Retirement account questions
Retirement account questions
So my wife will be starting a new job in a couple weeks. Her previous job had a 401k, which we applied 20% of her income to. Her new job does not offer 401k, they have a 457 account. Does anyone have any experience with this? Just some quick Google searches I read a little, but it sound like the employer does not match any funds in this account, more of just a savings plan. What is it?
Re: Retirement account questions
I have zero experience with either one, but I know that generally..they work similarly..put money in to one or more of the investments offered, up to a certain amount each year, towards retirement.
..but I just read that there is not the 10% penalty for early withdrawal..like a 401K has.
What I DO know, is..if you qualify..a ROTH IRA is better, since there is no match.
I think a Financial advisor would tell you to first fully fund a ROTH IRA each year..then put what you can above and beyond that..into a plan like the one offered.
If you don't qualify for a ROTH..congratulations on your household income, you evil rich person!
..but I just read that there is not the 10% penalty for early withdrawal..like a 401K has.
What I DO know, is..if you qualify..a ROTH IRA is better, since there is no match.
I think a Financial advisor would tell you to first fully fund a ROTH IRA each year..then put what you can above and beyond that..into a plan like the one offered.
If you don't qualify for a ROTH..congratulations on your household income, you evil rich person!
If you’re “woke”..you’re a loser.
Re: Retirement account questions
So it's more like an IRA than a 401k? I made a call to my financial guy, he's looking into what I should do. Though I'd ask the geniuses on this board too.
- Bob Of Burleson
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Re: Retirement account questions
With Roth IRAs, you won't get hammered with the Required Minimum Distribution like you do with regular IRAs. That's a pill.
Re: Retirement account questions
Bob Of Burleson wrote:With Roth IRAs, you won't get hammered with the Required Minimum Distribution like you do with regular IRAs. That's a pill.
It is an advantage, but by 70 you should be spending your money..(you old fart that can't take it with you.)
If you’re “woke”..you’re a loser.
Re: Retirement account questions
Grassman wrote:So it's more like an IRA than a 401k? I made a call to my financial guy, he's looking into what I should do. Though I'd ask the geniuses on this board too.
I don't think it's like an IRA, (which you yourself would control completely.)
If you’re “woke”..you’re a loser.
Re: Retirement account questions
You might want to talk to Ryan.
- Bob Of Burleson
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Re: Retirement account questions
GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year.
Re: Retirement account questions
Bob Of Burleson wrote:GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year.
Yes, you're right..croaking with a big unspent pile of money is a much better plan..definitely.
If you’re “woke”..you’re a loser.
- Bob Of Burleson
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Re: Retirement account questions
I'll bet Obama rubs his hands together in glee when he sees your income tax payment coming.
Re: Retirement account questions
Some of us might have Children and Grandchildren to leave something to.
I am a never Kamalaite!
- Bob Of Burleson
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Re: Retirement account questions
Greg has his dogs.
Re: Retirement account questions
Bob Of Burleson wrote:GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year.
Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.
People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."
Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."
If you’re “woke”..you’re a loser.
Re: Retirement account questions
Red Oak wrote:Some of us might have Children and Grandchildren to leave something to.
Understood..but your retirement account is for..YOUR retirement.
They'll assemble their own.
If you’re “woke”..you’re a loser.
Re: Retirement account questions
Bob Of Burleson wrote:I'll bet Obama rubs his hands together in glee when he sees your income tax payment coming.
He'll be long gone,..probably the next guy, too.
If you’re “woke”..you’re a loser.
- Bob Of Burleson
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Re: Retirement account questions
I understand Obama's going to declare himself permanent president.
- John in Plano
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Re: Retirement account questions
GFB wrote:Bob Of Burleson wrote:GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year.
Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.
People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."
Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."
Marketimer......
It's ok if you disagree with me.
I can't force you to be right.
I can't force you to be right.
Re: Retirement account questions
John in Plano wrote:GFB wrote:Bob Of Burleson wrote:
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year.
Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.
People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."
Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."
Marketimer......
It’s every financial “expert’s” dream to sidestep a bear market.
That was the one time BB tried it..and he was 100% successful.
He’s never tried it since..and has always discouraged people from trying it.
Even back then, it was a recommendation only for those that really wanted to.
If you’re “woke”..you’re a loser.
Re: Retirement account questions
..and you went through 5 years of posts to find that?
If you’re “woke”..you’re a loser.
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Re: Retirement account questions
I didn't see this thread when it originally went out (it was during the time that I was working myself nearly to death), but I'd be interested in knowing what Grassman eventually did. A 457 is similar to a 401k or 403b, but there is no 10% early withdrawal penalty.
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