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Guest
0.10 Dollars($)
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Post subject: retirement plan |
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| my place of employment did away with our retirement plan as of dec.31,2007 and we are able to take the ammount minus 20% for federal taxes. Is this a good idea I want to use some of the money to pay down my mortgage and save the rest |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi Guest!
You can either pay off your mortgage with that money or you can also rollover your 401k plan with your new employer if any or you can roll it over with the IRA.
Thanks. |
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Dyanne
Guest
0.10 Dollars($)
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Post subject: 403b Defaulted |
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I've defaulted on my 401b loan, can I use money that remains in my 403b account to pay off the defaulted loan?
Also, my employer will no longer allow me to have 403b deposits made to my current carrier, they claim it's mandatory to switch to the company of their choice. What options do I have with the money in my existing 403b account? |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: |
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Hi Dyanne
As far as I know, people are allowed to take loans on their 403(b) plans. However, you will have to repay the loan in at least quarterly installments. If you are buying a primary residence, then you have 30 years to pay it back but if you are taking loan for other reasons, then you must pay the loan back within a 5-year period.
As far as your second question is concerned, I haven't heard of anything like "switching to the company of their choice".
Thanks
_________________
Good is the Enemy of Great. |
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Edmund Anderson
Guest
0.10 Dollars($)
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Post subject: 403b withdraw forms |
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| where can i get one? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi Edmund Anderson,
Check out a sample 403b withdrawal form. You can show this form to your 403b plan administrator and check whether it is applicable in your case.
Thanks |
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ricooo
Guest
0.10 Dollars($)
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Post subject: 403 b loans |
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| Is it true that you can borrow off your 403b plan once every calender year even if you have a small loan out already for 2,400.00 |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi ricooo,
Have you taken the loan from the 403(b) account?
Thanks |
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John Hanna
Guest
0.10 Dollars($)
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Post subject: loans from my 403b Employer participating plan |
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| when I contacted the lincoln financial group who is investing my money of th 403B , they refused to issue the Loan even it is to pay off my daughter's school loan as her income is not enough to pay it snd Fannie May charges 6.8% . How can I make them accept .. Regards |
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Guest
0.10 Dollars($)
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Post subject: |
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| Negotiating with them is the option for you. You will have to convince them as to why you need the loan. |
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KKA
Guest
0.10 Dollars($)
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Post subject: paying for closing costs on a new home |
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| Hi. I am in the process of buying a home. With the new FHA guidelines, I have only saved the amount to serve as the down payment. I just found out that I will need to come to the table with an additional 5k down for closing costs. Closing is scheduled for March 27th. What is your opinion on boroowing this amount from my STRS which has about 65k in it? I am tenured and have been teaching in my current district for 9 years. |
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Guest
0.10 Dollars($)
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Post subject: |
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| As you will be teaching in the same district for some more time, I think you will be able to borrow a certain amount from your STRS. |
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lisalucy65
Guest
0.10 Dollars($)
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Post subject: defaulting on a 403b loan |
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| i have a balance of $2100 on the loan and have $8700 in the account.what will happen if i default,also does defaulting go against a persons credit history.thank you |
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lisalucy65
Guest
0.10 Dollars($)
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Post subject: 403b loan |
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| does it go against my credit |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi lisalucy,
If you default on the 403b loan, the unpaid balance will be treated as an early distribution from your 403(b) and will lead to taxes and a 10% penalty. As far as I know, if you default 403b loan, your credit will be affected.
Thanks |
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