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  1. Joel, Thanks for the advise. I just retired and took a well-deserved vacation. Now I'm back to deal with financial matters. In reply to your question, my rep said that he didn't mention it before because I didn't have enough money. He said originally a person needed $100,000. to invest in the wrap, but they lowered the amount. What is the 90/20 you mentioned? How do I do that? Do I go through the vendor? What is the advantage of if? Thanks for any info. Angela
  2. Joel, I have about 70,000. in a 403 B. Most of my money is in Oppenheimer funds: Opp. Global, Main Street Fund, Small Cap Fund, Limited-Term Government Fund and Cap Appreciation Fund. I also have a small amount in Kensington Select Fund. I am not planning on withdrawing any money for several years at least. The rep is suggesting that I put my money in a wrap (it will still be a 403B) so that it's easier to switch money from one company to another. He's suggesting the following: $10,000--Oppenheimer Global 7,000-Pioneer High Yield 7,000-Kensington Strategic Realty 11,000-Washington Mutual 7,000-Oppenheimer Main ST. Opportunity 22,000-Hennessey Cornerstone Growth 7,000-RS Partners --Are there disadvantages to the wrap program. He said that it was the same except it makes it easier to move the money from one fund to another. Is this true? Is there anything else I should know about wraps? Thanks. Love you guys.
  3. I am retiring in two weeks, age 58. My previous question regarded whether I can withdraw money from my 403B without a penalty, which you answered for me. (The financial rep didn't think I could do that. When I spoke to him today, , he told me that 20% of any money I withdraw will be sent to the IRS for taxes. Is this true?
  4. Angela


    Ted, Michael and Joel, Thank you for your timely responses to my inquiry. I asked the question because the "financial advisor" who runs the 403B that I'm in, told me that you couldn't withdraw before 59 1/2 without incurring a penalty. But I had heard differently, and you validated my belief. Now I don't know how much advise I can take from this so-called "financial advisor". Joel, I don't know if the NJEA sponsors a 403 B. Each board of ed in Jersey is separate, and they set up their own 403B's with different vendors. We can choose among the vendors approved by the board. Thanks again. You guys are great! Angela
  5. Angela


    I am a teacher in New Jersey age 57 and retiring. Can I withdraw money from my 403B without penalty or do I have to wait until I'm 59 1/2?
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