403(b) wilton Reassurance Life Company

[Julio]

Hello!

I am set to retire on Dec 31 2012.

I have a 403(b) with Wilton Reassurance Life Company of New York, with an annuity value of approx. $35,000.00. When I retire there will be no more contributions to my 403(b). What Can I do with this 403(b)? Do I switch it over to an IRA? Whats the best way to withdraw money not paying so much interest or penalties? I'm 62 years old.

Thank you.

 

[pb4uski]

If you want or need to cash then you could take it but the $35k would be taxable income, so if your're going to take the cash it might be better to wait until 2013 since you won't be working then and may be in a lower tax bracket.

Alternatively, you could rolll it into and IRA and leave it.

You may also be able to leave it where it is or take it as an annuity. Check with your HR dept a or the plan documents about your options.

 

[mickeyd]

I would roll all of it over (IRA RO) to any VG fund/funds that meets your investment goals.

Since the company has only been around a few years, I would not recommend annuitizing any of it.

Wilton Re is a solutions-oriented life reinsurance company with an emphasis on traditional and closed block risks, and an emerging focus on specialized niches of primary life insurance business such as simplified issue and longevity risk management. You will find more information on each of these by visiting the "Solutions" tab.
Since its founding in 2005, Wilton Re has grown organically serving the Traditional Life reinsurance market and through acquisitions of closed blocks.

 

[yakers]

I agree with mickyd, roll it over, (direct agent to agent transfer-no tax) into an IRA with VG or your favorite low cost supplier. Did this when DW retired, her Wellesley fund has done well for her. You can also try 403bwise.com for specific 403b information, generally getting out of a 403b into an IRA is a good idea.