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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.

Ken and Sarah answer your questions

ask-fidelity-retirement-team

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.

Learn more about Ken and Sarah.

(603 Questions : 601 Answers)

Q&A for Answers to Customer Retirement Questions Category

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Answers to Customer Retirement Questions

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Withdrawals and Required Distributions (MRD)
 
1 answer

where do I find the RMD on my IRA?

Age: 65 or over
1 week, 4 days ago
by
 - Highlands Ranch, CO, USA
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A: 
Thank you for your question on the minimum required distribution (MRD or RMD) for your IRA.

You can access the MRD estimate for your account by logging on to Fidelity.com and going to the Retirement Distribution Center at Fidelity.com/RDC.

On that page you will see the estimated MRD for your account, and if you select “2015 Retirement Account Details” in the center section, additional information will be presented and you can see how that MRD was calculated. As long as all the details are accurate, then your estimate is correct.

If you decide you want the convenience of automating distributions of your MRD from your IRA each year, please consider enrolling in automatic withdrawals for the account. The link to enroll is also available on the Retirement Distribution Center.

Hope this helps.

Ken
1 week, 1 day ago
0
0
Q: 
How do I find documentation through the web site of any transactions (sales, exchanges) I've made in the past year?
Age: 55 to 64
2 weeks, 1 day ago
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A: 
Thanks for your question. This is pretty simple to do on NetBenefits®:
1. Log in to your account at netbenefits.com.
2. Select Transaction History from the Quick Links dropdown under your plan name.
3. This will take you to the Transaction History Overview page, where you’ll find links to the information you want.

Once there, you can select from a predetermined date range or a custom date range. You’ll also see a link providing instructions to download your transaction history.

If you need additional help or can’t find what you’re looking for, call your plan’s toll-free service center phone line and a representative can help you get what you need.

Good Luck.

Sarah
1 day ago
0
0
Age: 45 to 54
2 weeks, 1 day ago
by
 - Marysville, OH, USA
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A: 
Thanks for your question. While divorce by itself is not considered a hardship, the circumstances of the divorce could cause you to qualify for a hardship withdrawal. The following six items are considered by the IRS as acceptable reasons for a hardship withdrawal:
• Unreimbursed medical expenses for you, your spouse, or dependents
• Purchase of a principal residence
• Payment of college tuition and related educational costs such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents
• Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence
• Funeral expenses
• Certain expenses for the repair of damage to your principal residence

Keep in mind that hardship withdrawals are subject to income tax and, if you are not at least 59½ years of age, the 10% early withdrawal penalty. You do not have to pay the withdrawal amount back. A hardship withdrawal can have a significant impact on your retirement assets and could force you to make changes to your overall retirement plan. I suggest you call your plan’s toll-free service center phone line and discuss your situation with a representative who is familiar with your plan’s specific rules and who can discuss potential alternatives to a withdrawal.

Sarah
1 day ago
0
0
Q: 
can my cash amount go straight to rollover account I have set with Fidelity without taxes
Age: 55 to 64
2 weeks, 2 days ago
by
 - Arlington, TX, USA
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A: 
Congratulations on your approaching retirement, Butch. When you leave TRS you can select a “Direct Rollover” for the funds in your workplace plan. In a direct rollover, your assets are generally sent directly to your IRA, or a check may be mailed to you. If your company needs to send you a check for the direct rollover, it will be made out to Fidelity for the Benefit of you. All you need to do in this situation is deposit the check to your Fidelity account (your IRA). In a direct rollover, no taxes are withheld from the transfer amount.

If, for some reason, you do not select a direct rollover and a check is mailed to you in your name, the plan will automatically withhold 20% in income tax. In this situation, you can still deposit the money to your IRA and replace the 20% withheld from other assets you may have. When you file your federal income taxes for the year this occurred, you’ll be able to account for the 20% already withheld.

To make sure your rollover is processed correctly it’s a good idea to call Fidelity to start the transaction.

As you’re only a few months from retirement, you should also make sure you have a plan to create a cash flow in retirement. A well-developed retirement income plan will help you determine which assets to use first, how your money should be invested to maximize income and provide the opportunity for growth, and make sure your cash flow lasts as long as needed.

Fidelity offers a variety of resources around cash flow planning for retirement. You can use one of the tools available online at https://www.fidelity.com/calculator..., or you can call 800-343-3548 and a Fidelity retirement representative can help you create a plan that meets your needs and goals.

Thanks and good luck with your retirement!

Sarah
1 day ago
0
0
Age: 55 to 64
2 weeks, 3 days ago
by
 - new mexico
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A: 
Thanks for this great question, Frankie. The decision regarding when to start drawing Social Security payments can be a difficult one and really depends on your overall financial situation. It is generally preferable to wait as long as possible to start receiving Social Security, since the longer you wait, the higher your benefit will be, but it isn’t always possible.

Fidelity offers a Viewpoints article on when to begin taking Social Security that you can read by going here: https://www.fidelity.com/viewpoints.... This decision should be made in the context of a retirement income plan which will help you determine which assets to use first, how your money should be invested to maximize income and provide the opportunity for growth, and also how to make sure your cash flow lasts as long as needed.

Fidelity offers a variety of resources around cash flow planning for retirement. You can use one of the tools available online at https://www.fidelity.com/calculator... or you can call 800-343-3548 and a Fidelity retirement representative can help you create a plan that meets your needs and goals.

Sarah
1 day ago
0
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