Retirement Account -taking the money

[seemiyah]

Financial gurus, talk to me...

I have a retirement account from 8 years ago when I worked at a non-profit org. they started it about a year before I left and it was just personal contributions no matching funds.

When I left it was about $600 over the 8years it has grown to a $1000, so would you just leave it or take it out?

Since I only contributed for a year I am not vested, I won't be drawing anything from it in old age but its not hurting me to leave it either...so what would you do, take it out or leave it?

[RichD]

Re: Retirement Account -taking the money

I would take it an put it into something else that might grow a little faster.

[tsophra]

Re: Retirement Account -taking the money

im no guru...but unless I needed it I would leave it..perhaps move it to an IRA?

[seemiyah]

Re: Retirement Account -taking the money

thank you all...I notice none of oonu telling me to take it and spend it! I think I am going to look into rolling it into something which leads to another question.

So the next job I had was for 6 years and then I moved to a different state for a new job, I left that account alone since I was vested in it. At first I was going to roll it over to the current one but I guess they want to keep it so they (the old job retirement people) said just leave it here. Both the previous job and the current one are for universities and these are state run plans.

So oonu see any problems in that set up?

[Dr.Dudd]

Re: Retirement Account -taking the money

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: seemiyah</div><div class="ubbcode-body">thank you all...I notice none of oonu telling me to take it and spend it! I think I am going to look into rolling it into something which leads to another question.

So the next job I had was for 6 years and then I moved to a different state for a new job, I left that account alone since I was vested in it. At first I was going to roll it over to the current one but I guess they want to keep it so they (the old job retirement people) said just leave it here. Both the previous job and the current one are for universities and these are state run plans.

So oonu see any problems in that set up?

</div></div>When you leave an employment take yopur mone and put it in an IRA. Never leave it under the control of the company's program.

[tsophra]

Re: Retirement Account -taking the money

i left my 401k with a former employer for yrs before finally moving to an IRA (saka pure laziness) ..it was fine

[seemiyah]

Re: Retirement Account -taking the money

I hear you. My former employer like I said was the state so its the retirement plan for all the state employees, but I think I should eventually move it I just need to figure out where.

[RichD]

Re: Retirement Account -taking the money

in terms of the vested plan you should consider carefully the return you would gain on the lump sum how long you have to let it grow before drawing on it etc.

say for example if you take the lumpsum you get $20,000 and you can invest it for 20 years..at the end of that time you might have $60,000

now if you compare that to the payout which is say $300 a month ($3600 a year) in order to match that payout your investment would have to averaging about 7% per year...if you are confident you do this then it is worth your while.

jus pullin numbers out of the sky ..actual numbers will vary

[Gen]

Re: Retirement Account -taking the money

unless the account is invested heavily in the company(university) stock, there is no rush to get it out while she gets a long term plan together to figure out WHERE to eventually put it and what vehicle to use to get to her retirement goal.




<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: seemiyah</div><div class="ubbcode-body">thank you all...I notice none of oonu telling me to take it and spend it! I think I am going to look into rolling it into something which leads to another question.

So the next job I had was for 6 years and then I moved to a different state for a new job, I left that account alone since I was vested in it. At first I was going to roll it over to the current one but I guess they want to keep it so they (the old job retirement people) said just leave it here. Both the previous job and the current one are for universities and these are state run plans.

So oonu see any problems in that set up?

</div></div>When you leave an employment take yopur mone and put it in an IRA. Never leave it under the control of the company's program. </div></div>

[Dr.Dudd]

Re: Retirement Account -taking the money

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">unless the account is invested heavily in the company(university) stock, there is no rush to get it out while she gets a long term plan together to figure out WHERE to eventually put it and what vehicle to use to get to her retirement goal.




<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: seemiyah</div><div class="ubbcode-body">thank you all...I notice none of oonu telling me to take it and spend it! I think I am going to look into rolling it into something which leads to another question.

So the next job I had was for 6 years and then I moved to a different state for a new job, I left that account alone since I was vested in it. At first I was going to roll it over to the current one but I guess they want to keep it so they (the old job retirement people) said just leave it here. Both the previous job and the current one are for universities and these are state run plans.

So oonu see any problems in that set up?

</div></div>When you leave an employment take yopur mone and put it in an IRA. Never leave it under the control of the company's program. </div></div> </div></div> That is true ,but i wasthinking that the corporation could at any timechange their investment startegy,and it is unlileky thatnit being an employee you may not be notified or worse have .
What I did earlier with plan I was in was to attemot to shadow the investments in my IRA that I was in while in the company's plan. Later I change.
Sometmes the rollover carryies a costy if not done on exit. Like within 60days,transfer is free after that you have to pay transfer or withdrawal cost in addotion to annual cost, ig you stay, just as if you were in an IRA.

[duppy girl]

Re: Retirement Account -taking the money

you can now move retirement money when you leave a company to a federally insured account at a bank ,whitch most places that your retirement account starts dosen't offer that.with a lot of what use to be strong companies are going out of business ,federally insured is better for now. <div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">unless the account is invested heavily in the company(university) stock, there is no rush to get it out while she gets a long term plan together to figure out WHERE to eventually put it and what vehicle to use to get to her retirement goal.




<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Dr.Dudd</div><div class="ubbcode-body">

thank you all...I notice none of oonu telling me to take it and spend it! I think I am going to look into rolling it into something which leads to another question.

So the next job I had was for 6 years and then I moved to a different state for a new job, I left that account alone since I was vested in it. At first I was going to roll it over to the current one but I guess they want to keep it so they (the old job retirement people) said just leave it here. Both the previous job and the current one are for universities and these are state run plans.

So oonu see any problems in that set up?

</div></div>When you leave an employment take yopur mone and put it in an IRA. Never leave it under the control of the company's program. </div></div> </div></div> That is true ,but i wasthinking that the corporation could at any timechange their investment startegy,and it is unlileky thatnit being an employee you may not be notified or worse have .
What I did earlier with plan I was in was to attemot to shadow the investments in my IRA that I was in while in the company's plan. Later I change.
Sometmes the rollover carryies a costy if not done on exit. Like within 60days,transfer is free after that you have to pay transfer or withdrawal cost in addotion to annual cost, ig you stay, just as if you were in an IRA.