Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Did I do the right thing?
Old 11-26-2005, 07:03 AM   #1
Confused about dryer sheets
 
Join Date: Nov 2005
Posts: 3
Did I do the right thing?

Hello,
* * *This is my first time posting, but have been a long time reader of this site.* I have a question that is probably an elementay question for you guys, but it has been something that has been nagging at me for about three years or so now.* My wife left her previous emplopyement in which she had a 403 b with about 13K in it.* Subsequently upon her leaving the employment we initially transferred the money to a Mutual of America account with out touching the money (for obvious penalties/early withdrawl reasons).
* * *Then about two years ago I took this money and placed it into a roll over IRA account with Vanguard figuring to myself this is tax deferred money and I should be okay.* Was I right or have I done something wrong?* I am not sure if it matters, but she has continued to put contributions on a regular basis to her Roth IRA.* She has 10K (2,000 a year since 2000 and plus her Roth rollover for a total of 25K+)* Did I do the right thig by rolling it over or have I done something legally wrong?* * * * * * * *
__________________

__________________
ROMANMAN is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Did I do the right thing?
Old 11-26-2005, 07:27 AM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Did I do the right thing?

Quote:
Originally Posted by ROMANMAN
Hello,
My wife left her previous emplopyement in which she had a 403 b with about 13K in it. Subsequently upon her leaving the employment we initially transferred the money to a Mutual of America account with out touching the money (for obvious penalties/early withdrawl reasons).
Was this first transfer directly into an IRA?
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Did I do the right thing?
Old 11-26-2005, 07:46 AM   #3
Confused about dryer sheets
 
Join Date: Nov 2005
Posts: 3
Re: Did I do the right thing?

Was this first transfer directly into an IRA?

I mis-typed we kept it with Mutual of America...which was the holder of the original 403 b we continued with them without touching the money...Then I rolled the money over to the Vangaurd rollover IRA.
__________________
ROMANMAN is offline   Reply With Quote
Re: Did I do the right thing?
Old 11-26-2005, 07:52 AM   #4
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: Did I do the right thing?

As you as you rollover to an IRA --

http://www.403bwise.com/wisemoves/irarollover_vt.html
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Did I do the right thing?
Old 11-26-2005, 07:55 AM   #5
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Re: Did I do the right thing?

It is okay to rollover to a qualified IRA (such as Vanguard) from the employer's plan even after two years.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Re: Did I do the right thing?
Old 11-26-2005, 07:55 AM   #6
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Did I do the right thing?

As Spanky cited, you can roll a 403(b) any time after you leave employment into a rollover IRA, you just have to follow the rules. If Vanguard handled the rollover with the original broker, odds are it was done right.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Did I do the right thing?
Old 11-26-2005, 07:59 AM   #7
Confused about dryer sheets
 
Join Date: Nov 2005
Posts: 3
Re: Did I do the right thing?

Thank you for your responses...You guys are great and very responsive to new posts from less informed peolple thanks again....Romanman
__________________

__________________
ROMANMAN is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The cheapest thing you have ever done.... come on now, admit it. Enuff2Eat FIRE and Money 252 05-01-2008 12:17 PM
need advice on trust thing tikitoast FIRE and Money 18 06-20-2006 09:30 AM
My first book report: Just One (more) Thing greg FIRE and Money 3 11-17-2005 07:13 PM
is there such a thing as OVER FRUGAL EricMD FIRE and Money 93 10-27-2005 07:12 PM
The one thing you would like to do before you Die? Cut-Throat Other topics 7 11-05-2004 02:00 PM

 

 
All times are GMT -6. The time now is 10:22 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.