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  • Answer count
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    April 2, 2013
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    February 4, 2016
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AskKen's Answers
1 2 3 4 5 ... 35 next>>
 

if i re-enter the workforce at age 68 and earn 30-40000 annually?

in addition to SS of 20400 and stop drawing on my Fid ira funds, what will be the affect on my wife's SS benefits of 9600 (age 62 starting benefits of 800 month 1/2016). she also has WIEFT pension of 10000/yr. my benefits should not be affected, however my earnings could affect her benefits?
Thank you for your question about working while collecting Social Security benefits. If you decide to go back to work at age 68, it will not affect your Social Security benefit amount. Starting with the month you reach full retirement age, which is 66 for you, there is no limit on how much you can earn and still receive your benefits.

The Earnings Test, which is the maximum amount you can earn before benefits are withheld, only applies to a person taking a Social Security benefit before full retirement age, and having earned income at the same time.

If your wife is receiving a benefit based on her own work record, it will not affect her benefit if you return to work. If her benefit is based on yours (a spousal benefit), it will also not be affected by the Earnings Test because you are over full retirement age. The nature of your wife’s pension, however, could affect her own benefit or her spousal benefit, if her pension is a non-covered pension (from a job where she didn’t pay Social Security taxes). But it will not affect your benefit.

Decisions regarding Social Security can be complicated, so I hope I’ve answered your questions. You may find some additional helpful information in this article on “Social Security tips for couples”: https://www.fidelity.com/viewpoints...

Ken
1 week, 1 day ago
by
AskKen
 

How do I set up a systematic sale from the mutual funds in my account.

I was able to set up systematic investments (monthly) when I initially established the account. I now want to systematically sell (withdraw) on a monthly basis but I can't seem to do that on your web site.
Thank you for your question on setting up systematic withdrawals from your Fidelity account. We do have an automatic withdrawal feature that you can enroll in online at Fidelity.com. You can find information about automatic withdrawals, as well as instructions for enrolling in the plan, on this page: https://www.fidelity.com/cash-manag...

If you are 70½ or older and need to begin taking minimum required distributions (MRDs) from your retirement accounts, automatic withdrawals can simplify this process for you. Fidelity will automatically recalculate your MRD each year, and distribute that amount based on your instructions. If you have any additional questions about automatic withdrawals, you may speak to a Fidelity service representative at 800-544-6666.

Ken
1 week, 3 days ago
by
AskKen
 

My wife will have her 70th birthday on July 1, 2018. Can she contribute to an IRA that year?

I am asking because the answer depends on whether the IRS counts days or months. By month, it would be January 1, by days, January 1 will be 184 days after July 1, i.e. more than half a year.
Thanks for your question. Since your wife’s birthday is on July 1st, she will not reach age 70½ until six months after that date, on January 1st, 2019. So she can contribute to an IRA in 2018. Even after age 70½, you can make a contribution to a Roth IRA as long as you still have earned income and otherwise qualify for a contribution to a Roth IRA. You can find more information on the rules for contributing to a Roth IRA here: https://www.fidelity.com/retirement...

Ken
1 week, 4 days ago
by
AskKen
 

Buy an IRA for my daughter

How do I buy an IRA for my daughter using my stock funds as source?
Thanks for your question, Sinclair. Opening an IRA for a child is a great way to teach them the habit of saving, and the value of compounding interest! A Roth IRA is a particularly good idea because you pay today’s tax rates on contributions, and your child will not likely be in a lower tax bracket than she is today.

We do offer a Roth IRA for minors, and information about it can be found here: https://www.fidelity.com/retirement... Keep in mind that your daughter needs to have earned income in order to contribute to an IRA, and contributions to the account can’t exceed what she makes annually in qualifying income, or $5,500, whichever is less.

Also, to answer your original question, you can only deposit cash into an IRA; you cannot transfer stocks. If you have questions about whether or not your daughter is eligible to contribute to an IRA, we suggest consulting with a tax advisor.

Ken
2 weeks, 4 days ago
by
AskKen
 

Fidelity Freedom Fund Peerformance

I turned my old 401K into an IRA with one of your competitors in January 2015. The Fidelity rep was going to put it into the Fidelity Freedom Fund. Can you tell me how much has that fund returned YTD in 2015?
Hello James,

Thank you for your question. The Fidelity Freedom® Funds, also called target date funds, are designed for investors who know the approximate year they will retire. The fund allocations become more conservative as the retirement date approaches. Fidelity.com is the best place to locate any and all information regarding our Freedom Funds. We have a number of target date funds to choose from, depending on your year of retirement. You didn’t specify which one you were considering, but I can still help you.

