Q: I am 55 and my husband passed away recently at age 63. Can I withdraw money from his IRA without penalty? — R.C., Orlando
A: Yes, if you are the beneficiary, and if you did not retitle it in your name only. — Roger Johnson
Q: I am turning 55 and leaving my job. I was going to move my 401(k) into my own IRA. I was told that I could withdraw money from my 401(k_ without paying an early withdrawal penalty. If I roll into an IRA, does that rule still apply?
A: You can withdraw money from your 401(k) without having to pay a 10 percent early-withdrawal penalty if you leave your job at age 55 or older. You will have to pay ordinary income tax on the distribution. However, if you roll the funds into a traditional IRA, the early withdrawal penalty will apply until you reach the age of 59½. — Judith Sanborn
Have a question? E-mail email@example.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by certified financial planners from the Central Florida chapter of the Financial Planning Association. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.