. This issue will be covered in our next “Ask the Expert” column.
For our free chart showing IRA, 401(k) and 403(b) “Retirement Plan Limits,” call 978-777-5000 or email ttriquier@unitedplanners.com. Also contact us with your IRA, 401(k), 403(b), 457, or pension questions.

The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice.
Keep in mind that current and historical facts may not be indicative of future results.

Securities and Advisory Services offered through United Planners Financial Services. Member: FINRA, SIPC. The Retirement Financial Center and United Planners are independent companies.