Consolidating 401k loans

30 Jul

Among the advantages: you receive guaranteed income for the rest of your life; you don't have to worry about how the source of that income is invested; and if you buy an annuity with survivor benefits, your spouse can receive a portion of your payments after you die.

The key drawbacks are that annuities are not inflation-adjusted; you may be able to generate a higher return investing on your own or with an adviser; and if you die soon after retiring, the insurance company, not your heirs, is more likely to benefit from the bulk of your savings.

A Clark Smart update Ex-cons and employment opportunity New info for smokers – how effective is cutting back?

On the Calls: Saving Account Rates – Compare High Interest Accounts Online – Bankrate Buying a home?

Lump-sum distribution If you need a wad of cash right away, this option will serve that purpose.

There are two key downsides: you forfeit the benefits of tax-deferred compounding by cashing out all at once; and you'll have to pay income taxes on your distribution for the tax year in which you take it, which can be a big bite out of your nest egg all at once.

| Clark Howard Wills & Funerals | Clark Howard – Funerals.org/ FUNERAL CONSUMERS ALLIANCE Pet insurance: Is it worth it?

| Clark Howard Paying back student loans | How refinancing can save you big bucks | Clark Howard When Does a HELOC Make Sense in Your Life?

| Clark Howard – –ENERGY STAR | The Simple Choice for Energy Efficiency EARLY RETIREMENT Search | Clark Howard – -Maxing out Roth and 401(k)?

However, if you have a financial adviser helping you with your IRA, you may be able to gain access to institutional shares that way.

If you have a string of retirement accounts when you leave the work force, you might be better served by consolidating your accounts into an IRA for two reasons: a consolidated account may be easier to manage in terms of administration and efficiency; and the larger your IRA account balance, the better your chances of qualifying for discounts on sales charges (a.k.a. Also, in a 401(k) you have less control over the governance of your account, since you are subject to rule changes made by the plan sponsor within the confines of federal law.

| Clark Howard Taxes | Clark Howard Online banking | 5 ways to make your online banking experience safer | Clark Howard How to bring an old laptop back to life for free | Clark Howard Bonus Time: How Bonuses Are Taxed and Treated by the IRS | The Turbo Tax Blog There’s a hidden dark side to roadside assistance and cell phone insurance | Clark Howard The best reward credit cards | Clark Howard – Cash Back Credit Cards | Rewards Rates up to 5% | Credit –Compare Cash Back Credit Cards | Tuesday February 6 RIPOFF ALERT – Wells Fargo’s punishment will fall upon its customers The lottery paradox played out in New England – A curse of riches What cryptocurrency means to you as a would-be speculator U. energy production: The new balance of power Wall Street vs Vanguard – Who ya gonna call On the Calls: Investment Guide | Clark Howard – Kathy Kristof – Living a rich life, with or without vast riches Investing 101 book by Kathy Kristof | 3 available editions | Alibris Books Travel Booking & Planning Guide | Clark Howard 5 home maintenance tasks that can save you money | Clark Howard How to change your HVAC filter | Clark Howard Genetic testing at home: Is it worth the price?

| Clark Howard 12 best ways to find a college scholarship | Clark Howard Refinancing vs. | Clark Howard Your guide to paying off credit card debt | Clark Howard Annual Credit – Home Page Invest in a Roth 401(k) If You Can New thought – if you borrow from a Roth 401k – you can put it back in. How to choose the best credit card for college students | Clark Howard Credit Freeze Guide: The best way to protect yourself against identity theft | Clark Howard Are Home Warranties Worth the Money?