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Posted on 9/14/24 at 8:54 am to WM88
She can log in to trsl and use the estimator.
Posted on 9/16/24 at 8:22 pm to dragginass
We just got the same letter in mail pertaining to my wife’s contributions. Similar time teaching and has just shy of $15k to pull. If I’m reading correctly we can cash out while paying 20% penalty, or roll into a qualifying IRA. Only problem is her IRA is a Roth, so do I eat the 20% and use it to max her Roth this year and next, or go thru the trouble of opening a traditional IRA in her name for rollover?
I have a traditional IRA but her name isn’t on it. Will they let me transfer to it?
I have a traditional IRA but her name isn’t on it. Will they let me transfer to it?
Posted on 9/16/24 at 9:04 pm to Jblac15
Opening a traditional IRA takes maybe 60 seconds of your time. At least on my brokerage platform (Fidelity). 60 seconds is conservative - I think i did one by clicking 2 buttons
Posted on 9/20/24 at 11:25 am to Jblac15
quote:
Only problem is her IRA is a Roth, so do I eat the 20% and use it to max her Roth this year and next, or go thru the trouble of opening a traditional IRA in her name for rollover
Just open a traditional. We were in the same boat. We had a Roth set up for her with fidelity. Went online, and within 5 minutes the traditional was set up. Easy Peasy.
Posted on 9/20/24 at 11:54 am to TigerTatorTots
quote:
Kind of odd, how do they think that?
Is your wife a teacher? I think they have different rules for employees that are 9.5 month vs 11 month employees.
Posted on 9/23/24 at 10:09 pm to TheWiz
quote:
Wouldn't there just be an actuarial reduction? Instead of 2.5% factor it would be 1.75% (totally made that up) or something like that?
No. A person is vested after 5 years. Only if less than the age of retirement I think.
This post was edited on 9/23/24 at 10:13 pm
Posted on 9/24/24 at 6:41 pm to TheWiz
The 2.5% rate remains the same for regular plan members*. There is an actuarial reduction based on the # of months you're away from regular retirement age. This age varies by plan (pre-2011, 2011-pre 2015, post 2015 to present) Those reduction factors are determined by an actuary.
This is just for calculating the max benefit. If you choose a beneficiary, there is an additional reduction based on age factors.
* There is some nuance to this for older and school lunch plans.
This is just for calculating the max benefit. If you choose a beneficiary, there is an additional reduction based on age factors.
* There is some nuance to this for older and school lunch plans.
This post was edited on 9/24/24 at 6:42 pm
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