How do I know which funds are most suitable for me?
A basic rule of thumb:
Age = % of Conservative Investments (Bonds, CD's, Money Markets)
100 - Age = % of Aggressive Investments (Stocks)
For example if you are 30 years old, put 30% in to the conservative investments and 70% (100 - 30) into the stock market. This may be too aggressive or too conservative for your personal goals. What we suggest is using this as a starting point and adjusting it to meet your needs.
How can I get more information on the funds in my plan?
You can request a prospectus from the plan sponsor, you can read a brief description on the back of the 401(k) newsletter and you can research the funds by the ticker symbol, which is also printed on the back of the 401(k) newsletter. If you have detailed questions regarding the funds call Investment Consulting Group and speak with Don or Brenda.
At what age can I start to withdraw money from my plan?
When you reach the age of 59 ½ you can begin to withdraw your money without the 10% tax penalty. You are still responsible for taxes at the time of withdrawal.
At what age must I start the withdrawal process?
Generally you must begin the withdrawal of the funds in the year after you reach 70 1/2. If you are still working you may delay the withdrawal until April 1 of the year following the year of your retirement. It is recommended that you seek professional advise to avoid penalties.
