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Please Help, I Lost My Job. What Should I Do With My 403b?

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So, I worked for a hospital that is closing down partially because of hurricane IKE and partially because of endownment fund losses (stock market losses of 2 or 3 billion).

 

My question is, what is my best option for my 403b? My financial situation is not good at all right now, I have pretty much been having to live paycheck to paycheck. With the job loss (ends March31st) I am going to be strapped... I have only been putting money into this fund for a few years, so it's got a few thousand in it.

 

At this point, what is my best option to keep as much of the money as possible? Pull it out and close, leave it in and roll it over or what? I'm just wondering how low the market might go.....I'm pretty much a newb so, please be detailed. I don't want to get messed over here...

 

THANKS!

 

PS. it's with AIG/Valic...

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How soon do you expect to need the funds? Will you need the funds to pay basic bills when you lose your job, or will you be able to call upon some other resource to stay afloat and leave your funds for future use?

 

Generally, a 403b plan is meant for retirement. But if you starve today, what good is a non-existent retirement. Unfortunately, if you do have to pull the money out you should expect to have to pay taxes, a tax penalty, and possibly (if you are in an insurance product) a surrender charge.

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First, sorry about your situation. I see too many in your seat!

Anway, have you spoken with your advisor? That's why you pay him...

 

Have you filed unemployment?

 

Aside from that...From what you wrote, I can safely assume that you are not a medical doctor..Otherwise, you woudl have accumulated more than few thousan(not that non-doctors can save)...

If you have no other savings and your 403b is all you have then only solution is to withdraw the money.

 

Without knowthing your entire situation, I really can't provide more..

 

Hope things work out for you...

 

 

 

 

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