AVOIDING RETIREMENT PLANNING MISTAKES:<ul><li>The most significant mistake is not saving enough during working years. A recommended practice is contributing 10-15% of income to a retirement plan like a 401(k), 403(b), or an IRA.</li><li>The earlier the start in saving for retirement, the better, due to the benefits of compound earnings. Relying solely on Social Security is not advisable.</li></ul> COMMON ROLLOVER MISTAKES TO AVOID:<ul><li>Not adhering to the one-per-year rule for IRA rollovers can result in significant tax implications and a 6% tax for excess contributions.</li><li>Missing the 60-day deadline for rollovers from an IRA to another plan can result in the distribution being added to adjusted gross income.</li><li>Losing the ability to take the 10% penalty exception for early withdrawals from qualified plans. Different rules apply for IRAs and 401(k) plans.</li><li>Performing a rollover from a 401(k) to an IRA with an outstanding loan against the 401(k) can lead to taxable distribution and potential penalties.</li></ul> ADVICE FOR RETIREMENT PLANNING AND ROLLOVERS:<ul><li>Consult with a CPA or financial advisor before performing rollovers.</li></ul><a href="https://www.faithfi.com/find">Certified Kingdom Advisors</a> (CKAs) can offer guidance on retirement planning and rollovers. ON TODAY'S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:<ul><li>I'll be 66 and a half next June; when will I start receiving Social Security benefits if I claim them in June?</li><li>My mother is selling a piece of real estate for over a million dollars with a cost basis of about $60,000; how can we manage potential capital gains tax?</li><li>My son has $15,000 saved and wants to buy a new used vehicle; where can we get a decent rate for an auto loan for the remaining amount?</li><li>I have a six-month emergency fund not growing in a savings account; where should I invest it for some return?</li><li>I'm 65 and have a small retirement fund of $70,000; how can I grow this amount being close to retirement?</li><li>My husband retired from a company that relocated and we're struggling to get his retirement fund; how can we trace and claim it?</li></ul> RESOURCES MENTIONED:<ul><li><a href="https://www.pbgc.gov/">Pension Benefit Guaranty Corporation</a> (PBGC)</li><li><a href="https://unclaimedretirementbenefits.com/">UnclaimedRetirementBenefits.com</a></li><li><a href="https://www.nerdwallet.com/">NerdWallet.com</a></li><li><a href="https://www.bankrate.com/">BankRate.com</a></li><li><a href="http://joinchristiancommunity.com/">Christian Community Credit Union</a></li><li><a href="https://soundmindinvesting.com/">Sound Mind Investing</a></li></ul> Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

C.S. Lewis once said, “You are never too old to set a new goal or dream a new dream.”
Retirement from your regular job one day will give you the opportunity to find a new way to serve the Lord. But along the way, you can make mistakes that may slow the process down. We’ll go over a few today so you can avoid them.

4 Rollover Mistakes To Avoid

FaithFi: Faith & Finance | Nov 21, 2023

Show Notes

Where Faith Meets Finance

You May Also Like