403b/401k question

[tommymac]

Just wanted to see what you guys thought about this. I have a possible job offer for an Er up in the bronx (going from one ghetto to another :lol:) now I am suppose to speak to the director today as far as the job itself but my freind who works there tells me the job is prety much mine if I want it (expierenced ER PA's who are willing to work only nights seem to be a rare commodity)

Now being a creature of habit I am a bit hesitant about making the jump but thats something I need to deal with. Now part of my decision making process is the retirement plans. I am assuming they have a 401k there that i would roll my money into from my 403b acct at the hospital now. My question is would it be worth doing now since a lot of my investment sare a little on the down side since the economy is in the crapper. Someone said I may be able ot leave my 403b and start a new 401k and roll it over later. Just wanted to see what thoughts everyone had on this.

The state 403b acct is prety good, between the hospital matching part of my contribution and having a supplimental acct where I am contributing another 15500 a year into it or what ever the max is now.


tom

[wildchild]

i know nothing about a 403b acct but, I know if you change jobs with a 401k involved you have a few months to roll it over into another acct.

would working in the bronx be a better position for you?

[pauldun170]

you should be able to keep the 403b plan and roll it over when you feel like it.

However..I'd just roll it all over now. Markets have stabilized. Just make sure you set up the properly for your age.

[RACER X]

i don't think you can bringyour 403b into a 401k account.

[pauldun170]

Mty wife has a 401K acct from 6 years ago :lol: sitting around collecting dust

[tommymac]

i know nothing about a 403b acct but, I know if you change jobs with a 401k involved you have a few months to roll it over into another acct.

would working in the bronx be a better position for you?

In some ways its a lateral move. I need to see if the money is substantially better, lookin gfor at least 10k a year more than i am getting now with night differential. Upside is its only 3 12hr shifts a week, seems like decent sick/vacation time. The bummer is I have ot cross a bridge/pay a toll to get to work(but I do that quite a bit with the side jobs and this ER is nearby so going from one to another will be quite easy. Also leaving my house to get to the bronx around 5;30 or 6pm doesnt look promising with traffic so thats something to consider.

I believe a 403b is like a 401k but the money I contribute now eases my tax hit now. When i file it sets my gross as 15500 less than what it is.

Tom

[shmike]

Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not.

If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it there and start a new 401k at the new place. Just because you can roll it doesn't mean you need to or it makes sense to.

My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over.

Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that. :D

[Rider]

Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not.

If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it ther and start a new 401k at the new place.

My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over.

Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that. :D

Non taxable. You can contribute after tax as much as you want.

[tommymac]

Whether the investments are up or down shouldn't really have any bearing on if you roll your acct or not.

If you have more that the minimum amount ($5k for most plans) at your current employer, you can leave it ther and start a new 401k at the new place.

My decision would be based on which funds are offered by the various plans. If your current 403b has better fund options, leave what you have there. If the new plan has better fund options, it may be worth while to roll everything over.

Congrats on maxing out your plan. The Max this year is $16,500. Remember that is how much YOU can contribute, all employer contributions are on top of that. :D


I couldnt remember if it was 15 or 16,500 either way I know I am maxed out since I have to go see the benefits people each december to reset things for the upcomming year.

otm

[shmike]

Non taxable. You can contribute after tax as much as you want.

http://msp153.photobucket.com/albums/s238/bradly2795/lol_wut.jpg

[Rider]

Your pre-tax contributions are capped but your after-tax contribution have no cap. Not all plans allow after tax contributions but many plans do.

[tommymac]

Your pre-tax contributions are capped but your after-tax contribution have no cap. Not all plans allow after tax contributions but many plans do.

I did not know that, I never asked about contributing more to my plans but if possible I prolly would.

Tom

[shmike]

Your pre-tax contributions are capped but your after-tax contribution have no cap. Not all plans allow after tax contributions but many plans do.

After tax contributions are also capped.

[tommymac]

Spoke with the director, didnt tell me too much but did say i will need to see some peds cases (not too happy about that but whatever) he said as far as benefits to check out the website of the hospital. Turns out they have a 403b plan as well as something with employer contributions so thats a good thing.

So fo rme to have ot see littl epeople an dmake a helacious commute lets see if they give me a salary I can deal with.

Tom

[Gas Man]

401b = after tax contributions = you dont have to pay taxes on it when you start to draw

401k = pre tax contri = it lowers your current taxable pay level so you dont get taxed more now. When you draw from it, you make less so again, you don't get taxed as much then either.

403b = wiki definition (http://en.wikipedia.org/wiki/403(b))

As far as your old account. Roll it over to a good IRA

[shmike]

403b = after tax contributions = you dont have to pay taxes on it when you start to draw

401k = pre tax contri = it lowers your current taxable pay level so you dont get taxed more now. When you draw from it, you make less so again, you don't get taxed as much then either.

As far as your old account. Roll it over to a good IRA


1. Wrong.

2. Correct in theory, doubtful in reality.

3. Bad advice without know the circumstances.

Tommy,

If you want decent advice, talk to a qualified advisor.

This is not the place to get solid advice on this subject.

[tommymac]

1. Wrong.

2. Correct in theory, doubtful in reality.

3. Bad advice without know the circumstances.

Tommy,

If you want decent advice, talk to a qualified advisor.

This is not the place to get solid advice on this subject.


I have a guy from tiaa-cref who was very helpful. ijust wanted to see peoples expierences here when changing jobs.

Tom

[Gas Man]

I made a wrong.. I was thinking 401b.

Here's the dl on 403b Wiki (http://en.wikipedia.org/wiki/403(b))

And stating "talking to a qualified finacial advisor" is a big DUH! Who in their fuckin right mind would do what a MC forum thread in OT tells them. WOW...

[zer0t]

Normally it gets rolled over into an IRA account.

I am not sure the markets have stabilized.