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Emmysue

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Everything posted by Emmysue

  1. Hello again, Sorry for the delayed response. Life intervened. Joel, thanks so much for the detailed response to my last post. I can't imagine transferring title of my 403b to TRS. Not even for a lifetime guarantee. (BTW, I'm an AP and in Tier IV.) I think my best option would be to take periodic distributions as necessary, and hopefully have something to leave to help protect a wetland, songbird habitat, etc. To that end, I've been playing around with the "Savings Distribution Calculator." Great tool, but it's creepy think about one's life expectancy. Since I'll be purchasing my first home upon retirement, I decided to factor in the life of the mortgage instead of my life expectancy. : ) One last question: Is it preferable to opt for the Maximum Payment Option (QPP) and buy a hefty term life insurance policy for the spouse, or take the Pop-Up option? Thanks so much and Happy Spring. One final question:
  2. Hi Steve (and Joel), I am 61 years old, and in good health, i.e., no major or chronic illnesses. I'd like to leave an inheritance to a non-profit environmental organization. Both consultants advised against periodic withdrawals for living expense due to the difficulty in predicting exactly how much and how often to withdraw funds. ( I'll have to pay federal tax, but it is my understanding that I won't have to pay state or local since the plan is to relocate to Seattle.) Here are my options after retirement according to the TDA Booklet: "When you retire, you must make a decision regarding the distribution of your TDA funds. Your options are as follows. In some cases, you may receive your TDA funds through a combination of: (1) You may elect TDA Deferral status and thereby delay the distribution of your TDA funds past the payability date of your QPP retirement allowance; (2) You may receive your TDA funds as a monthly annuity, which is separate from, and in addition to, your QPP retirement allowance. Amounts distributed to you as an annuity will generally be federally taxable and may be subject to state and local taxes; (3) You may withdraw all or part of your TDA funds and/or direct these funds to an eligible successor program through Direct Rollover." I was thinking about electing deferral status for the principle so it can continue to receive a fixed 8.25% rate of return, but take the monthly interest as a withdrawal (perhaps quarterly?). Not sure if this will work since neither consultant was sure. (Both consultants are affiliated with my union. I'm thinking I should find a "for fee" consultant familiar with NYC TRS.) Thanks for your help. Happy New Year!
  3. Hi Joel. I am 61 years old, and in good health, i.e., no major or chronic illnesses. I'd like to leave an inheritance to a non-profit environmental organization. Both consultants advised against periodic withdrawals for living expense due to the difficulty in predicting how much and how often to withdraw funds. I'll have to pay federal tax, but it is my understanding that I won't have to pay state or local since the plan is to relocate to Seattle. Thanks for your help. Happy New Year!
  4. Hello, Getting ready to retire, but I'm getting conflicting advice as to whether to annuitize my TRS NYC Tax-Deferred Annuity. (Seems that almost all retirees elect this option since it guarantees a certain monthly annuity payment.) However, I've calculated that I can live comfortably on my pension plus just the interest from my TDA. I'm thinking about deferring, but take periodic (quarterly?) withdrawals to cover my living expenses. This would leave the principle untouched. Two different pension consultants have advised against this. Any comments or advise would be greatly appreciated. Thanks and Happy Holidays! Emily
  5. Hello, Getting ready to retire, but I'm getting conflicting advice as to whether to annuitize my TRS NYC Tax-Deferred Annuity. (Seems that almost all retirees elect this option since it guarantees a certain monthly annuity payment.) However, I've calculated that I can live comfortably on my pension plus just the interest from my TDA. I'm thinking about deferring, but take periodic (quarterly?) withdrawals to cover my living expenses. This would leave the principle untouched. Two different pension consultants have advised against this. Any comments or advise would be greatly appreciated. Thanks and Happy Holidays! Emily
  6. Hi Emmysue, You folks still have the dream fixed account that we all would like, 8.25%! Interest only means you would get over $24000 per year as a supplement to your pension. Excuse my ignorance, but why change, unless, of course, you will get the same guarenteed interest? What am I missing? Steve Hi Steve, Trust me, I'm very grateful for the fixed 8.25%. : ) I'm not looking to switch. I am allowed to contribute the maximum to a 457 in addition to my pension and 403b. I'm looking for a supplemental retirement savings account. Instead of putting extra money in a ING DIRECT Money Market, the Stable Income Fund with the NYC Deferred Compensation Plan performs much better and is very conservative. Just wondering whether to go with a 457 or 457 Roth. Thanks again.
  7. I'm a school administrator in New York City. I retire in 3 years. I'll receive a pension, health benefits, etc. Also, I currently have around $300,000 in a 403b at 8.25% fixed. No other assets, though, except for about $35,000 in a money market (emergency fund). Would like to set up a supplemental retirement savings. I'm considering either a 457 or 457 Roth via the New York City Deferred Compensation Plan. Any comments would be greatly appreciated.
  8. Has anyone ever gotten a post-nuptial agreement waiving all rights to pension and annuity benefits in the event of divorce? I am a NYC public school teacher and have conflicting advice from two different attorneys. Thanks.
  9. I'm having trouble sleeping with all this talk of pension reform. Been a NYC teacher for 20+ years and plan to retire in 4-5 years at age 62. Hoping that my pension, TDA and social security will be enough to live a simple life. Will be relocating to a state with no state or local taxes to help stretch the money. Does anyone know if I will pay NY taxes on my pension benefits and TDA if I move to another state? Lastly, any insight on the future of the NYC Teachers Retirement System would be greatly appreciated. Stay well.
  10. Emmysue

    Worried

    What a great website! Thanks to everyone for your gracious and informative postings. I'm a 56 year old school administrator in NYC and would love to retire at age 62. I currently have $205,000 in our TDA Program, and will continue to max out my contributions. I am 100% invested in fixed at a guaranteed rate of 8.25%. Unfortunately, I don't have much else saved except for about $10,000 in a money market in case of an emergency. I don't own a home, but I have no debt. What would be the best way to save more for retirement other than my TDA contribution? Also, I hear so much about the NYC Teacher Retirement System. Is the 457 Plan a better option? Thanks so much.
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