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Retirement Planning Question – 401k

 

Q: My wife is contributing 20% to her 401(k), which the employer matches at 6%. I am retired and drawing the minimum from my 401(k). We are trying to move to our country in the near future. I mentioned to her to contribute up to where the company matches and the other 16% contribute to my 401K since I am receiving the minimal distribution. Is it a good idea to her 401k in 2015 to Vanguard Target Retirement.

A: Thanks for reaching out to us with your question!

Assuming that you have a traditional employment situation, she will not be eligible to contribute to your 401(k). If you have rolled your 401(k) into a Traditional IRA, the money she earns could fund your IRA but you would have to have earned income for the year that you contribute to the IRA.

Depending on your current cash flow situation, decreasing her 401(k) contribution will increase your household take-home pay. As far as moving to a different country, you would need to consult a qualified tax professional for any implications related to tax code.

The Vanguard Target Retirement is a good choice of fund.


 

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