Financial planner Liz Weston addresses the complications of rolling over a 401K account for a woman who is switching jobs at age 73.
Dear Liz: My wife, who turned 73 this year, worked for a company until Aug. 31. She started a new job with another company the following day. She plans to roll the 401 from the previous company into the 401 of the new company.
She could avoid the penalties by withdrawing the RMD amount, along with any earnings or losses associated with the excess contribution, by Oct. 15 of the year after the rollover, Luscombe says. A tax pro can help with those calculations. Dear Liz: A while back, you responded to a letter writer that Social Security’s estimates of the amount a person will receive assumes the person will continue working until they apply for benefits.
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