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bsktbllcoach2012

Upon Retirement

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Maybe someone can help me out here with a question. I have a 457b ( teacher) thinking of June retirement( 58 1/2 years old). Upon retiring what happens to money in my account? Do I get a check for amount? Can I maintain it and pay myself ( taken out of me check now)? or woould I have to take the check and roll it into ( start another) a new account? What are my opptions?

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Maybe someone can help me out here with a question. I have a 457b ( teacher) thinking of June retirement( 58 1/2 years old). Upon retiring what happens to money in my account? Do I get a check for amount? Can I maintain it and pay myself ( taken out of me check now)? or woould I have to take the check and roll it into ( start another) a new account? What are my opptions?

 

 

Ideally you want to roll it into an rollover IRA and reinvest it in low cost companies, to avoid a lump sum tax bill, unless its a small amount.

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