NEW HAVEN, Conn. (WTNH) — CT Style Reporter Natasha Lubczenko, welcomes “Money Wisdom” sponsored by Johnson Brunetti.

We’re teaching you smart ways to manage your money and here with expert advice is Eric Hogarth, Certified Financial Planner and Johnson Brunetti partner.

“Eric, today, we have some viewer questions regarding 401(k)s we are going to answer.”

1.       Debbie asked I am looking to purchase a home and use the 401(k) money that I received as a beneficiary. I will be 60 years old this August and I will be taking a large amount out…. what kind of tax penalty will I incur or how will I be taxed on this withdrawal?

2.       Pauline wanted to know…… I have a 401(k) retirement at my job. Can I move it to a Roth? My job doesn’t match any contributions.

3.       Jennifer asked… I am almost 56. I heard I should move my Money (401K) into a different account by a certain age? Is this true? I have two 401(k)s right now.

4.       Joe would like to find out…… We are thinking about using part of our 401(k) to pay off our mortgage balance. Which would be about 1/3 of our 401(k). I receive a monthly pension with an annual cost of living increase. We are both retired and have long-term care insurance. I am 65 and my wife is 64. Does this make sense?

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