The next time you’re on Fidelity.com, go to this page: https://www.fidelity.com/mutual-fun...

You’ll be able to read some introductory information on our Freedom Funds. Then you can select the blue button on the top right side of the page labeled Search Now. A list of all Freedom Funds will come up on the subsequent page and you can view the year-to-date returns and other details about each fund.

I hope this information is helpful to you. Thanks again for your question.

Ken
3 weeks, 2 days ago
by
AskKen
 

I just retired January 05,2016 from St.Luke's Regional Medical Center; I would like forms to roll over my retirement funds

Hello Marina,

Thank you for your question. I’m happy to help guide you on how to roll over your retirement plan from your former employer to a Fidelity IRA. First though, congratulations on your retirement!

In order to roll over your retirement savings from the plan, your first step should be to contact their plan administrator directly. The plan may require forms to be completed on their end, or your status as being retired may be updated with them and they may allow you to initiate the rollover with just a phone call.

We can provide you with help in completing this process if you need it, including calling the plan administrator with you to initiate the rollover. Opening your IRA can be done easily online, and our rollover checklist linked below outlines the process of rolling over a retirement plan. Also, from the rollover checklist page, you can navigate to our online tracker for rollovers that can further help you complete the rollover. https://www.fidelity.com/retirement...

Thank you again for your question. I hope you find this information helpful.

Ken
3 weeks, 3 days ago
by
AskKen
 

post retirement 401k

I am retiring at the end of this calendar year. I plan to leave my 401k where it is with Fidelity..

how do I continue to put in the maximum annual contribution once it is no longer payroll deducted?
Hello Oscar,

Thank you for your question. Typically, once you’re no longer employed with a company, you cannot continue contributions to that firm’s retirement savings plan, like a 401(k). Contributions to a 401(k) can only come from active participants still employed with the company. In order to contribute, you need to have earned income, so unless you’re going to continue working elsewhere as you transition into retirement, you cannot contribute to a workplace-sponsored plan. Income from your savings isn’t considered earned income. If you retire from the firm you currently work for, and decide to work part or full time at another company, you may be able to begin contributing to their retirement savings plan if they offer one.

You can also consider opening an IRA, if you don’t already have one, and contributing the maximum amount to that account. Contributing the maximum amount to a Roth IRA will continue to depend on what level of earned income you have, although Traditional IRA contributions are not limited by annual income. To learn more about IRA contributions and deadlines, go to this page:
https://www.fidelity.com/retirement...

I hope you find this information helpful.

Ken
3 weeks, 3 days ago
by
AskKen
 

Can I transfer onership of my IRA to my younger wife to defer the date of my RMD?

Hello Mark,

Thanks for your question. Individual retirement accounts, or IRAs, are just that—accounts designed to be owned by one individual. The IRS only allows transference of IRAs due to death or divorce, so you will need to start taking minimum required distributions (MRDs) from your IRA beginning in the year you turn 70½ years old.

There are some income strategies that might be helpful to you before you turn 70½, such as converting some of your IRA to a Roth IRA before you start MRDs, or buying a Qualifying Longevity Annuity Contract (QLAC) to defer MRDs on a portion of your IRA balance.

Please consider calling Fidelity to discuss your situation.

Ken
3 weeks, 3 days ago
by
AskKen
 

Why is 2016 not included when using the MRD Calculator?

Thank you for your question about using the MRD Calculator on Fidelity.com to get an estimate of your annual minimum required distribution (MRD).

First, access the MRD Calculator here: https://web.fidelity.com/mrd/applic...
Then, enter the information for your retirement balance, as well as the month and year of your birth, and select Submit at the bottom of the screen. The 2016 MRD should appear at the very top under the words “Minimum Required Distribution Results.”

The amount shown after “Your 2016 MRD amount is:” will be based on the information you entered in the calculator.

Please contact us if you have difficulty finding this information or have any other questions.

Ken
1 month ago
by
AskKen
 

Roth conversion reversal

I converted too much in 2015 from my rollover IRA to my Roth IRA (both with Fidelity). Can I put some of my converted amount back?
Hi Elizabeth,

Yes, you can move some or all of your converted amounts back to the original Rollover IRA for any reason through a process known as recharacterization. The deadline for recharacterizing Roth contributions is generally October 15 if you file your federal income tax return (or file for an extension) on time.

To learn more about how this works, you can review this Fidelity Viewpoints® article: https://www.fidelity.com/viewpoints.... The article also contains a link to the online recharacterizaton process.

Please note that the recharacterization process can involve calculating your earnings (or losses) on the amount you want to take out of the Roth. You may want to consult with a tax advisor on this matter.

Thanks for your question.

Ken
1 month, 3 weeks ago
by
AskKen