Friday, December 11, 2015

5034 Diary - 401K RMD, Met Life - Ignore

Friday, December 11, 2015

I guess I've got to start using this as a diary again.  After I got off the phone, after an hour and fifteen minutes with the Fidelity rep arranging for them to issue my 401K RMD check, I was feeling really good about having completed two big tasks, and then realized I couldn't remember what the first of those tasks was.  So I guess I'd better write it down for future reference.

1. I arranged for changing the beneficiary on Ex#2's life insurance (which I own and pay the premiums on), from me to Daughter.  I don't know what MetLife's problem was, but it took three days, including several abortive attempts at the website, and two phone discussions with reps.  What I have accomplished so far is the printing out of the forms - 9 pages!  Nine pages of details I have to locate.  Heck, I don't remember when his birthday is!  And I don't know his phone number.  Luckily, I do have his SS#.  (Daughter can probably provide some of what I need, but I didn't want her to know I was changing it over to her because back when I told her I intended to, she shrugged and told me to just drop the policy.)  MetLife isn't making this easy.

2. I have to withdraw the Required Minimum Distribution from my IRAs and 401K.  I don't have to take the RMD from each, I can take whatever the total works out for all three from any one of them.  So I'm taking it all from my 401K because they are the easiest to deal with.   However, they figured out how much I am supposed to take from them ONLY, so they are considering the excess I'm taking as a simple early withdrawal which I am not rolling over, and therefore they have to send 20% of the excess to the IRS as punishment.   I don't understand.  By taking it all from the 401K and not touching the IRAs, I AM in effect rolling it over without actually transferring the money --- but there's nothing I can do about it except turn the mess over to the Angel and he can probably get it refunded to me at tax time.

Nothing is easy anymore.

I guess it's not just me.  Daughter mentioned in passing the other day that she was spending an exorbitant amount of time on a simple Amazon return.

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