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tnewin

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  1. Hello All, THANK YOU, THANK YOU for your expertise and for taking the time out to answer my questions. ! I have much to learn and much to read. With all your input, I have decided to focus on maxing out my Roth IRA and my Vanguard 403b this year. I will roll the Roth IRA I have with my credit union into an existing Vanguard Roth IRA account. Tony, California public school teachers do not pay into social security. Not having children does save me quite a bit of money, and allows me to financially help my mom. Ed, I'm not sure how much I expect to spend in retirement. These are things I should think about and start planning for. As of now, I save about $1k a month cash (I know it can do better than just sit in a bank account earning minimal interest, but this is my emergency money and money to help my mom out. I am looking into retiring at 56 and expect to receive about $2500 a month from my pension. A few more questions, my understanding is that my beneficiaries can inherit my Roth IRA when I pass and allow it to grow tax-free, is that correct? What happens to my 403b when I pass? I have beneficiaries on these accounts, would they have to withdraw the money right away? Would they have to wait until I would have turned 59.5 to withdraw the money? Would my beneficiaries have to turn 59.5 before they could withdraw from the money? Also, If I pass before I am eligible to withdraw on my pension, what happens with my pension or does it just disappear? Is the income from a pension taxed? I went to a CalSTRS "Save for Your Future" workshop this afternoon. The information was basic but the CalSTRS benefits specialist gave me a number to call to get assistance with getting a better 457b vendor added to my district. Thank you for again, Therese
  2. Tony, EdLaFav, and Steve, you have all been very helpful. Thank you for such a quick response. So here is my plan, I'll continue to max out on my Roth IRA with Vanguard, and put as much money as I can afford into my 403b with Vanguard or CalSTRS Pension 2 as possible with the hopes of reaching the maximum annual amount maxing out in a year or two at the latest. Here are the things I need to do, I need to call or email AXA and find out how much I will pay in surrender fees when I transfer my funds. I also need to learn more about this Rule 72(t). I had not even considered putting money a taxable account with low fees. I'm not financially knowledgeable on taxable accounts to even know where to start, but I probably won't be able to max out on my taxable accounts for another year or two, so I have time to learn. Do any of you have recommendations on books or websites to learn more about taxable accounts? Tony, Mass Mutual is currently the only available 475b vendor approved by my district. (Stockton Unified) and 37 approved 403b. https://www.stocktonusd.net/cms/lib/CA01902791/Centricity/Domain/317/APPROVED 403b VENDORS 3.2.2018.pdf. I'm single and I don't have children. I don't max out my 403b currently, but I hope to do so soon. I am going to try to roll over my AXA account on my own, but if I need help, I know who to reach out to! Ed, at age 44, with a net worth of less than 200k, is it even possible for me to FIRE? At this point in time, I feel like I'm behind financially. Although in talking to co-workers about retirement, some are relying on their pension and have not contributed to a retirement fund. At this point in time, I'm trying to catch up financially and put myself in a position to be able to live comfortably if become disabled. I also need to read up on Roth vs. Traditional. Steve, I have a question, I opened up a 403b with Vanguard because I already had a Roth IRA with them. Using 403b compare, and listing the vendors from low to high annual costs, I decided to stay with Vanguard rather than Calstrs Pension 2 even though CalSTRS Pension 2 showed up as having lower annual costs because the compared cost is based on an account valued at 10k. Please tell me if my reasoning is faulty. According to 403b compare the annual administrative fee for CalSTRS Pension 2 is .25%. with expense ratios of .31%. Vanguard has a flat recording fee of $60 annually with an expense ratio of .15%. I figure once my Vanguard account reaches 24k, the annual administrative cost of CalSTRS Pension 2 and the recording fee for Vanguard will be the same, but the expense ration for Vanguard will remain lower. However, I have been telling the new teachers to contribute to a 403b now while they are young and have compound interest on their side and I've been telling them to contribute as retirement is approaching faster than we realize. And when the new hires tell me they are only contributing 30-60 dollars a month into their 403b plan I tell them to invest in CalSTRS Pension 2. If they plan on investing $500 or more a month (which none of the new hires have wanted to do) I tell them to invest with Vanguard. Thank you all for being a wealth of information. Therese
  3. Hello, I’m a 44-year-old teacher located in California. I have an AXA 403b worth about 100k that I opened up fifteen years ago and stopped contributing to two years ago. I have an Oppenheimer 403b account currently valued at 4k. I opened this account under the guidance of a financial planner who was also my tax guy. Even though these two accounts have higher than average fees, I’m glad I put some money into retirement. Two years ago I opened up a 403b account with Vanguard. That account has about 12k in it. I currently have a Roth IRA with Vanguard and max that out every year. How do I decide if I should roll over my Axa 403b and/or my Oppenheimer 403b account into my Vanguard 403b? I talked to my AXA advisor and he said that I should the funds already placed on AXA because I paid the bulk of the fees upfront. Is this true? My advisor wouldn’t give me a straight answer on how much I pay for fees and I don’t know how to look that up on my statements. My advisor also said that he does not get paid since I no longer contribute to my AXA account. Should I just pay the surrender charges on my AXA account and be done with it? Should I wait until there are no surrender charges to rollover my AXA account? I recently learned that I can also contribute to a 457plan. The 457 plan was appealing to me as if I end my employment with my district, I can withdraw money and pay taxes on the withdrawal while avoiding the 10% penalty. I'm hoping to reach retirement age before I withdraw from my retirement accounts, however, two of my brothers passed before the age of 40 and I want to be able to access my money penalty-free if I ever need to. Mass Mutual is the only vendor that offers a 457 though my district. In order to open an account with Mass Mutual, I need to meet with one of their advisors. What questions should I ask? How do I find out about fees and expense ratios for their products? If Mass Mutual has high fees, how do I petition my school district to add more vendors and which vendors should I suggest and why? I asked my payroll manager about having other vendors added to the list of 457b plans and was told that it was not possible. Should I contribute to both my Vanguard 403b and a Mass Mutual 457b account? In two years, I'm hoping to be able to put about 20k a year into my retirement plans. Sorry if these questions are elementary. I'm new to this whole finance thing and It's like a foreign language to me.
  4. tnewin

    457 Mass Mutual

    Thank you for your response krow36. I'm located in California. I have the bulk of my AXA which I opened 15 years ago and two years ago I opened up an account with Vanguard. (I have tons of questions about AXA and consolidating my 403b plans which I will ask in the 403b forum soon.) I don't max out on my 403b, but the 457 plan was appealing to me as if I end my employment with my district, I can withdraw money and pay taxes on the withdrawal while avoiding the 10% penalty. I'm hoping to reach retirement age before I withdraw from my retirement accounts, however, two of my brothers passed before the age of 40 and I want to be able to access my money penalty-free if I ever need to. Mass Mutual offers mutual funds or Investment Advisory Services. I've heard of mutual funds but I don't know what Investment Advisory Services are. I asked my payroll manager about having other vendors added to the list of 457b plans and was told that it was not possible. Thank you for your help and safe travels.
  5. tnewin

    457 Mass Mutual

    Hello, Mass Mutual is the only vendor that offers a 457 though my district. In order to open an account with Mass Mutual, I need to meet with one of their advisors. What questions should I ask? How do I find out about fees and expense ratios for their products? If Mass Mutual has high fees, how do I petition my school district to add more vendors and which vendors should I suggest and why? Sorry if these questions are elementary. I'm new to this whole finance thing and It's like a foreign language to me.
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