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 we are going to answer:
1. Carlos asked… I’m 63, I have a 401k and my employer matches 6% which I am taking advantage of. I have an IRA policy that I have had since 2015. Can I roll over my IRA into my 401k? I plan to work until I’m 70.
2. Stephen would like an explanation of the IRS 55 rule…. What are some of the advantages and disadvantages of taking distributions at age 55 rather than at 59 ½? Are there limits to the amounts you can withdraw?
3. Daniel asked… I’m retiring soon, and part of my retirement fund is a Roth 401(k). I plan to roll most of that into an IRA I have, but I’d like to use part of it to open IRAs for my 3 grandsons. Is that doable and would that be considered a gift and therefore non-taxable? Would it be better to create individual trusts instead, in case they need more flexibility to use the funds?
4. Maria wanted to know…Can you know exactly how much income you will have when you retire, for example, at age 70, including income from investments?
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