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bigcat

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  1. Thanks both for the feedback. I appreciate it. I need about $60K cash to get out of crisis mode. My bank is charging me huge overdraft fees, I have no cash, and credit cards are all full. The ROTH option, I'd assume I'd have to pay taxes on $60K right away? I can call Fidelity to see whether there is a way this can work. I just had a baby. I also have a daughter with my ex. I am paying $1K a month for child support and she (daughter) is actually living with me because she refuses to live with her mother who constantly abuses her physically and mentally. I just spent $20K in a custody battle all I got was shared parenting. The domestic court in COLUMBUS OHIO seems to be completely biased to mothers. They won't listen to kids here either, so what daughter wants is irrelevant. The whole thing is just hard to believe. Steve, who gave you that 2% loan? :-)
  2. Steve, Yes, I've confirmed I can rollover the money from my Fidelity IRA to a 403(b) account. I am back to choosing which 403b? This is the scary part. The 3% rate on loans from ING is tempting, but I don't know if they are just going to kill me with fees on the 403b administration. I don't know anyone with them. The TIACREF fee is 5.5% variable which is not good. TRowePrice is 4.25%. Maybe I should just go with TRowePrice.
  3. ah... I've been assuming I can :-), maybe not? I guess I need to call Fidelity. It's a rollover IRA.
  4. Thanks Steve. Last year, I moved the money from 401k to Fidelity's rollover IRA (Fidelity also had my 401k). I need money now (not sure it's worth to explain here why), but I need money. I was hoping I could take a loan out of IRA, but they don't allow that. I had a similar situation 15 years ago and was able to take a loan from my 401k at a very low rate. I am thinking of moving the money from the IRA to an employers 403b account which provides loans, potentially at low interest rate. I know most people would think moving from IRA to employers plan is not a good idea, but the goal is to get a loan at low rate. If you have other ideas let me know. So I am trying to choose at 403b, the choices are as listed in the post you link. The loan rate from TIACREF is 5.53%, not very good. ING rate is 3% TROWE rate is 4.25% I am between ING and TROWE, what scares me about ING is that fees he's talking about: Here is the response from ING: Here is the response from TROWE PRICE:
  5. Any one here familiar with ING Financial Services? I need to choose a provider for 403b employer supplemental retirement account.
  6. Folks, So my "main" 401k, which is from a previous job so I can't contribute anymore, is with Fidelity Investments. I haven't heard Fidelity recommended here. From the feedback that I am getting here, it seems that what I should do then is to rollover the 401k to an IRA with TRowePrice or TIAA-CREF and separately open the 403b which is "sponsored" by my employer (OSU). One thing I don't have clear is, and pardon my ignorance once again, If I want to contribute money to that rollover IRA (or any IRA for that matter), it would be after-tax dollars right? Since the employer is not the one putting the money on the account? Oh.. but so I guess the contributions are tax deductible so I guess I get something back when I file my taxes. I am actually wondering if it is worth to move the 401k if I am not going to contribute to it. Since the only money I have left to save which is not much will probably all go the 403b, I would not be contributing anything to that potential rollover IRA. Even If I had after-tax money to save, from what I am reading, most people actually invest on a Roth IRA since the long term benefits appear to be better than the yearly tax deduction. One more thing folks, sorry for the long post... I need to choose between TRowe and TIAA-CREF, I take it they are both equally good. Are there any preferences for one vs the other one? (Both in terms of IRAs and 403b?)
  7. Thanks JudyS. This helps tremendously.
  8. Thanks Folks. JudyS, can you say a bit more about your statement below? Does that mean I am not in control with a 403/457? Why is an IRA better for rollovers?
  9. I recently started working for OSU and I want to open a supplemental retirement account 403(b)7 or 457. Their list of vendors is the following. I have no clue which one to choose. I'd appreciate recommendations. I know nothing about investments. Advisory & Retirement Planning (2) Aegis Financial Services (2) AIG Retirement (3) Ameriprise Financial, Inc. (2) AXA/Equitable Life Ins. Co. (2) CitiStreet (2) Everhart Financial Group (2) ING Financial Advisers (3) Lincoln Financial Group (3) Merrill Lynch (4) Metropolitan Life Ins. Co. (2) Nationwide “Best of America” (2) Ohio Public Employees Deferred Compensation Program (5) Security First Grp/MetLife Resources (2) T. Rowe Price (4) TIAA-CREF (4) (2) 403(b) only (3) 403(b) & 457 (4) 403(b)7 only (5) 457 only Can u folks recommend the "best" or maybe the top 2 or 3? I am not sure yet whether I want 403b or 457. Again, I don't know, everything I've read just highlights the fact that 457s don't have the 10% penalty but don't say what the "catch" is or what the disadvantage is. If there is none, I don't know why anyone would choose 403b. Again, this is to supplement the pension benefit. They won't match anything so it would be just my pre-tax contributions. Also, I have money from three other 401k plans (previous jobs) that I would love to consolidate and probably rollover to this new 403b or 457. Thanks in advance.
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