Our retirement assets are down but should not be forgotten. Depleted or not, there are plenty of folks out there who would like to have them. That includes creditors. So what kind of protection is available for retirement accounts from the claims of creditors? [Read more…]
Many members of the baby boomer generation are experiencing significant and perhaps abrupt transitions in their family status. Their children have left home to lead independent lives. Spouses have retired or perhaps even moved on to become ex-spouses. Changes in boomer families can create a need for changes in your retirement plan documents.
I came across a new online resource this week for finding information and ratings about employer 401(k) plans. The site is BrightScope. Apparently, the publisher of BrightScope has accessed company 401k records from the Department of Labor, the Securities and Exchange Commission, the U.S. Census Bureau, the Equal Employment Opportunity Commission, and the Bureau of Labor Statistics. [Read more…]
No, my last name is not Madoff and this is not a Ponzi scheme or infomercial. Mr. GoTo just wants to point out – in very simple terms – that for many baby boomers there are still some options out there for getting a great return on money invested for retirement. Here is my “two step” plan (not to be confused with those goofy “three step plan” commercials that are all over the airways): [Read more…]
First, analyze your options if your employer has stopped matching 401(k) contributions. [Read more…]
It is unfortunate to read about so many businesses cutting costs by reducing or eliminating the match of their employees’ 401(k) contributions. This is a particularly devastating blow to the retirement plans of baby boomers who have been depending on the employer match to rebuild dwindling 401k account balances. [Read more…]
Congress recently passed legislation waiving required minimum distributions (RMD) from an IRA, 401k plan, and other qualified retirement plan for 2009. Based on that, some retirees age 70 1/2 and older who are subject to RMD rules waited to see if the Treasury would apply the RMD waiver for 2008 as well.
On December 18, the Treasury announced that the Required Minimum Distribution rules would apply for 2008. [Read more…]