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IRAs, 401(k)s & Other Retirement Plans: Taking Your Money Out, by Twila Slesnick, John C. Suttle
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Take cash out of your retirement plan while avoiding taxes and penalties
If you have a retirement plan, IRAs, 401(k)s & Other Retirement Plans is your comprehensive guide on taking money out of it. Make sense of the complex tax rules governing when you can take money out of your plan and how much—all while avoiding the penalties and taxes that lurk in the fine print.
In plain English, this book covers the most common retirement plans, including 401(k)s, IRAs, profit-sharing plans, Keoghs, pensions, and tax-deferred annuities. It helps you answer these questions:
. What kind of retirement plan do I have?
. Can I take money out of my plan before I retire?
. Can I borrow money from my 401(k) to buy a house?
. Can I set up a Roth IRA?
. What should I do with my 401(k) when I switch jobs?
. What is a Roth 401(k)?
. When do I need to start taking money out of my plan?
. What happens to my plan when I die?
Completely updated, IRAs, 401(k)s & Other Retirement Plans provides clear examples to guide you through the decision-making process and the crunching of tax numbers. Samples of tax forms required by the IRS are also included, as well as easy-to-follow instructions on completing them.how to take distributions from them, designate beneficiaries and avoid even more potential penalties.
- Sales Rank: #891541 in Books
- Published on: 2013-06-28
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.00" w x 7.00" l, 1.30 pounds
- Binding: Paperback
- 384 pages
Review
“Depending on the size of the IRA and the age of the beneficiary, it might be smarter to pay the penalty than to liquidate the account simply to avoid the penalty,” says Twila Slesnick, author of IRAs, 401(k)s & Other Retirement Plans (Nolo, $34.99). Kiplinger’s Retirement Report
""A more impressively clear and comprehensive layman's guide is IRAs, 401(k)s & Other Retirement Plans..."" U.S. News & World Report
""Few resources are as valuable when it comes to financial planning in later life."" The Wall Street Journal
""Uses everyday language to describe Internal Revenue Service rules for making withdrawals from retirement plans."" The Wall Street Journal
""This book belongs on the bookshelf of anyone with a retirement plan. Here's where you'll find the answers."" Kiplinger's Personal Finance
Most helpful customer reviews
13 of 13 people found the following review helpful.
Beautifully clear. Detailed. A tax book, not a financial-management book. Inadequate index.
By Daniel P. Smith
I will be 70-1/2 in just a few years, and thought it was about time for me to start reading up on IRA withdrawals. I'm no expert on the topic, I haven't compared this book to any others, and I approached it solely from the point of view of my specific situation.
As the cover of this book makes clear--"take your money out early without penalty, minimize taxes, make sense of the latest IRS rules"--this is a tax book, not an investing or personal finance book. That's fine, but it needs to be understood; it is not a comprehensive guide to all aspects of withdrawals in retirement. It offers no help on the general management of withdrawal in retirement; no guidance on safe withdrawal rates, systematic withdrawals versus annuitization, or anything of that sort.
The index is pretty bad. When writing this review I was unable to use it to find things I remembered reading in the text. This is a serious deficiency in a reference book like this. Equip yourself with Post-It flags, highlighters, and dog-ear the pages if you want to find things again.
The book is a model of clear expository writing. It seems comprehensive. It is well organized. I was able to read it straight through and skip over the (many, long) parts that didn't apply. It is clear, with liberal use of phrases like "the vast majority of people will" and "the easiest option is... but you ordinarily would not choose [it]." It drills down to fine details.
Everything that is in the book merits five stars, but I am giving it only four stars overall because a) I failed to find answers to three of the five questions I set out to measure the book by, and b) the index is just not what it should be.
I have a 403(b) lifetime payout contract, a rollover IRA, a Roth, and a fixed annuity purchased with qualified funds. Before I looked at the book, I made this list of five questions whose answers I'd like to know.
1) Is there anything specific about STATE law that I need to know about?
2) The fixed annuity has 15 years of guaranteed payments; if I die before that, someone will inherit those payments. What do I need to know, other than warning my kids to be sure to roll over any inherited IRAs?
3) As a quick rule of thumb, should I withdraw first from my Roth or from my TIRA?
4) Why on earth is the age 70-1/2 instead of just 70?
5) What did I learn from this book that I didn't know I needed to know about?
As you will see, I found answers to questions 2 and 5, but not the others. In a sense question 3 isn't fair, because as noted it is really a tax book--but I wrote the questions before I really looked at the book, and I really did want to know the answer.
1) State laws? I was not able to answer this question. I couldn't find anything about state law at all. Not even a throwaway reference explaining why there's nothing I need to know--or a list of website addresses for each state.
2) Contingency advice for the kids? In effect, the book devotes a whole 42-page chapter to the topic of inherited IRAs. It is answered. It is not their fault that the answer is complicated and there's no short summary I can give my kids. "It's an ugly, important chore; you must complete it within sixty days and probably requires setting up an account, so don't wait until the last minute; buy an updated copy of this book."
3) Roth or traditional first? Despite numerous discussions of tax strategy details as to how to take withdrawals from any SINGLE account, I did not see any discussions of which accounts a couple should withdraw from, in which order, if they have several of them (his TIRA, his Roth, her TIRA, her Roth). This fits the pattern: the book is about taxes, not about retirement money management.
