401K After Retirement

[UPSBOT]

My retirement day is June 28, 2012. I'll be 52. Now, my question is, how many of you left your 401K with Prudential? I had planned to do a rollover thru my Financial Planner. I would appreciate any thoughts.

 

[pretender]

My retirement day is June 28, 2012. I'll be 52. Now, my question is, how many of you left your 401K with Prudential? I had planned to do a rollover thru my Financial Planner. I would appreciate any thoughts.

I am in the process of preparing for retirement also, this November. Since you are only 52, do you think that you will need to tap any of the funds in your 401K in the next 7 years? You are allowed to make a one time withdrawal from a 401K, so you will need to do that before you do the rollover to an IRA through your financial planner. Also, if you do make a withdrawal, consider waiting until next year, when you will be in a lower tax bracket.

 

[UPSBOT]

I am in the process of preparing for retirement also, this November. Since you are only 52, do you think that you will need to tap any of the funds in your 401K in the next 7 years? You are allowed to make a one time withdrawal from a 401K, so you will need to do that before you do the rollover to an IRA through your financial planner. Also, if you do make a withdrawal, consider waiting until next year, when you will be in a lower tax bracket.

No I do not plan on touching the money until after age 60.

 

[Benben]

Wait untill the new law goes into effect later this year. The Fees Disclosure Statement is going to be a real Come-to-Jesus moment for everyone.

 

[pretender]

Wait untill the new law goes into effect later this year. The Fees Disclosure Statement is going to be a real Come-to-Jesus moment for everyone.

Details?

 

[UPSBOT]

Wait untill the new law goes into effect later this year. The Fees Disclosure Statement is going to be a real Come-to-Jesus moment for everyone.

I'm listening.

 

[Benben]

Regulations 404 and 408. We should get the info by August 30.

 

[Jones]

Wait untill the new law goes into effect later this year. The Fees Disclosure Statement is going to be a real Come-to-Jesus moment for everyone.

[h=1]Your family is probably losing $155K from 401(k) plan, and why new rules won't help[/h]

 

[oldupsman]

Bot, I did exactly what you're asking. My financial planner was with Wells Fargo. I had another IRA with her there. Besides my 401k I also had a good chunk of UPS stock. I had never touched my thrift plan from day 1 so when we were allowed to buy UPS stock (was it 96?) I turned my entire thrift plan into UPS stock. When I retired I had it all transferred to my planner at Wells Fargo. Oldupsman's mind is starting to go but I don't remember it being all that difficult. My planner helped me with the process. Just the usual paperwork B.S.

 

[Catatonic]

Thanks sweat. I always tried to help a young guy out when I saw he was struggling. Almost all of them were grateful for the help. Once in awhile I would get one who didn't want to be bothered so I would keep my distance. But whenever I was asked I was glad to give advice. I think most of it was worthwhile.

Bot, I did exactly what you're asking. My financial planner was with Wells Fargo. I had another IRA with her there. Besides my 401k I also had a good chunk of UPS stock. I had never touched my thrift plan from day 1 so when we were allowed to buy UPS stock (was it 96?) I turned my entire thrift plan into UPS stock. When I retired I had it all transferred to my planner at Wells Fargo. Oldupsman's mind is starting to go but I don't remember it being all that difficult. My planner helped me with the process. Just the usual paperwork B.S.

And I see you keep on offering advice to those not as experienced.

Notice I did not say "as old"!

 

[Ernesto Romero]

I think you should take a look at other Ira 's who are doing much better than limited companies at pduderntial...check morningstar.com ...that s a good start...

 

[Ernesto Romero]

Is anybody aware of the fees charge when you transfer from one company to another inside our 401k. ...I think it is 2% of the amount to transfer...is it a fact?

 

[packageguy]

My retirement day is June 28, 2012. I'll be 52. Now, my question is, how many of you left your 401K with Prudential? I had planned to do a rollover thru my Financial Planner. I would appreciate any thoughts.

yes still with prudential, so far I made good moves,

 

[raceanoncr]

My financial guy wanted to roll over my Prudential. He GUARANTEED he could do better. I showed him the latest statement, with expense ratio cost of, on average, about 0.003. Annual fee of about $25. He said he was wrong. He couldn't touch this.

After two yrs of retirement, I'm still in Prudential with no plans to touch until I have to, at age 70 1/2.

 

[Jones]

My financial guy wanted to roll over my Prudential. He GUARANTEED he could do better. I showed him the latest statement, with expense ratio cost of, on average, about 0.003. Annual fee of about $25. He said he was wrong. He couldn't touch this.

After two yrs of retirement, I'm still in Prudential with no plans to touch until I have to, at age 70 1/2.

Smart man, a lot of folks might just look at returns and think they could do better. Our expense ratios are crazy low, you can't beat them on the open market even in a big index fund.

 

[brownmonster]

My financial guy wanted to roll over my Prudential. He GUARANTEED he could do better. I showed him the latest statement, with expense ratio cost of, on average, about 0.003. Annual fee of about $25. He said he was wrong. He couldn't touch this.

After two yrs of retirement, I'm still in Prudential with no plans to touch until I have to, at age 70 1/2.

So many people have 401k money they don't touch. I plan on taking income out of mine as soon as I retire. That's why I saved it.

 

[Catatonic]

So many people have 401k money they don't touch. I plan on taking income out of mine as soon as I retire. That's why I saved it.

If you need it, that's fine.
Most people try to delay the withdrawal of their 401 k so it can continue to increase in value tax free.

 

[UpstateNYUPSer(Ret)]

So many people have 401k money they don't touch. I plan on taking income out of mine as soon as I retire. That's why I saved it.

If you need it, that's fine.
Most people try to delay the withdrawal of their 401 k so it can continue to increase in value tax free.

I agree with Hoke. If you can afford to leave your 401k alone until you have to start taking withdrawals (70 1/2) it will continue to build value tax-free. My plan is to use my pension to pay my bills and my SS (62) for "fun money".

 

[moreluck]

I think "tax-free" is a deceiving term.
The 401K money is not taxed.......but as soon as you withdraw any, for any reason, it's taxed as ordinary income.
Not tax free, but maybe tax delayed.

 

[raceanoncr]

I think "tax-free" is a deceiving term.
The 401K money is not taxed.......but as soon as you withdraw any, for any reason, it's taxed as ordinary income.
Not tax free, but maybe tax delayed.

Agreed, and with, hopefully, a lower tax rate.

While working, I was in 35%, now in 15%.