Comments on: 67 Year Old Advised by Accountant to Not Enroll in 401k – Should He Find a New Accountant? http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/ Helping a unique generation achieve financial independence. Sat, 21 Nov 2009 08:12:37 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Nancy http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-121223 Nancy Fri, 24 Jul 2009 04:59:18 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-121223 I would get them on a conference call together or meet with both and hash it out. I would get them on a conference call together or meet with both and hash it out.

]]> By: William E. Wheeler, CPA/PFS http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-87087 William E. Wheeler, CPA/PFS Tue, 16 Sep 2008 02:14:08 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-87087 Being a CPA and a financial planner, I would say the man needs a new accountant. I am a huge fan of the 401(k) and I always recommend it to my clients. Especially if the employer is making a matching contribution, no matter how much. What a great way to save for retirement and save on the current year's income taxes. Being a CPA and a financial planner, I would say the man needs a new accountant. I am a huge fan of the 401(k) and I always recommend it to my clients. Especially if the employer is making a matching contribution, no matter how much. What a great way to save for retirement and save on the current year’s income taxes.

]]> By: Jeremy http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-76875 Jeremy Tue, 17 Jun 2008 16:39:46 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-76875 Jhonny, you certainly could. After age 59.5, you're free to take your 401k money or other retirement assets and do with them as you please. But, paying off a mortgage may may or may not be the best use of that money. There are a lot of other things to consider such as the interest rate of the mortgage, how many years you have left on it, what your retirement account balances are, etc. But to answer your question, there is nothing stopping you from applying those funds to pay off your mortgage. Jhonny, you certainly could. After age 59.5, you’re free to take your 401k money or other retirement assets and do with them as you please. But, paying off a mortgage may may or may not be the best use of that money. There are a lot of other things to consider such as the interest rate of the mortgage, how many years you have left on it, what your retirement account balances are, etc.

But to answer your question, there is nothing stopping you from applying those funds to pay off your mortgage.

]]> By: Jhonny http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-76873 Jhonny Tue, 17 Jun 2008 16:19:52 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-76873 Great comment.I have a question, I'm 67 years old and I planning to retire February 2009, and I have $48K mortgage loan.Can't I take this money and pay off this morgage?. Regards Jhonny Urrego Great comment.I have a question, I’m 67 years old and I planning to retire February 2009, and I have $48K mortgage loan.Can’t I take this money and pay off this morgage?.

Regards

Jhonny Urrego

]]> By: Vacations: Flights, Camping, Gas Prices and More! http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75404 Vacations: Flights, Camping, Gas Prices and More! Wed, 28 May 2008 13:30:56 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75404 [...] 67 Year Old Advised by Accountant to Not Enroll in 401k - Should He Find a New Accountant? I just cringe when I hear how blindly people trust professionals in their lives. It just goes to show that ultimately we are all accountable to research things on our own; no one looks out more for you than you! [...] [...] 67 Year Old Advised by Accountant to Not Enroll in 401k – Should He Find a New Accountant? I just cringe when I hear how blindly people trust professionals in their lives. It just goes to show that ultimately we are all accountable to research things on our own; no one looks out more for you than you! [...]

]]> By: Link roundup: Memorial Day edition | Mighty Bargain Hunter http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75338 Link roundup: Memorial Day edition | Mighty Bargain Hunter Tue, 27 May 2008 05:17:50 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75338 [...] Generation X Finance relays a tricky 401(k) situation. [...] [...] Generation X Finance relays a tricky 401(k) situation. [...]

]]> By: Cheap Wedding Tips, Travel Ideas and The Wait For Free Gas @ The Roundup http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75333 Cheap Wedding Tips, Travel Ideas and The Wait For Free Gas @ The Roundup Tue, 27 May 2008 04:03:13 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75333 [...] X Finance: How would you advise a 67 year old about opening a 401K account? I guess I learn something new everyday, and this interesting anecdote is proof of [...] [...] X Finance: How would you advise a 67 year old about opening a 401K account? I guess I learn something new everyday, and this interesting anecdote is proof of [...]

]]> By: Weezer’s Pork and Beans (and other Links) http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75305 Weezer’s Pork and Beans (and other Links) Mon, 26 May 2008 19:00:56 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75305 [...] X Finance posts 67 year old advised by accountant to not enroll in 401k - should he find a new accountant? What do you [...] [...] X Finance posts 67 year old advised by accountant to not enroll in 401k – should he find a new accountant? What do you [...]

]]> By: LMJ http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75194 LMJ Sat, 24 May 2008 18:27:22 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75194 Sorry, clarification, I meant 401(k), not IRA. Currently jobless, and apparently nocturnal, I just got up. Sorry, clarification, I meant 401(k), not IRA. Currently jobless, and apparently nocturnal, I just got up.

]]> By: LMJ http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75193 LMJ Sat, 24 May 2008 18:26:32 +0000 http://genxfinance.com/2008/05/21/67-year-old-advised-by-accountant-to-not-enroll-in-401k-should-he-find-a-new-accountant/#comment-75193 Just one question: How does one earn money in an IRA? Might that be from a series of investments, often in money market funds or stock, things that are currently decreasing in value? I know my personal 401(k) has lost 10% since September. At that age, I wouldn't even be considering a 401(k), I'd be looking at more stable and secure investments. **MBA-Accounting student** Just one question: How does one earn money in an IRA? Might that be from a series of investments, often in money market funds or stock, things that are currently decreasing in value? I know my personal 401(k) has lost 10% since September. At that age, I wouldn’t even be considering a 401(k), I’d be looking at more stable and secure investments. **MBA-Accounting student**

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