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Ask Fidelity

We know saving for retirement is a top priority for many investors. No matter where you are in the planning process, you may have questions. We can help. Check out the questions we've already answered, or if you're a Fidelity customer, submit your own. We'll post replies to selected questions on a weekly basis.

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For more than 60 years, through all kinds of market conditions, Fidelity has been helping people like you pursue their financial goals. Ken Hevert and Sarah Walsh, who lead our Ask Fidelity team, have spent decades helping investors understand retirement strategies. They can help put Fidelity’s expertise to work for you.

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(707 Questions : 706 Answers)

Q&A for Answers to Customer Retirement Questions Category

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Answers to Customer Retirement Questions

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Rollover and Transfers
 
1 answer

How do I roll over roth 401K to Roth IRA

by
 - Flower Mound, TX, USA
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Q: 
I have a roth IRA account in fidelity. Currently I got a check from my previous roth 401k account and I would like to roll over to my fidelity account. Please let me know how can I forward the check.
2 weeks, 4 days ago
by
 - Flower Mound, TX, USA
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0

Answers

A: 
Hello Hoa,

Thank you for your question. There are a few ways that you can complete your rollover. You can make a deposit using a mobile device, mail the check to us, or you can bring the check to your local Fidelity Investor Center.

First, if you have a smart phone or tablet, you can download the Fidelity Investments application for free. Once you log on to the app, which is done using the same username and password you’d use to log on to Fidelity.com, you can select to deposit a check using our mobile check scan capability. A list of your accounts will appear; select the Roth IRA you’d like to deposit your funds into and then indicate that this is a rollover deposit. From there, you can sign the check, scan the front and back of it and it will be deposited, as a rollover, into your Roth IRA.

If you’d prefer to deposit the check via the mail, you can send it to one of the following addresses, including a note with it as to which account you’d like it deposited into and that it represents a rollover from a Roth 401(k):

Regular Mail:
Fidelity Investments
ATTN: Direct Rollovers
PO Box 770001
Cincinnati, OH 45277-0037

Overnight Mail:
Fidelity Investments
ATTN: Direct Rollovers
100 Crosby Parkway KC1H
Covington, KY 41015-0037

Finally, you can also deposit the check by visiting one of our Investor Centers. A representative in any of our branches would be happy to assist you. You can locate the Investor Center closest to you by visiting the following page on Fidelity.com: https://www.fidelity.com/customer-s...

I hope you find this information helpful.

Sarah
6 days ago
0
0
Q: 
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.
Age: 65 or over
2 weeks, 5 days ago
by
 - California, USA
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A: 
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
6 days ago
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0
Q: 
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?
Age: 65 or over
2 weeks, 5 days ago
by
 - Whitewater, Wi
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A: 
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
3 days ago
0
0
Open and Contribute to IRAs
 
1 answer

Buy an IRA for my daughter

Q: 
How do I buy an IRA for my daughter using my stock funds as source?
3 weeks, 2 days ago
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0

Answers

A: 
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
1 week, 6 days ago
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0
Withdrawals and Required Distributions (MRD)
 
1 answer

Should I be taking money out of my 401 or just take a loan?

Q: 
College expenses and monthly bills.
Age: 55 to 64
3 weeks, 6 days ago
by
 - Denver, CO, USA
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A: 
Hello Eddie,

Thanks for your question. This decision is really a personal choice based on each person’s unique circumstances. But I can help by providing you with some information to consider.

It’s generally not advisable to withdraw from your 401(k) for things like college expenses or monthly bills unless it’s your last resort. These are funds you’ve set aside to replace your income, in total or in part, throughout retirement.

As I mentioned in the beginning though, each of us has unique circumstances that can, and often do, dictate which options are available. If you need to access funds in your 401(k) and your plan allows for a loan, that may be a better option than an outright withdrawal.

Typically, you may be able to avoid paying taxes or penalties on a loan from a 401(k), as long as you pay the money back within the repayment schedule that’s agreed upon. An outright withdrawal would trigger income taxes, as well as penalties if you are under 59½ years old, reducing the actual amount of money in hand when the transaction is complete.

You might find some helpful information in this Fidelity Viewpoints® article on 401(k) withdrawals: https://www.fidelity.com/learning-c...

If you still have questions, I’d invite you to contact one of our representatives at 800-343-3548 who can further assist after learning more about your needs.

I hope you find this information helpful.

Sarah
4 days ago
0
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