Jump to content


  • Content Count

  • Joined

  • Last visited

Community Reputation

0 Neutral
  1. Hi everyone, I was wondering what everyone's thoughts are on this subject. My husband's uncle has just passed he named my husband as one of the beneficieres on his 457b account. He was a fire fighter for a major city so we are assuming that this is his "retirement plan" through the city. We still have not received all the paperwork from them yet on how the account will be split. But with that I've done a lot of research on these plans and I'm still very unclear on a few things. 1. The uncle (plan holder) was 55 at death and when the beneficieries are names the company said they will split the account accordingly and then we need to make a decision on what to do with the funds. So does that mean we can keep it with them? And with that does that mean we would know fall under the normal plan rules which means we can't touch it until what I think it's 70 1/2? 2. If we take the lump sum payment is it correct that we would just have the Federal Tax as income on it and we would not incurr the 10% early withdrawal pently because he died not because it was withdrawn early? 3. Would anyone have any thoughts on other options for us, I really do not want the money tied up forever we are only 31 and would hate to lock up those funds for 40 years. We were thinking of taking the money out and just buying cd's with it for now until we decide. Again anyone's thoughts would be greatly appreciated. Sherrie
  • Create New...