Timothy Sumer

If you roll over your old 401k from a former employer, does your match apply? Can you get around the 10% early withdrawal penalty? If you retire early, should you defer your social security benefits? I answer these questions—and more—in this Q&A edition of the Retirement Made Easy podcast! You will want to hear this episode if you are interested in... [4:18] 401k rollovers, matching, and vesting schedules [8:10] Can you get around the 10% early withdrawal penalty? [11:52] Does the 10% early withdrawal penalty apply to beneficiary IRAs? [16:14] When to claim social security if you’re retiring early 401k rollovers, matching, and vesting schedules If you roll over your old 401k from a former employer, does your match apply? Let’s say Jennifer has $1 million in a former 401k and rolls it over to her new 401k that offers a 5% match. She was told she’d get the $50,000 match on the amount rolled over. Unfortunately, the match does not apply to rollover money, only current...

In this episode of Retirement Made Easy, I answer YOUR pressing questions. Over the last month, a variety of questions have been rolling in about social security, retirement, inheritances, and more. So with their permission, I’m sharing their questions—along with my best answer to them. As always, double-check my answers against whoever it is your family trusts for prudent financial advice before making any decisions. You will want to hear this episode if you are interested in... [0:12] We answer listener questions in this episode! [2:15] Question #1: What do I do when I inherit an IRA? [8:47] Question #2: Can I gift IRA money to my children? [10:34] Question #3: How do Social Security survivor benefits work? [12:16] Question #4: Are annuities good or bad? [16:03] Question #5: How do social security spousal benefits work? What do I do when I inherit a non-spousal IRA? A 57-year-old listener recently inherited an IRA from his father, who passed away in January of 2020. H...