User Tag List

Thanks Thanks:  0
Likes Likes:  0
Results 1 to 5 of 5

Thread: 401k

  1. #1
    Join Date
    Apr 2001
    Location
    Windsor, Ontario
    Posts
    5,473
    Thanks (Given)
    0
    Thanks (Received)
    52
    Likes (Given)
    1
    Likes (Received)
    187
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)

    401k

    I've worked in the US for most of the last 30 years and I have a 401K. I put money into it, the company puts in some, and I adjust the asset mix once a year. Mostly I don't think about it.

    What are the rules for withdrawing money from a 401K? Of course it's taxable. Do I have to start pulling money out at a certain age? In Canada we have to start withdrawing money from RRSP's at 71 (10 years from now)

    Can I transfer the money to an IRA when I quit my job without paying tax?

    And how am I going to pay for my propeller habit when I retire?

  2. #2
    Join Date
    Oct 2011
    Location
    Springwater, ON
    Posts
    18
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    7
    Likes (Received)
    0
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    David I haven't a clue about the 401K as I'm a fellow RRSP contributor.
    But the propeller habit I can relate to! (On a smaller scale of course since I'm 22 years behind you) To help fund that habit you could always let a guy try some of em out, and he could let you try his to help prevent you from accidentally spending those retirement funds on ones you would not have any use for?
    You happened to just get one I would have grabbed if I had have saw it first, and you're not very far away.
    04 XR 2001 RR/2.5
    94 XS 2003 GSE/ soon to be powered again
    87 Vegas XT/00 Promax soon to be for sale

  3. #3
    Join Date
    Jul 2004
    Location
    Fort Lauderdale, Florida
    Posts
    1,612
    Thanks (Given)
    5
    Thanks (Received)
    19
    Likes (Given)
    17
    Likes (Received)
    80
    Mentioned
    0 Post(s)
    Tagged
    1 Thread(s)
    You can do a trustee to trustee transfer to an IRA or another retirement fund. IRS says that you have to start withdrawing, I think at 70 or 71 - called RMD, Required Minimum Distribution. Figured on a formula based on your life expectancy--not sure of the numbers, I suspect designed so that the fund is all withdrawn by age 90 or something like that. If you die after reaching the RMD age, whoever inherits the fund must also withdraw RMD even if they are young, but calculated on their age.
    Per Rock:

    "Once I bought my first Hydrostream boating changed forever for me."

    Per my hero Instigator:

    "I try not to let common sense interfere w/my boat buying decisions."


    Pat Gent
    cell 954-249-3246
    '78 Hydrostream Vandal (being rebuilt)
    '86 21' Eliminator Daytona, 300 OMC V-8 (Li'l Toy III)

  4. #4
    Join Date
    Oct 2005
    Location
    Wethersfield, CT
    Posts
    79
    Thanks (Given)
    1
    Thanks (Received)
    1
    Likes (Given)
    5
    Likes (Received)
    8
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    Do I have to start pulling money out at a certain age? NO, AS LONG AS YOU ARE WORKING!

    Can I transfer the money to an IRA when I quit my job without paying tax? YES

    And how am I going to pay for my propeller habit when I retire?[/QUOTE] SWITCH TO ALUMINUM..

  5. #5
    Join Date
    Apr 2001
    Location
    Windsor, Ontario
    Posts
    5,473
    Thanks (Given)
    0
    Thanks (Received)
    52
    Likes (Given)
    1
    Likes (Received)
    187
    Mentioned
    1 Post(s)
    Tagged
    0 Thread(s)
    I can always lifeguard when I retire to cover props. Garth, my boat is near Orillia, not so far from you.

Similar Threads

  1. obamacare, has fees on yor 401K and more.
    By INXS in forum Politics, Related News, Religion and Hot Topics
    Replies: 2
    Last Post: 04-29-2013, 02:16 PM
  2. Mastermind behind Taxing 401K Plans
    By Liqui-Fly in forum The Scream And Fly Lounge
    Replies: 1
    Last Post: 10-28-2008, 10:18 PM
  3. The Dems Want To Control Your 401K
    By INXS in forum The Scream And Fly Lounge
    Replies: 0
    Last Post: 10-28-2008, 01:27 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Bob's Machine