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Serendipity

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  1. I've been too busy today to get any more details. I'll try to reply over the weekend. Gotta go.
  2. The $100,000 I can elect to rollover would be taxable if not handled properly. That's one of the issues. I don't want to be taxed now that I'm in a higher tax bracket. If I elect to leave this amount in my retirement account, I would receive about $130 more per month in my retirement check. Here's where it can get complicated. I have different options and each one pays out differently and also has additional benefits. One option would be to take the full retirement (leaving my share in) and receive the maximum amount each month. But upon my death, there would be nothing left for my survivors. A second option would be to take a lesser amount per month and my survivor would receive 100% of my check for the remainder of her life. Another option would be that my survivor would receive 50% of my monthly check for life. In this case, my monthly income would be between the two listed above. Another option would be to take all of my shares out ($100,000), invest this amount, and of course receive the lowest monthly retirement check of all the examples listed above. Anyway, almost all Pennsylvania teachers withdraw or rollover the money they put into their retirement. All I really wanted to know was if Kades-Margolis is a reputable company with low fees and no surprises. I presume that if my union (Pennsylvania State Education Association) is endorsing them, then the PSEA must be getting a kickback. How do I find this out? My union won't give me this information. I know that teachers' unions in other states work in this corrupt way. I just want to know some facts. Maybe this is the wrong place to get the information I need to know in order to make an educated decision regarding these issues. BTW, there are even more retirement options than the ones listed above. I can see how educators are getting ripped off left and right. I personally know of several individuals who lost everything listening to who they thought were good financial advisors. I realize one of many things I've learned over the last several years, don't trust anyone with your money!!! Can't take anything for granted: believe nothing of what you hear and only half of what you see. I guess thats the world we live in!
  3. I have the option of withdrawing my share or the amount I deposited into my retirement. This amount is $100,000. The remaining shares (deposited by my school district, the state of Pennsylvania, and all interest for the past 32 years) must remain.
  4. ira and Sierra, thanks for the advice. I have to buckle down and learn as much as possible. I just hope that a little information doesn't make me dangerous!
  5. Sorry, maybe I wasn't very clear. Next year when I retire, I have the option of withdrawing only my portion invested into my state retirement (PSERS:Pennsylvania State Education Retirement System). Just about all retirees take their share and invest. I have the option of leaving it in the retirement system, in which case my monthly check would be increased by about $150. The negative side would be upon my death, the money stops coming. That's why most teachers here in PA take their contributions (already taxed) and invest. I know it makes sense to "wisely" invest this money. The problem is that I don't need a little education, I need a lot! Not sure how to get this information. I can search this site as well as surf the net, but is the information I'm getting in my best interest? How do I know? I personally know of too many retired teachers who lost big time because they listened to financial advisors who were very greedy. Considering this, I know of a couple of thins for sure: I want to invest my money as safely as possible with the hightst return and with the least amount of fees. I would appreciate it very much if you could point me in the right direction. I really have to start at square 1. Sorry about the previous post. I guess it was just one of those days that I needed to vent! (maybe rightfully so)
  6. IRA, about $100,000 from my pension. I want to make sure I invest it wisely. You know, the most bang for the buck! Sierra, I've been a member of PSEA for over 30 years. I haven't been very impressed with them. Can't get real information that's in my best interest. The best part of PSEA will be when I retire. I won't be a member anymore. With the huge number of teachers we have in our union statewide and nationally (NEA), you would think it would be super strong. Just the opposite is true. The end result is that I don't have any faith in this organization, especially when it comes to managing my money. I'm only in because I wouldn't want to be without the $1,000,000.00 's worth of insurance. What a shame. My question was about Kades-Margolis. Are they: Good - Better - Best and why?
  7. Does anyone know anything about Kades_Margolis. PSEA (Pennsylvania State Education Association) is endorsing this company. I would like to know as much as possible before retiring next year. I'll have a lump some of money that must be invested.
  8. Dan, thanks for the information. Sounds you did some serious research. Something I'll take into consideration.
  9. Sierra, thanks for your contributions.
  10. I have about $60,000 in my 403b. I'm planning to not withdraw any funds from my 403b until mid 60's (about 10 years from now). I assume my tax bracket will be lower then, but with inflation, the war on terriorist, war in Iraq, ect., politicians might and will probably increase taxes. The tax rate I'm paying now might be lower than when I'm retired. That's one of my concerns. I guess it might be a catch 22 situation (only speculation). My 403b is with Allianz and I'm sure they are not part of the "no load" family. If I retire at a ge 55 and roll over from Allianz to a no load fund, will I be able to withdraw any money before age 59.5 if the need arises without penalty?
  11. I believe I'm in about the 30% bracket. I paid way too much in taxes last year. I increased my 403b considerably this year. What advise would you suggest?
  12. I'll hopefully be retiring the summer of 2006 at age 55 after 33 years of teaching. I have a tax shelter through Allianz. Is there any way that I would be able to roll over my 403b into a Roth IRA?
  13. I was doing some reading about 403b rollovers and I'd like to know if my reasoning is correct. When I retire (age 55), I would be able to rollover my 403b into an IRA. Then, "if I qualify", I would be able to roll over my IRA into a Roth IRA. 1. Is this correct? 2. Would the Roth IRA not be subject to taxes when I start withdrawing? 3. "If I qualify" -- What are the requirements? Thanks!
  14. So, when looking for a tax shelter, I should probably ask the following questions: 1. How much money can I invest per month? 2. What interest rate will my money aquire? 3. Are there any bonuses for money invested? 4. Are there any commission fees and how much are they? 5. Are there any surrender fees and penalties? 6. At what age can I start withdrawing my money without any penalties or fees? 7. What is the distribution time frame without taking any penalties? 8. What are the restrictions pertaining to the death benefit? I'm not sure if I should continue depositing pre-taxed money into my Allianz tax shelter for another 1-1/2 years until I retire. Or should I open another no-load tax shelter? If I stay with Allianz, I want to increase my deposits another $1,000 per month. If I start another tax shelter, I would probably stop any deposits with Allianz.
  15. I've been contributing to my TSA for 10 years.
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