4) 70-1/2? To my great disappointment, the book mentions this only to punt on it. They don't know. They blather on about whether Congress had a sense of humor, and guess that "More likely, it's the result of a compromise."
5) What did I learn that I didn't know I needed to know? That you can't roll over from a 403(b) to a TIRA after you read the magic age of 70-1/2, and I need to do something about a TIAA "transfer payout annuity" that pays into a rollover account, whose last payment will be made two months too late.
Disclosure: I received a free review copy of this book.
8 of 8 people found the following review helpful.
I really never thought there was so much to consider with retirement plans!
By Courtland J. Carpenter
There are definitely a lot more restrictions than I could have imagined about dealing with retirement plans. It seems every time I've talked with a financial planner or insurance salesman, I feel like I'm dealing with a confidence man. I have an attribute, I've always attributed to watching too much TV, and that is kind of an intuition about people. Now, I can read things about certain people, some I don't trust, some I know when they are covering up their ignorance etcetera. I used this to teach instrument labs in college, and to mentor people when I was on the job. Economics is something I have a fair understanding of, but I've never been much of an investor, and I don't have a lot of understanding about the complicated rules for retirement funds. Strange is it not, that the complex rules and regulations for taking your own money, have to be figured out by us at
When my folks went into a nursing home, and my father passed on shortly thereafter, I was tasked with the lions share of decisions and dealing with money, property and medical matters. My mom would not have been capable, and my brother did not want to do anything unless it served him, and my sister was already almost as incapable as my mother of doing much. Because of that, I see that thousands if not 10's or 100's of thousands or more old people run afoul of the government bureaucracy. Given the baby boomers retirement bonanza coming on, I can see a new profession brewing, called something like retirement facilitator specialist. They would be employed by individuals and state government appointees when needed, to aid the infirm who lack the family, and or the faculties to decide and execute their own decisions.
Of course nothing that specific exists, so at least in financial matters, this book looks like a big help. Just reading through I saw methods of breaking out your 401K in the either what is considered simplicity and fixed, or perhaps more complex but flexible, methods in taking out your money. The methods are controlled by the government so you cannot do it just any old way. If you took it all at once which is possible, you'd incur some large tax rate penalties! There was a lot of situations that told when you could take money without penalty, and some of the very severe penalties, that someone with a touch of Alzheimer's might easily do. You tend to think of it as your money after all, but if for instance, you fail to take a years distribution when it is scheduled, you forfeit to the government, fifty percent of that annual distributions value. You really do wonder what the reasoning behind a lot of these penalties is? Who does it really hurt if you don't take money out, the government taxes it whenever it comes out anyway! My question for a long time, if your 401K and IRA must not exceed the 401K limit combined, but you are self-employed and can only get an IRA, why is that number so much smaller than the 401K. Is it a crime for the self employed to have a good retirement fund? It's not like you could hide your profits in there to escape taxes, you'd still have the 401K limit, and the tax penalties for early withdrawal. I just wonder who writes these laws, and what they are really protecting!
Anyway, lots of information and example cases on various funds, and how to take the money out in the best way for you. It should keep you getting talked into one of those new annuity schemes I've run across. Basically, since interest has been almost nil the past few years in the banks, and hidden fees eat up a lot of your 401K investments, the return rate seems pretty low. I had a guy go over a plan to buy now, a weird structured annuity that would provide a certain amount of growth, but based on it's structure you're net would be fairly low. The only benefit is the safety feature from market changes, but you could not covert it to a cash value, nor could you get the benefits of a strong market. The presentation was confusing so I had to ask a lot of pointed questions till I got the answers and in the end, I saw this as just another way for someone to take even more of my retirement money with some scheme. Get this book while you're still young enough to think, and make the right plans now. Recommended, to anyone who plans for themselves or another's retirement.
8 of 8 people found the following review helpful.
Funding a retirement account is the easy part, getting it out w/o penalties, excessive taxes, and legal experts is the hard part
By TooManyHobbies
After squirreling away money in my 401Ks, IRA, Roth, and TSP, it finally dawned on me that I had no clear idea on how to get the money out! It was easy getting the money into the retirement accounts, so I figured it would be just as easy taking it out. HA! This NOLO book spotlights how naive I was. The complexity involved in getting your money out without penalties and excessive taxes is simply mind boggling.
While this NOLO book is not fun or easy to read, it is definitely required reading if you have a retirement account, or if you are a beneficiary on someone else’s retirement account.
The book is divided into standalone chapters that apply to three basic situations:
* How to get your money out (without penalties) if you are under 59-1/2
* How to get your money out if you are between 59-1/2 and 70-1/2
* What happens if you wait till you are 70-1/2 to start withdrawing your money – Namely the Required Minimum Distribution?
And for all the intricacy involved in the above three “normal” situations, it gets even more complex when there is divorce, death, and inheritance involved. The number of ways you can run afoul of the IRS and the Tax Code is frightening, unbelievable, and worst of all very, very costly.
So if you have a retirement account, have an ex-spouse with a retirement account, have a parent with a retirement account, or could potentially inherit a retirement account – read this book. And remember three key “events” that if not handled correctly could snatch 50% of your account: 59-1/2, 70-1/2, and the really, really complex one: DEATH & INHERITANCE.
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