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I have$20000 in a school retirement plan. It shows that in…

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I have$20000 in a school...
I have$20000 in a school retirement plan. It shows that in 2035 when I retire, I will be collecting $420 per month. I now work for a different school district with their own retirement plan. Should I leave the $20K where it is and allow it to grow until I retire or should I take it out and add it to my present plan that also has a $20K balance.
Submitted: 4 months ago.Category: Finance
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10/17/2017
Financial Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 1,433
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer! My name is ***** ***** I will be able to assist you today.

The positives about combining your funds would be your ability to view all your retirement assets in one place, with your current employer and theoretically easier to manage.

Keeping your funds in two separate accounts may be more difficult to manage and keep up with.

The variables would be what investment options do you have or lack with either plan and do you have the option of rolling your funds over to an IRA. Additionally, if you have taken a loan out from your previous plan, you would have to pay back the loan proceeds before you are able to transfer the funds without a negative tax consequence.

IRA typically allow for more investment options then an employer plan, but you can not take loans from an IRA

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Financial Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

I would be happy to answer any follow up questions you may have.

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Customer reply replied 4 months ago
They send us an annual report even though I no longer work at that job. Right now I am fixated on that $420 per month benefit that I would get around 2035 if I retire. However, if I take it out and roll it into my present retirement plan or into an IRA then I probably would be close to that number anyways. Is that correct? I just don't want to lose something that is a sure thing.
Financial Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Are you correct? That would depend on if the present retirement plan is invested like you previously plan. Most likely, the plans are not identically invested.

If you roll your funds into an IRA you will be responsible for managing the investment. You could use an investment advisor who may also show you investment options that include options with certain guarantees.

Personally, I would rather control my investments. Pensions aren't 100% guaranteed, just ask the good people in Detroit.

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Financial Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Do you have any further questions I can assist you with?

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Thank you!

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Financial Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

You have received a notice that you read my response four days ago.

If you have no further questions please accept the answer so I may be compensated by JustAnswer for the work I have done.

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