Author Topic: Getting real in 2016. 🎉  (Read 1274 times)

Shiny

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Getting real in 2016. 🎉
« on: January 01, 2016, 05:48:32 AM »
Started a new job a little over a year ago and recently became eligible to join the 457b plan. Also, from the start of the new job I've been in a pension plan, so now I have both. At my old job I had 401(a) that is currently sitting with the old employer and does go up and down a little. I'm not sure if I should roll it over to 457b. I would like to fire in 5/6 years, but do have some debts to clear including a mortgage on the house that will most likely be a retirement home. The balance is $110,000 on house and the payment is $1600.00 a month. Collected rent is $700.00 and having renters move or pay more is not an option at this time. We also pay rent while living somewhere else for work. Also, have some cc debt, but with some serious reduction in spending should be able to pay off in one year or less. All cc debt is at 0%. Any thoughts or questions would be appreciated. I'm trying to get organized and have some kind of plan. Also, need to get things in order for my DD if she would ever have to start going through all of our paperwork.  Thanks for reading and posting this is a great forum.

Fi(re) on the Farm

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Re: Getting real in 2016. 🎉
« Reply #1 on: January 01, 2016, 06:26:41 AM »
If I were you I would definitely roll the 401k over into the 457b. If it's like my plan you can begin withdrawals at 55 with no penalty, the fees are lower and you have some pretty good choices where you can allocate your 'stache.

Shiny

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Re: Getting real in 2016. 🎉
« Reply #2 on: January 01, 2016, 06:44:08 AM »
The way it was explained to me the 401 money is still subject to early withdrawal penalties. Not for the initial roll over, but if I were to take a withdrawal. I guess it's like your money is still separate from the new 457b and all th 401 rules still apply.