- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Concerns about Mom’s Retirement Finances**
She is retired and recently received a letter regarding her 401k from her deceased husband’s company, years after his passing. After confirming the legitimacy of the letter with Fidelity, it is evident that she needs a financial advisor to guide her through managing the substantial amount in her 401k. However, the choice of a suitable advisor remains unclear.
**Breakdown of 401k Holdings**
The 401k is divided as follows:
– FID CONTRA POOL CL A: 40.20%, 1,904.253 Shares
– PPG CO STOCK FUND: 37.18%, 1,437.007 Shares
– FID GR CO POOL CL F: 21.21%, 662.090 Shares
– BR LP INDEX RETIREMT: 1.42%, 104.050 Shares
**Seeking Expert Advice**
With limited knowledge about financial matters, there is uncertainty about the relevance of specific information. However, the primary concern is about retaining the money within the 401k. The performance of PPG CO STOCK FUND is promising, prompting thoughts on the possibility of withdrawing funds from other shares while keeping the investment in PPG intact to capitalize on potential growth.
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Within the 401K, you can reallocate the money to whichever funds you desire. You just can’t add to the 401K anymore.
If your mother needs the money, it’s better to go conservative, but if she doesn’t yet, you can reallocate to the PPG fund.
Get a financial advisor of the fiduciary type.
How old is your mom? Has she reached the age in which RMD’s are required? If she’s late, she may owe the IRS penalties (50% or 25%) for the year’s she hasn’t done them. Her first stop should probably be a CPA.
Though she has several options as a spouse, my guess is that she’d either roll your dad’s 401k into a new IRA or perhaps an existing IRA if your mom has one. Follow the CPA’s lead, given that your dad passed away 23 years ago.
Once the account is in her name, she can do whatever she wants. Keep the funds invested as-is, perhaps sell some of the Growth and Contrafunds and reinvest the proceeds into something less risky, etc. Lastly, she can (or maybe required to) take a distribution from the account. Doing so, triggers a taxable event. If she’s at least 70 1/2, she could look into doing a QCD to minimize her tax liability.
I’d roll it to a Traditional IRA with Schwab, Fidelity or Vanguard. For more control and options.
Keep in mind this money was deposited with pre-tax dollars so that balance will be taxed when withdrawn. Definitely go see someone to advise on this.
In the big picture it’s really not that much money. Fidelity has local offices where you two can sit down and talk about her options. They don’t charge for that. Do that before hiring anyone.
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She doesn’t need a financial advisor, please don’t let them take her money by managing it worse than an SP500 fund could. Maybe one meeting with a fee ONLY advisor to get things straight, after that the account should run itself.