403b and 457 With Same Annuity Company?
5 years ago
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- 5 years agolast modified: 5 years ago
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Retirement Investments
Comments (44)Annoe wrote: " jamies, it's not 37% of half...it is 37% instead of 50% so if your DH gets $1000 at full retirement age you'd get $500, but at 62 you'd get $370...." YES. At 66 the spouse can collected 50% of the benefit. Maybe this helps, from the SSA: " A spouse receives one-half of the retired worker's full benefit unless the spouse begins collecting benefits before full retirement age. If the spouse begins collecting benefits before full retirement age, the amount of the spouse's benefit is reduced by a percentage based on the number of months before he/she reaches full retirement age. For example, based on the full retirement age of 66, if a spouse begins collecting benefits: At age 65, the benefit amount would be about 46 percent of the retired worker's full benefit; At age 64, it would be about 42 percent; At age 63, 37.5 percent; and At age 62, 35 percent. " Here is a link that might be useful: Social Security Spouse benefits percentages This post was edited by maddielee on Mon, Apr 15, 13 at 15:24...See Moreretirement surrender fees...wow!! and HELP!
Comments (9)behaviorK - funny you mention a teacher getting into an annuity as part of her retirement planning. Just last week on Suze Orman, a teacher in CA called about this very thing. She was told the 403b was her only option and the caller didn't feel right about it. Suze told her not to contribute to it. At what age does this annuity mature? In the caller's case, it was at 85 YO, which is ridiculous. You may want to get your GF to suck up the 10% or just leave it and stop contributing to that 403b altogether. In the caller's case, she had not started contributing and Suze advised her not to. If she sucks the 10%, you should help her try to find a bit more aggressive fund in which to replace it and try to earn back some of the funds she lost in the surrender. Depending on her age, she can still invest in ROTH, traditional IRA's and have a nice nestegg. That is what Suze recco'd to the caller - to divert the money she would have allocated to this annuity to much more reasonable retirement savings. Whatever you do, she needs to stop the contributions to the annuity pronto and find another avenue - be it Vanguard or whatever else. I think the episode ran last Saturday, which means it repeats tonight with the new episode. If you have TIVO, record all SUze Orman shows and see if the ep with the specific question aired again. Like you, I"m surprised that the employer has such a crappy retirement plan....See MoreDems Target Private Retirement Accounts
Comments (27)>>b-4 our new marxist regime takes over.Ummmmm. Last I checked it was the BUSH administration putting the government in the business of bank ownership? And it's the BUSH administration and the rest of the Republocrats handing over OUR tax $$$ to a bunch of their cronies like GM and Citibank whose firms are going to go bankrupt because of their poor foresight and inability to meet market demands while paying their CEO's billions? And lets see, it's the BUSH administration took a budget surplus in 2000 and turned it into a record-breaking deficit, while creating the biggest government and government debt in history, including an entire new cabinet-level beaurocracy (Dept of "Homeland Security") to suck billions of dollars towards creating an atmosphere of fear? Are you safer now than you were in 2000? Think again. And the NEXT guys are the "marxists" and crooks who will create big government and mishandle our tax dollars? What planet are you on? I'm just glad BUSHCO didn't get their hands on privatizing my Social Security. At least the money I'm losing in my 403b isn't my social security for the future, just my own damn money. Perhap I'll have something to live on in my old age, thanks to FDR. I hope that Obama can provide us with the "Next Deal" to get us out of the Great Depression II that Bush has pushed us into. World War I was just known as the "Great War" until World War II came along. Now we'll have the "Depression I" and the "Depression II" to tell our grandkids about....See MoreThoughts on retirement
Comments (59)Jen, sometimes things change when you least expect them, and thank goodness for a retirement plan! DH and I started getting things pulled together a bit later than most couples, he was 62, and *talked* about retiring at 70, and I was 61~that was 14 years ago. DH was forced into retirement at 69, when it was discovered he had bile duct cancer, with a very poor survival rate. He passed away 7 months after the diagnosis. Being an auditor/accountant he was quite a planner and had a pension plan already in place, and had started taking SS when he got the diagnosis. I had started taking mine at 62, when the business I was working at went bellyup. We also put together a porfolio since he had many stock options with his company, as well as stocks gifted by his grandmother. We added bonds and a few other options, as well as a 401K, which is now part of an IRA. When he passed away he had several life insurance policies, and I decided to purchase 3 annuities which are 'adding up quickly' as I only started taking RMD's last year. Considering your relatively young age, an annuity might work for you. In all honesty, my 'lifestyle', which I don't consider high end, the SS/pension is quite enough, and the RMD's go into a separate savings account. I never understood DH when he talked about 'saving for retirement', but thank goodness he was a *thinking* man! I get way too many emails with re:to retirement/savings, and thought this might be of interest to you. You're a very smart young woman for thinking of what could be *your* future. Best of luck, Jen! http://www.frugalrules.com/betterment-review-investing-option/...See More- 5 years agolast modified: 5 years ago
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