Do Not Cash Out Your 401(k) Account

This message is for baby boomers who have not retired and in particular for those who have not reached 59  1/2 years of age.

Stop cashing out those 401(k) accounts! Read more

Retirement Plan Hardship Withdrawals

One of the worst financial decisions a baby boomer can make is to raid a tax-deferred retirement account such as an IRA or 401(k) to pay for non-retirement expenses. I like to call these early withdrawals “retirement plan leaks” although sometimes they are more like floods! Read more

Simple Retirement Nest Egg Recovery and Repair

Positive economic signs are emerging. Now is a good time for baby boomers to consider moves to repair our retirement nest egg and allow it to recover from the damage it suffered in 2008-2009. Sometimes the simple and back to basics strategies are the best. I like to make lists of strategic and tactical options and review them. So here goes. Read more

Shielding Retirement Assets from Creditors

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

Update Beneficiary Designations in Retirement Plan Documents

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.  
Read more

How to Find Ratings and Information for Your 401(k) Plan

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

My Two Step Plan for Guaranteed 50% Investment Returns

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

IRA, 401(k), and HSA Contribution and Funding Limits for 2009

Now is the time for baby boomers to consider and finalize plans for funding their retirement plans for 2009.  I have thought about a variety of issues related to these funding decisions.

First, analyze your options if your employer has stopped matching 401(k) contributions. Read more

What if Your Employer Stops Matching 401k Contributions?

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

Minimum Distributions from Retirement Plans Still Required for 2008

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