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hthomps1917

Have I Made A Mistake?

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Having recently turned 50, I have begun to get serious about retirement planning, and fearful that I am putting too much of my savings into an SRA (which I assume I won't be able to pass onto my children), I have suspended my monthly SRA contributions of about $500 per month. My employer matches my contributions to a TIAA-CREF plan for a combined total of about $17,000. I do not make contributions to an IRA, but would now plan to do so. Although I have read several publications on 403b's, I cannot see the forest for the trees on whether I have made a mistake in doing this. I hope a personal question is acceptable for my first use of this message board. Thank you.

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Guest Joel

Having recently turned 50, I have begun to get serious about retirement planning, and fearful that I am putting too much of my savings into an SRA (which I assume I won't be able to pass onto my children), I have suspended my monthly SRA contributions of about $500 per month. My employer matches my contributions to a TIAA-CREF plan for a combined total of about $17,000. I do not make contributions to an IRA, but would now plan to do so. Although I have read several publications on 403b's, I cannot see the forest for the trees on whether I have made a mistake in doing this. I hope a personal question is acceptable for my first use of this message board. Thank you

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The devil is in the details. Would you be gracious enough to tell us more about your financial life. I for one need to know much more about your specifics before I can dispense with my advice. Married? kids? Equity in personal residence? Income producing property? Balance in your Salary Reduction account with TIAA? Balance in your primary retirement account with TIAA? after tax investments...stocks, bonds, mutual funds. If married does your wife work? How old is she. When do you plan to stop working?

What is the nature of your liabilities? I look forward to helping you.

 

Peace,

Joel L. Frank

 

 

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