Retirement and 403b and IRA
Hi Terry, I’m a teacher retiring in June. I will be 61 in July… I’m wondering if I should take my 403B and roll it over into an IRA. My advisor called me and was discussing if I wanted to invest it more… I’m very confused about all that… With this new administration I’m very worried. A few months ago, I changed most of the money to 75% fixed in 25% in the other. I’m just wondering I have over 200,000 in it. I’m just wondering if I should put it into an IRA.
Thank you
Terry Says
Hre are the instructions for rolling it into an IRA: https://www.terrysavage.com/rollover-now/
The reason for doing a rollover is that an IRA will give you a wider choice of conservative investments, while a 403b plan is designed for workers to invest more aggressively to build up their retirement funds.
You can’t roll over until you retire. In the meantime, you’ve done well to stick with the most conservative options in the plan.
When you do the rollover, all the money will move as “cash” — and you can just put it in the government money market fund at either Vanguard or Fidelity and take your time to diversify out of the MM fund into other funds.
And your “financial advisor” won’t be getting any commissions!
