April Fool
Dryer sheet wannabe
Hi. I'm a new poster in need of help. I hope I'm not double posting. I did something wrong and had to do it all over.
Okay, here goes. Two years ago my employer discontinued business with my 403b provider and I was told I had to select a new provider from the list they provided. I did not do so.
When I told my employer I would be retiring at the end of the year, I was reminded that I had not selected a new 403 provider and that I had to have one to roll my severance pay into. If not they would hold it until I did.
I have met with three companies on their list. They are not much interested in my severance pay. All they want to talk about is my existing 403B and convincing me to take a plop. No matter how much I said I only wanted to talk about the severance, they continually came back to the plop and other monies. When I went to my tax preparer this weekend, she even jumped on the plop band wagon. All I did was ask her a tax question about retirement. Comes to find out, she is in the same line of business as those other guys.
I had already made up my made that I would not take a plop as I felt it would reduce my check too much. Now I'm second guessing myself. Everyone seems so enthusiastic and so forceful in trying to convince me this is something that I should be doing.
The plop would be $94,500 but it will reduce my check by $1000 a month. The agents say that I would gain back the loss if I roll it into a fund paying 4%. (Yeah right, if I live to be 80).
Actually, I probably could live off what's left (I don't live that high) after the deduction but I fear I may be forced to start annuitizing sooner than I expected. I wanted to wait until I am 70.
My husband says, "Yeah, take it. Take it." I think his being greedy is going to really mess us up.
Any thought?
April
Okay, here goes. Two years ago my employer discontinued business with my 403b provider and I was told I had to select a new provider from the list they provided. I did not do so.
When I told my employer I would be retiring at the end of the year, I was reminded that I had not selected a new 403 provider and that I had to have one to roll my severance pay into. If not they would hold it until I did.
I have met with three companies on their list. They are not much interested in my severance pay. All they want to talk about is my existing 403B and convincing me to take a plop. No matter how much I said I only wanted to talk about the severance, they continually came back to the plop and other monies. When I went to my tax preparer this weekend, she even jumped on the plop band wagon. All I did was ask her a tax question about retirement. Comes to find out, she is in the same line of business as those other guys.
I had already made up my made that I would not take a plop as I felt it would reduce my check too much. Now I'm second guessing myself. Everyone seems so enthusiastic and so forceful in trying to convince me this is something that I should be doing.
The plop would be $94,500 but it will reduce my check by $1000 a month. The agents say that I would gain back the loss if I roll it into a fund paying 4%. (Yeah right, if I live to be 80).
Actually, I probably could live off what's left (I don't live that high) after the deduction but I fear I may be forced to start annuitizing sooner than I expected. I wanted to wait until I am 70.
My husband says, "Yeah, take it. Take it." I think his being greedy is going to really mess us up.
Any thought?
April