Question: I was recently laid off, and I have a loan from my 401(k). Do I have to pay penalties on this since I lost my job through no fault of my own?
Question: My wife and I are retired and in our mid-60s, and I want to consolidate all of our investments—my 401(k) and two IRAs—under one roof. Are we putting ourselves at risk if everything is at one firm?
Question: I contribute to a 401(k) and a 403(b). How do I calculate the maximum limit I’m allowed to contribute? Is it per account or per individual? My 401(k) contribution could also be made to a Roth account within the plan.
– Lisa Simmons, Lincoln, Neb.
Question: I rolled over my 401(k) into what I thought was an IRA but I just found out that my money has been in a non-IRA brokerage account the whole time. What should I do now?
Question: After working in the U.S. on a visa for nearly 5 years, I have to go back to India next year. I am not a U.S. citizen or a permanent resident. I estimate that I’ll have about $15,000 in my 401(k) account by the time I have to leave. What is the best option for me to withdraw the money with the least penalties? I have a home loan in India which I need to repay. I do not have the option of keeping the money in the 401(k) until I am 60-years-old. Should I withdraw next year while I am still a resident alien? Or should I wait until 2013, when I will not have any income other than this 401(k) withdrawal but I will be a non- resident alien?
– David, Ewing, N.J.
Question: I’m a just-retired teacher with a 403(b) account with Fidelity. I recently met with one of their retirement specialists who advised converting my 403(b) to a rollover IRA, saying it would provide me with more flexibility (to move investments) and make it easier to make mandatory withdrawals (less paperwork). His rationale seemed reasonable to me (no hard sell or pressure) but what do you think? — Barry Koski, New York, NY
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