Retirement Money?

[kharm]

I, too, was a teacher and am now on SSDI. I worked for 7 years, and therefore I wasn't "vested" in the pension system in the state I worked in (NJ). I would have given up a considerable chunk of my money hadI simplywithdrawn my pension contributions, so I rolled them over into a Prudential IRA (thanks to some help from a financial advisor)along with all the money I had invested in a 403B account while I had been working. It seems silly to prepare for "retirement" when technically, I am "retired," but for me, it didn't make sense to paytaxes and lose a lot of my money up front by simply withdrawing it.Fortunately, I am receiving SSDI and disability insurance which together make up 2/3 of my salary and myhusband continues to work as a teacher, so I didn't need the money right now. As for SSDItaking the pension money into consideration, I don't believe it was an issue and it didn't affect my monthly payments issued from SSDI or increase my taxes. If you can afford to putthat money away, I'd roll it over into an IRA or something similar. If you find youneed or want to enjoy that money a few years down the line, at leastyour moneywill have grown, and that may help to offset any early withdrawal fees and taxes you may incur at that time. I hope this helps!

 

[kharm]

<BR>I, too, was a teacher and am now on SSDI. I worked for 7 years, and therefore I wasn't "vested" in the pension system in the state I worked in (NJ). I would have given up a considerable chunk of my money hadI simplywithdrawn my pension contributions, so I rolled them over into a Prudential IRA (thanks to some help from a financial advisor)along with all the money I had invested in a 403B account while I had been working. It seems silly to prepare for "retirement" when technically, I am "retired," but for me, it didn't make sense to paytaxes and lose a lot of my money up front by simply withdrawing it.Fortunately, I am receiving SSDI and disability insurance which together make up 2/3 of my salary and myhusband continues to work as a teacher, so I didn't need the money right now. As for SSDItaking the pension money into consideration, I don't believe it was an issue and it didn't affect my monthly payments issued from SSDI or increase my taxes. If you can afford to putthat money away, I'd roll it over into an IRA or something similar. If you find youneed or want to enjoy that money a few years down the line, at leastyour moneywill have grown, and that may help to offset any early withdrawal fees and taxes you may incur at that time. I hope this helps!