Guest Vicki Posted June 5, 2001 Share Posted June 5, 2001 I work at a college and am considering leaving the college to start my own small business. I have a 403(B) with funds invested in Fidelity and an SRA with funds invested in TIAA/CREF. I would like to take some of the funds upon my termination to cover my salary for a year, pay my health insurance costs until I am settled in business. Is there a way I could work this to avoid the penalties associated with early withdrawl? The balance of the funds I would roll over into another retirement vehicle, but I'm not sure which kind would be best. Any suggestions. Link to comment Share on other sites More sharing options...
Guest Brent Rowell Posted June 6, 2001 Share Posted June 6, 2001 I can think of three possible options: 1) Simple withdrawl .... take your lumps 2) Loan (Unlikely.... most plans will not allow loan after termination of employment) 3) Substantially equal payments until age 59 and a half .... I think the amount should be roughly the same as a life annuity would provide .... again not really a great option unless you are close to age 59 Side comment: I'd leave the balance where it is. I see no great advantage in a roll over Link to comment Share on other sites More sharing options...
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