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04-25-2017, 07:23 PM
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#1
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Recycles dryer sheets
Join Date: Apr 2016
Location: Marietta
Posts: 51
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taking 35,000 what to do
I am taking 35,000 of our 403b to be at the top of the tax bracket. I use it for our emergency fund when husband retires.... do not need the money so could I put in money market or buy some mutual funds and then pull it when I need it.?
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04-25-2017, 08:56 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Southern California
Posts: 3,995
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Sure. You can do anything you want with the money. You just have to understand the risks/rewards with a money market versus equities. If you think you will need the money in the next five years, I would not invest in equities.
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04-25-2017, 09:13 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,221
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If you don't need the money right away you might want to consider doing a ROTH conversion with the $35K. I'm not familiar with 403b's but believe it's allowed. You will have to pay taxes on the amount converted, preferably from a separate savings account, but when you start making withdrawals from a ROTH it is tax free.
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dont take the money till u have the emergancy
04-25-2017, 10:35 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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dont take the money till u have the emergancy
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