Jobless? How to raid your 401(k) | Biz Brain

You may be able to use early withdrawals from retirement accounts, without penalty, under certain circumstances. (ronmerk/ Q. I read your article "Tapping 401(K) if you're unemployed" about using an IRS rule called 72-t to take money out early. I'll turn 55 in February and I've been unemployed for more than a year. My unemployment ran out last year. Even though I'm a year away from 55, is there anything I can do? -- Unemployed A. Taking money from your retirement accounts before age 59 1/2 has some pretty important consequences. First, an additional 10 percent tax applies to distributions before age 59 1/2 from a retirement plan or IRA. "The government wants retirement plans t

Health saving accounts can save tax dollars

If you've been unhappy with your employer's health plan offerings, you're not alone. But if you have a high deductible plan, your employer probably offers a chance for you to save on taxes. We're talking about health savings accounts, or HSAs. HSAs are tax-advantaged medical savings accounts used to pay for qualified medical expenses -- tax-free, says Michael Green, a certified financial planner with Wechter Feldman Wealth Management in Parsippany. "Qualified withdrawals can be used for out-of-pocket medical, vision and dental expenses," Green says. "However, an HSA cannot be used to pay for health insurance premiums," until age 65. The contributions you make to an HSA are pre-tax, Green say

What does Trump mean to international investing?

Why it's dangerous to market time with your long-term investments. (svklimkin/ Q. With all the Trump turmoil, what international investments should I avoid? And which should I buy? -- Looking for opportunity A. Ah yes. Something in the new cycle is making investors question what they should do now. That's a dangerous business. "I am always amused about how people work so hard to try to figure out where the market is going and they are usually so horribly wrong," said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said for example, pundits said if Donald Trump won the election,the market would probabl

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.


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