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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.

(632 Questions : 631 Answers)

Q&A for Answers to Customer Retirement Questions Category

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Answers to Customer Retirement Questions

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Q: 
My wife and I both have 401k accounts that we contribute to. Can we both contribute $5500 to our IRA accounts and still claim it on our 2014 taxes? My wife is 55 and I'm 56 years old.
Age: 55 to 64
2 days ago
by
 - Glendora, CA, USA
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A: 
Thanks for your question. Yes, you have up until the tax deadline of April 15th to make your 2014 IRA contributions, and because you and your wife are over 50, your maximum contribution limit for both 2014 and 2015 is $6,500. Although it’s not too late to take advantage of any tax deductibility you qualify for on this year’s return, remember that the tax deductibility of a Traditional IRA contribution is dependent on your income. If you have any questions about whether all or part of your contribution will be tax deductible, you can use our IRA contribution calculator found here: https://scs.fidelity.com/products/m....

You can also call a retirement representative at 800-544-6666 who would be happy to answer any of your questions.

Ken
21 hours ago
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0
Q: 
In over words my MRD is going to be about 2300.00 a year and I make 20,000.00 thru S.S. So do I have to pay taxes on the MRD since my income can be up to 24,000.00 without paying taxes. Also I understand that the first year, which will be this year for me since my birthday is 5/30/45, I have until April 1 of 2016 to withdraw that 2300.00? Can withdrawals be monthly or quarterly?
Age: 65 or over
1 week, 2 days ago
by
 - Concord, CA, USA
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A: 
Hi Carol. Thanks for your question about minimum required distributions (MRDs). Your MRD is based on the value of your retirement accounts, and not on your income, so unless you have a Roth account or you have made after-tax contributions, you do need to pay taxes on your MRD. Generally, your MRD is subject to federal income tax and possibly state income taxes too. I suggest that you consult with your tax advisor about your situation.

You are correct about the deadline for taking your 2015 MRD. For the first MRD only, you can delay the withdrawal until April 1, 2016, but then you will need to take two MRDs in 2016 – one for 2015 and one for 2016. Your 2016 MRD deadline is December 31, 2016. There is another reason not to delay your first MRD until April 1 of the following year. The 2016 MRD would be calculated based on the year-end account balance from the previous year. This would include the 2015 amount in the account since you didn’t take it, which would make your 2016 MRD a higher amount.

As far as when the withdrawals can be made, you may take your MRD monthly, quarterly, or on whatever schedule you like, as long as the full amount is distributed by the deadline. If you would like to have your MRDs withdrawn automatically, you can enroll online at Fidelity.com/RDC or with a retirement representative by calling 800-544-4774. You can find more information about automatic withdrawals here: https://www.fidelity.com/cash-manag...

I hope this helps.

Ken
21 hours ago
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Age: 55 to 64
3 weeks ago
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A: 
Thank you for your question regarding options to get funds from your 401(k). I’m sorry to hear of your situation, and I hope that your surgery goes well.

Your ability to withdraw funds from your plan will depend on your age, your status with the company, and the options that the company provides for withdrawals. In order to confirm your plan’s specific set of rules on withdrawals, the best thing would be to call into the Benefits Center at 800-835-5097 to speak with a plan specialist.

In general, if your plan does offer a loan or withdrawal, you are able to see this on the NetBenefits® website by following these steps:

• Go to www.NetBenefits.com and log in to your account.
• On the home page you will see your 401(k) plan, and a Quick Links dropdown menu. Using this, select Loans or Withdrawals.
• On the left side of the next page will be a link “Request a loan or withdrawal,” and when you select this, a pop-up will appear to have you confirm your address.
• Once you have confirmed your address the next page will appear, and if you scroll down, you will see your loan or withdrawal options listed.

Thank you for taking the time to message us. I hope this helps.

Sarah
21 hours ago
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401(k) and 403(b)
 
1 answer

Borrowing from 403 B

Q: 
Can I borrow money from my retirement plan and pay back to my retirement plan. If yes what is the interest rate I am charged
Age: 55 to 64
3 weeks, 1 day ago
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A: 
Thank you for your question regarding whether or not you are able to borrow money from your retirement plan and pay it back.

In general, if your plan does offer a loan or withdrawal, you are able to see this on the NetBenefits® website by following these steps:

• Go to www.NetBenefits.com and log in to your account.
• On the home page you will see your 401(k) plan, and a Quick Links dropdown menu. Using this, select Loans or Withdrawals.
• On the left side of the next page will be a link “Request a loan or withdrawal,” and when you select this, a pop-up will appear to have you confirm your address.
• Once you have confirmed your address the next page will appear, and if you scroll down, you will see your withdrawal options listed.

If you have other questions or would like to get further details on processing, we would ask that you call into the Benefits Center at 800-835-5097, Monday through Friday, 8:30 a.m. till midnight Eastern Time to speak with a plan specialist.

Thank you for taking the time to message us. I hope this helps.

Sarah
21 hours ago
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Q: 
My husband is self employed and I want to establish a single person 401K for him. Can you help me set that up. I will manage the investing once it is set up. Thanks!
3 weeks, 3 days ago
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A: 
Thanks for inquiring about opening a Self-Employed 401(k).

All of the forms necessary to establish a Self-Employed 401(k), as well as detailed instructions on making contributions, can be found at https://www.fidelity.com/retirement....

You’ll want to make sure you complete the necessary paperwork to establish the plan, as well as the application to open an account.

If you have any additional questions about opening your husband’s Self-Employed 401(k), you can speak with one of our retirement specialists at 800-544-5373, Option 3.

Thanks so much for this opportunity to help you!

Ken
21 hours ago
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