Thanks for your question, and thanks for using JustAnswer.com
What specific advice do you need regarding your rollover?
In terms of a rollover, there is no tax so there's nothing to consider from a tax perspective
I AM LIVING ON A FIXED INCOME HAVE NO KNOWLEDGE AS TO ROLLOVER REQUIREMENTS FOR THE BEST OPTION FOR GROWTH AS I AM LEAVING MY CURRENT EMPLOYER AND NOT SURE OF IRA TRADITIONAL OR ROTH. THANKYOU FOR YOUR TIME.
Okay .... for a 401(k) rollover, you would want a traditional IRA because there is no tax
There is no tax until you take the money out of the fund
IS IT POSSIBLE TO HAVE PAYMENTS WITHOUT PENALTY OR BEST TO LEAVE IT ALONE? WOULD IT BE BEST TO GO WITH MY BANK, INVESTMENT BROKER SUCH AS MERRILL LYNCH OR LEAVE IT WITH MY CURRENT EMPLOYER? I REALLY HAVE NO EDUCATION IN FINANCE.
Yes, you are over 59.5 so you can draw whatever you want with no penalty
Personally, at this stage in the game I would just leave it where it's at, because you're going to get roughly the same returns no matter where you put the money. You are in the drawdown stage where you will be taking from it
I DON'T UNDERSTAND THE TERM DRAWDOWN STAGE?
What that means is you will be taking money from the account to live on
You're in retirement
CAN TAXES BE TAKEN OUT AT THAT TIME SO THERE IS NO CONFUSION?
Yes, your plan administrator can withhold taxes from your payment so that you don't owe at tax time
IS THERE ANYTHING I HAVE NOT ASKED THAT I SHOULD BE AWARE OF?
No, I think you're covered. You have no penalty and can take the funds whenever you want
THANKYOU FOR YOUR TIME AND PATIENCE YOUR SERVICE IS APPRECIATED.
I'm glad I could help. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today
YES, I CAN DO THAT. HAVE A BLESSED FUTURE.