I am 54 and have 5 years with NYS. Unfortunately my position has not been renewed. I have about $55K in one account (Fidelity) 401 k and $35K in Tiacreff. I do not know what to do. One is the 403b and the other is the deceased spouse 401K moved to Fidelity Freedom Funds.
Any help is appreciated to be considered as a resource.
It is tempting to use retirement funds to keep going. DON'T DO IT!
Using retirement account money will put you even further behind in your retirement. Should you get into financial difficulty, IRAs are protected from creditors. 401k, not always - so consolidate those two accounts as suggested. I personally prefer Vanguard or T. Rowe Price to Fidelity, but any of them are fine.
The biggest mistake I ever made was using my 401k money to try to avoid filing for bankruptcy. We were fortunate to be able to recover from that situation. I should never have destroyed my retirement savings that way. I was never able to rebuild it again, despite working for another 18 years. Luckily things still worked out, but it was a huge blow. Many companies have stopped matching contributions and few offer pensions any longer.
When you do find a job, you will be in the vulnerable position as 'new employee'. If things turn down again you have no seniority to protect you. So keep your retirement account intact, and avoid enriching the IRS by taking distributions too early. The tax hit is severe, so your net funds won't go as far as you think.
I will need $2K a month in dividends to supplement my pension benefit and SS. I will be 61 in 9 weeks and if all goes well I will trudge off to work for another 205 days. I am hoping that investments in REITS will provide this extra income.
I like AGNC, IVR, RSO, SFI-PI, and AHT-PA.
... I will be 61 in 9 weeks and if all goes well I will trudge off to work for another 205 days. ...
....and maybe even the hours and minutes, LOL!
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