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12-20-2009, 05:37 PM
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The Dreadnoks
 Join Date: September 27, 2001
Location: Orlando, FL
Age: 62
Posts: 3,608
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Looking for real answers from long term civilians in the work place
Greetings
 , without creating animosity, or anything of the like, I have a question regarding retirement plans I would like to get real life experiences from any and all that might have them to share.The take home packet I received from my new employer has some things different than the last. The new company is a Not-For-Profit (NFP) organization and therefore has different packages. 403b, I have a 401k and understand how it works, but have x days remaining to close it out. 403b reads similar, but different, what is the real difference? Can one transfer 401k funds to 403b funds sans penalty? Different institutions as well. Current Fidelity, going to Vanguard. What options might there be, as this is an area I'm clueless in. Bottom line, I must close out my 401K from my previous employers corporate account within 90 days.
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The Lizzie Palmer Tribute  Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. John F. Kennedy 35th President of The United States The Last Shot Honor The Fallen Jesus died for our sins, and American Soldiers died for our freedom.  If you don't stand behind our Soldiers, please feel free to stand in front of them. |
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12-20-2009, 10:18 PM
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Lord Soth
 Join Date: July 25, 2002
Location: Melbourne FL
Age: 61
Posts: 1,971
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Re: Looking for real answers from long term civilians in the work place
With all the expertise of a new graduate of HR Block's tax prep course, I can tell you they're basically the same. Well, as of 2008. I haven't heard the '09 tax year updates yet. They serve the same function (help you save for retirement), have the same maximum contribution limits, and same age limits for making contributions or taking withdrawals. This fairly short article sums up the similarities & differences.
AFA the rollover, you can roll between 401k and 403b since both are funded with pre-tax dollars. Just be sure to roll directly between them to avoid tax problems -- don't have it distributed to you first. I'm sure if you call Vanguard, they can handle it for you.
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12-20-2009, 10:34 PM
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#3 |
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The Dreadnoks
Join Date: September 27, 2001
Location: Orlando, FL
Age: 62
Posts: 3,608
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Re: Looking for real answers from long term civilians in the work place
Good for you VR, and what an excellent short and to the point article, thank you.
__________________
The Lizzie Palmer Tribute Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. John F. Kennedy 35th President of The United States The Last Shot Honor The Fallen Jesus died for our sins, and American Soldiers died for our freedom. If you don't stand behind our Soldiers, please feel free to stand in front of them. |
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12-23-2009, 03:47 PM
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#4 |
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Jack Burton
 Join Date: May 31, 2002
Location: Ireland
Posts: 5,854
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Re: Looking for real answers from long term civilians in the work place
Here, this may interest you, just saw it today. http://finance.yahoo.com/news/Retire...mod=retirement
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Still I feel like a child when I look at the moon, maybe I grew up a little too soon... |
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