What can you do for a client that wants to retire at 58 but has all her funds in 401K or IRA? Looked @ 72T but based on the highest of the 3 calculation methods it will only produce 1/2 income needed.

like
Posting as :
works at
You are currently posting as works at

Really that’s a situation where if they don’t have the plan to go back to work or draw future income, I’ll advise against retirement. With Medicare not coming until 65...what’s their plan for health insurance and coverage?

like

She only has 1.5 years until age 59.5 when penalty disappears. She qualifies under the 401k Age 55 Rule where penalty doesn’t apply to distributions taken from 401k assets. If her plan doesn’t permit partial withdrawals after terminating, then she needs to plan ahead to withdraw from her 401k what she needs for the next 1.5 years and rollover the balance to her IRA.

likesmart

Split the IRA and just take the penalty.
Or if they can charge things on a zero (or low) interest credit card or live off of a home equity line of credit...then after they turn 59.5...can pay it off.

like

She could do separation-of-service distributions but that is very restrictive on her income from the 401k and as previously mentioned what will she do for medical expenses before she reaches 65?

like

Rule of 55 on 401k

like

No is a powerful word.

like

Trying to avoid 10% early withdrawal penalty and need more income than 72T will provide. Ideas?

Related Posts

Hi All, I am having 2.6+ experience in DevOps production support project. Can anyone please refer me.
Currently I am looking for change and having Notice Period : 90 Days

like

What is the benefit of investing in mutual funds such as VTSAX over a similar ETF other than reoccurring investments that allow you to set it and forget it? Is that why people choose them?

like
like

Hello fishes,
How is shell project in cgi? How is the wlb in that project?

like

I just received an offer to lateral into banking. How does independence affect the stocks I currently own? If I join and my stocks are on a restricted list will I have to sell them? Or will I be limited to being unable to buy more/sell any during the course of my employment.

likeuplifting

So what percentage of your income do you spend on housing?

Post Photo
like

I joined capgemini 15 days back still I did not get any project. Shall I obscand or resign any suggestions please

like

Does anyone have any connections or referrals for a healthcare travel recruiter company? Looking at Aya, AMN, MedTravelers but open to others!

like

LA: after months of layoffs and salary reductions, we are back! Looking to hire a rockstar LA-based Project Manager at our small independent agency. Projects vary from photoshoots to retail to branding/strategy. Looking for mid to senior level. Diverse candidates encouraged to apply! PM me for details.

like

Name the most ridiculous micro-managing by partners that you experience.

I’ll go first: MP told me that on initial emails, I am always to start with “Hello [name],” but after the initial email, I am not to address her by name again in the same thread. Initial greeting can only be “Hello [name] ” because just first name is too brisk and a “Hi [name]” is too informal. Had a 5 minute, in depth conversation as to why she prefers it this way…

likefunny
like

Hi,
I got selected in another company and they want me to join in 30 days. But in TCS notice period is 90 days. I am in client billing. Will TCS has a buyout option? Or will they reduce my notice period to 60 days?. Any ideas plz

like

What is the average salary of a project Engineer mechanical with 0-1 year of experience and with a Masters degree ? Talking about European countries precisely Nordic counties .

like

6 months pregnant and just laid off. And 40% of my severance was just taken in taxes .. I just spoke with paid family leave and I no longer qualify even though I had been paying into the program (thanks NY).. I already applied for unemployment but doctors are telling me I’ve got 10-14 weeks left in this pregnancy.. so stressed having twins and being unemployed, no maternity leave, no paychecks coming in, and I’ve been applying but not a single interview.. just ugh. 😭

like

Hi all,

I work as a membership manager in a tech-related, non-profit startup.Main tasks are taking care of members activities (newsletters, webinars, surveys, CRM - but not directly sales) and at the same time I am kind of a IT project manager without IT background, I design with an IT agency members experience with different tools (members platform, crm workflows etc). How could I boost my career towards the IT project manager role?

likesmart
like

Hey all I am in the process of quitting Deloitte to move to salesforce in a month. Anything I must keep in mind while leaving ? Like using up subsidies and benefits before the year ends?

like

If you had to guess when oncycle will be, what would you say? I’ve heard funds were disappointed by participation rates and quality last time, so I’m curious to see if they can show enough discipline to wait this year.

like

Looking for a new HR opportunity in the Madison, WI area, or remote work. Any leads out there? 19 years experience, SHRM-SCP certified. Tons of employee relations, talent development, benefits, payroll, experience! Still growing in comp administration, and enjoying aligning people strategies to organizational goals and objectives.

like

What are your thoughts of consultants and auditors doing client work in a coffee shop, using said coffee shop’s wifi?

More Posts

What are your thoughts on SF belts?

Post Photo
like

Few tips to improve your visual design skills

- Learn Typography: Typography is essential because 60-70% of user interfaces are about written content displayed in a meaningful way.

- Learn Layout and Composition: You don’t need to be pixel perfect, but if you place labels 10px above inputs, you must do that consistently across your whole design.

