I have a retirement planner but would still like to get some feedback.
I currently have:
-Years in a state-funded education retirement system, which will get a set amount, for life, upon retirement
-Pay into Social Security, I'll collect benefits upon retirement
-Life insurance policy that I can cash out at a determined age
My wife has:
-Years in a state-funded education retirement system, which will get a set amount, for life, upon retirement
-Pay into Social Security, Collect benefits upon retirement
-Roth IRA
My wife and I are moving funds from another state-funded retirement system. The years of service will not transfer cleanly into the state where we reside. My wife will have $25,000 PRE-tax, and I will have $22,000 PRE-tax.
If we move the funds into an IRA or Annuity, it's my understanding that we won't be taxed at the 20% rate.
Thoughts on what you would do with this money?
I currently have:
-Years in a state-funded education retirement system, which will get a set amount, for life, upon retirement
-Pay into Social Security, I'll collect benefits upon retirement
-Life insurance policy that I can cash out at a determined age
My wife has:
-Years in a state-funded education retirement system, which will get a set amount, for life, upon retirement
-Pay into Social Security, Collect benefits upon retirement
-Roth IRA
My wife and I are moving funds from another state-funded retirement system. The years of service will not transfer cleanly into the state where we reside. My wife will have $25,000 PRE-tax, and I will have $22,000 PRE-tax.
If we move the funds into an IRA or Annuity, it's my understanding that we won't be taxed at the 20% rate.
Thoughts on what you would do with this money?