Q. Whenever I move funds around in my 401(k) — my spouse and I have five altogether — I am not charged anything, and I can freely rebalance existing balances any time I like. But within my IRA, I am charged $7 or $9 any time I move them around, so I’ve been hesitant to roll all these 401(k)s into an IRA. Are there hidden fees in my 401(k) that I don’t know about ?
Q. I’m 62 and getting closer to retirement — hopefully in two years. I’m a widow and I think I will have enough to retire. I have $159,000 in a 401(k), $200,000 in IRAs and $60,000 in an annuity. I have my husband’s pension already — $1,213 per month — and I will take Social Security. How can I know I have saved enough?
According to the first-ever Life Tracks Poll from Allstate, nearly a third of New Jersey residents don't have retirement savings or life insurance. While 82 percent say they've done at least "some" planning for their long-term finances, 18 percent don't have any type of savings account.
Sometimes you just don't have a choice. With a national unemployment rate still above eight percent, and more displaced workers since the start of the recession, a recent survey from Transamerica Center for Retirement Studies found more than a third of laid-off workers had to raid their retirement savings to make ends meet.