- Learn Color: Color doesn't need to be complex. Understand how colors interact with each other and learn how color can set moods.

like

Have a portfolio presentation interview with CEO for a Graphic Designer position.

Can someone please send me any referral links or youtube video to practice?

like

Anyone who transferred to UK or any other country from India from RWE pod ?

likesmart

Hi all,
I am currently serving my notice period and actively looking for better opportunities.
I already have 2 years of experience in python and Deep learning. I have also done my Master's in Artificial Intelligence specialization and have strong knowledge in Machine learning, NLP, and Computer Vision.
Do let me know if anyone can refer me to the above-mentioned profile. I would be open to having a conversation to discuss further for any open position. I look forward hearing from you.

like

You're seen as a"job hopper" and decide no matter what, you're committing to this new job for at least two years. feeling super dedicated no matter what. Then they start making you do illegal sht.

like

Hi all, anybody looking for a flatmate to move around 1st week of April in Pune?

like

Hi
Currently I'm staying in Amanora Park Town.
Can anyone please give me contacts for good dance class around?

like

Hi everyone

I am looking for single occupancy near Pune office - ITPP/Kharadi
Will be shifting by Dec

like

Best bars to hit downtown for a bday?

like

🌟What's Happening Wednesday!🌟 Use this thread to share fun events, shows, concerts, activities, and anything else that's happening around the city this weekend!

like

What types of lit mid law or boutiques are better WLB than big law? Is this even a thing or just a myth?

like

Do anyone know about any HR ops vacancy?

like

How much does ibm give in glasglow onsite to 7A ?

like

My firm doesn’t match my 401k — still worth opting in?

like

I am looking for a job in Bosch Global Software Technologies.
I applied through Linked in and their career page but I am not getting any response.
It’s more than 3weeks.
Should I consider I am not selected?

like

What is the range in which Fidelity pay a Programmer with 2 YOE, my current CTC is 8 LPA and I have an offer of 13 LPA in my hand, what is the Max amount I can ask from Fidelity HR?

like

Hi All ,
Can anyone please suggest which one to choose from cognizant, Coforge, Magic edtech for noida location on Java stack for better WLB and long term stability.

Thanks!

Does anyone have tips to get rid of eye bags ? Since I’ve started working they are getting worse. Mine are on the darker side and they are not puffy. I’m 26F. I’ve tried some eye creams and serums but I don’t see any results…

likehelpful

Additional Posts in Financial Advisors

Anyone ever gone to their BD and ask to spin their RIA business off to where the BD no longer takes a cut? I'm sure it's not a great conversation but it's better than the BD losing it all.

like

Do you dress up to go into the office?

like

Any ideas for creative ways to prospect to large numbers of people that require little to no overhead? I’m thinking seminars or workshops that don’t require paying for meals, mailers, or ads.

likefunny

What types of insurance do you believe are important for a financial plan, and why? (disability, ltc, etc)

like


CFP study programs:

I'm a little confused on Danko - does he offer a self-study option for the coursework requirement? On his website it looks like each module has a 4-day virtual class which I wouldn't be able to attend due to working full time. Does this program also include self-study material, and the classes are just supplementary/optional? I was also looking at Dalton for self-study and Danko for test prep. Thoughts?

TIA

like

How do you get comfortable eating alone at a restaurant?

like

Is anyone here a CKA as part of the Kingdom Advisors? Any thoughts? How many leads do you typically receive per month? Is it worth the cost?

like

I'm considering hiring someone who may be required to have a series 65. How long should it take someone who is (a) smart & (b) no industry knowledge to study and pass?

like

I do not prospect. I open accounts while slamming a revolving door.

like

What’s the biggest point of pain for you Indy’s, that tech or other services hasn’t fixed yet?

like

Does anyone think there is long-term viability in Cryptos?

like

Anyone tried meditating and found it helpful to deal with work stress (or just stress in general)?

like

Does anyone know if the 10% penalty and if taxes are waived on a death of a beneficiary? A friend of mine’s 17 year old pass away. I was wondering due to the circumstance, is there any way he can get around paying extra money by doing a 1035 exchange, rollover, withdrawal. Anything out there? Suggestion are welcome.

CFP thinking of taking a few month career break to search for a new position. Need a recharge and to reevaluate, not to mention time to search. Would this be a mistake? Thanks

like

Clients I found = 99% retention, assumed/ adopted clients = 75%. True?

like

Question for my 401k focused advisors out there--what programs are you using that is instrumental to your 401k practice that you simply can't do without? I'm being pitched on Envestnet & im not sold.

like

Anyone know where/how to go about getting L/VL/VA CE credits form insurance carriers? Anyone have some specifics?

like

It's March, and I have done a lot of seminars in Jan and Feb. I've gotten a few clients but would like to increase AUM drastically! Any books, sites or advice on what I can do for marketing?

like

I have a client who needs a 401k, or a solo retirement account w loan options. When I was at UBS/Ameriprise, it was no issue but now it seems tougher to find a firm that does solo 401k as a RIA's.

likehelpful

How to politely reject a job offer after going through interview process? I don't want to burn bridges but I got the position I wanted elsewhere. Thoughts?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal