Luncheon next Thursday... but you have to call to make reservations. not company sponsored.. independent firm:
https://www.dropbox.com/s/3q1c1ou0y877fsf/FSC_ConocoPhillips%20Houston%2010-8-15%20%28RNW%29.pdf?dl=0
6 replies (most recent on top)
55+ is right. I'm 171145, and the funds rolled into IRA's won't be needed until I am older than 59.5. I kept funds in my 401K to use prior to 59.5.
Anyone who is severed after turning 55 can avoid the 10% penalty if they withdraw from the company sponsored 401k. Look up "age 55 rule". If you rollover into an IRA you lose this benefit. There, I saved you from wasting an hour or more sitting through some crappy presentation trying to sell you expensive financial planning.
You can actually receive monthly distributions prior to 59.5 from a company qualified plan without a tax penalty. The Thrift Plan is such a plan. The monthly distributions can change in amount any time, so they are flexible. I am doing this now. I calculated how much I would need to reach 59.5 plus a little cushion. I changed that amount in my Thrift to be the no risk cash savings account to protect it from the market. The rest of my Thrift and my Lump Sum retirement has been rolled over into managed IRA's. I don't want COP to hold more of my money than necessary.
You don't need a specific financial advisor to do this, so those inviting you to the presentation aren't the only advisors around.
You can actually receive monthly distributions prior to 59.5 from a company qualified plan without a tax penalty. The Thrift Plan is such a plan. The monthly distributions can change in amount any time, so they are flexible. I am doing this now. I calculated how much I would need to reach 59.5 plus a little cushion. I changed that amount in my Thrift to be the no risk cash savings account to protect it from the market. The rest of my Thrift and my Lump Sum retirement has been rolled over into managed IRA's. I don't want COP to hold more of my money than necessary.
You don't need a specific financial advisor to do this, so those inviting you to the presentation aren't the only advisors around.
But do keep in mind both posts are from the same individual. The food may or may not be free but your time is not free. And your money is not free. The goal of the poster is to get you to move your money from low risk, low fee to low risk, high fee. The noted investment advice is offered at no cost via the current investment management company.
Looks interesting. I'm going. You have to call to reserve a spot.