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Question for the experts here
Posted on 9/19/24 at 5:59 pm
Posted on 9/19/24 at 5:59 pm
1. Retirement far off. I was thinking when I retire I would roll my 403b into an ira. My understanding this is tax free to do as long as I roll it over within 60 days. I’m I right?
3
Posted on 9/19/24 at 6:17 pm to tigerbacon
Yes and you’ll most likely have way more investment options. However, if you’re asking this question then you may want to find someone reputable within your area to help you out.
Posted on 9/19/24 at 6:59 pm to TX_Tiger23
Meeting with my financial guy next week. Not retiring for 30 years lol
Posted on 9/19/24 at 8:05 pm to tigerbacon
Excellent and great job educating yourself long before retirement.
Posted on 9/19/24 at 8:32 pm to tigerbacon
30 years ago the Roth IRA didn’t exist. Who knows what will be the case 30 years from now, but you can directly roll it over into an IRA which helps avoid the 60-day indirect rollover rules under today’s laws.
Posted on 9/19/24 at 8:36 pm to tigerbacon
quote:
1. Retirement far off. I was thinking when I retire I would roll my 403b into an ira. My understanding this is tax free to do as long as I roll it over within 60 days. I’m I right?
No need to think about this now. In 30 years the retirement landscape may look different from what it does now with different strategies and financial products.
Posted on 9/19/24 at 9:26 pm to La Place Mike
Thanks everyone
Posted on 9/19/24 at 9:42 pm to La Place Mike
quote:
No need to think about this now. In 30 years the retirement landscape may look different from what it does now with different strategies and financial products.
I agree, but if your are going to talk to your financial guy anyway, consider a few things:
Are you really going to stay with your present employer for 30 more years? Probably not. If you change jobs you will get an opportunity to roll over to an IRA, which might have better investment choices and lower costs. Familiarize yourself with best options so you'll have a plan if the time comes.
Are you really going to work for thirty more years? I retired 10 years earlier than I expected to with half as much money as I thought I needed, and figured out that since I had always lived on half of my paycheck, it was all I needed anyway. Figure out a back up plan. Something could happen and you might find yourself needing to retire early, you've got quite a few years so a small adjustment now might give you a lot of flexibility in fifteen years, if you need to change your goals.
Posted on 9/19/24 at 9:51 pm to CharlesUFarley
I’m in a very unique position. I “retired” from my first career and now do what I love. I don’t think I even work a day in my life now. My wife feels the same about her job. We are very fortunate. So I do think I will be there 30lus years
Posted on 9/19/24 at 10:05 pm to tigerbacon
quote:
I’m in a very unique position. I “retired” from my first career and now do what I love. I don’t think I even work a day in my life now. My wife feels the same about her job. We are very fortunate. So I do think I will be there 30lus years
You must be working for the Federal Government.
Posted on 9/20/24 at 7:25 am to tigerbacon
How much are you paying this financial guy?
Posted on 9/20/24 at 10:50 am to CharlesUFarley
I am not saying would not make adjustments along the way but considering anything that you would do in 30 years today is unnecessary.
Posted on 9/20/24 at 7:21 pm to La Place Mike
A flat fee. He’s a CPA and family friend
Posted on 9/25/24 at 10:24 am to slackster
30 years ago the Roth IRA didn’t exist. Who knows what will be the case 30 years from now, but you can directly roll it over into an IRA which helps avoid the 60-day indirect rollover rules under today’s laws.
________
Well said.
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Well said.
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