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Thank you! You helped me before. Problem was solved. I am now without a job, starting June 15th. I have a 401K plan with teachers's association, in xx. I am also getting half of my ex husband pension( not really enough) My questions is : Do I qualify to collect until I settle with a new job? Is it more convenient to retire?( I am 66), Retirement will be less than collection monthly for a while. Very difficult situation. Second concern: May I get retirement ( my ex or mine) and collect at the same time? Are they going to deny me collection because of my 401K plan? I appreciate your response, I will have to downsize, and still have debts and credid cards. XXXX XXXX
Does it mean I can retire, collect and get some of my 401K money? A: Unless there is some restriction from the teacher's association, you can have all your money, once you transfer it to a Rollover IRA. Not planning to withdraw big amount. I was thinking on an annuity , to get help monthly, until I get a new job situation. Should I contact SS or teacher's plan first? A: teachers. Re annuity, if you're planning to remain in xx for the rest of your life, then consider purchasing tax exempt long-term xx General Obligation Bonds. You can probably get 3.5% interest on the retirement money, federal and state tax free, and not have to pay the horribly high cost of an annuity commission (typically 10% of your purchase price). Hope this helps.
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