Don’t Invest In Your Company’s Pension Plan – Dave Ramsey Rant
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i’m new to all this, just started working for a state hospital and the offer a dcp plan, 403b plans and 457b plan. should i put money on all three or which one is the best one to just add, i did a rollover to my dcp plan but idk if that was the correct move? can someone help?
is a dcp plan a pension?
I have 31k in my company’s cash balance account. I’m 100% vested. Im not exactly in a financial hardship. How do I get that money? It would make things a lot easier for me if I had it.
Pension is different than Roth 457b
Dave is dead wrong about doing a 401k or 403b before a 457. Why? You don’t have to wait until 59.5 to access your 457.
What happens if you have a union pension that the company was investing in and then the company goes belly up? Would my money still be there with the union?
In my state you are required to contribute to a pension fund pre tax if you work for a state agency. Once fully vested it is at least a 20% penalty on the total amount to receive a lump sum payout. As I have no desire to work for the state again I want to withdraw my money as I have medical debt that needs payed. I have 20k in the fund and the feds will take 20% and there is a possibility that the state will take another 10%. I am not sure what the best move is as I am still quite young and the monthly payout amount that would be available if I make it to 65 is minimal even with interest. I need to talk to their office tomorrow and see exactly what penalties I will incur taking a lump sum payment as the info on the site is not very concrete.
I also the the 457 Roth.
This was really helpful thank you! It's tough having to pay into a pension and then make a full 15% contribution to mutual funds at the same time.
I have no choice they take that from my check automatically. It’s a thing called IMRF. I’m a paraprofessional in a high school. I don’t think I can opt out of it either. I wish I could invest in another plan
My employer takes $100 per week for "my" pension plan.. ughhh
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $650,000 PROFIT within 3months he invested $120,000. I just began investing and i will really appreciate any tips or helpful guide.
Roth is also available in 457, so long as the plan sponsor allows for it.
Best to prepare for your paperwork to mean nothing. Pay everything off and then be your own bank. Too risky letting anybody ( 401k.. Roth…etc) control access to your money. Lots of money changing hocus pocus. We are in a new reality folks.
I disagree with Dave. Govt 457 is a very good way to save money for retirement, and may even kick you down into a lower tax bracket. I like investing money I would normally have to give to the govt in taxes.
What happened to the Pension Benefit Guarantee Corporation set up in 1974 along with the IRA?? These stories were common back then.
If your pension is through the state or federal government, FYI – the government doesn't go broke.
A lot of these pension funds are insolvent.
This is propoganda. Pensions have protections in place from the federal govt. 401ks are just scams to give the employer tax breaks. 401k money is whats not guaranteed because its dependent on an ever fluctuating stock market.
Ever heard of the pension benefit guaranty corporation? most people don't have good enough financial sense to control their money and have the freedom that a 401k Gives. Not to mention investing in mutual funds is a scam
Great video, Dave. I’ve learnt a thing or two. I think I should share a testimony here, got aware of an investment plan a year ago and it has been really fruitful. Indeed, Knowledge is power.
What if my pension is fedex
Dave is referring to non-governmental 457(b)s. Governmental 457(b) in contrast must be invested in a trust which is not subject to creditors of the plan sponsor.
I am a Federal Employee. I hope my company doesn't go broke.
Is 15% goal of take home pay or gross pay?
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Be honest .,really,..those are pensions of past…my pension recently froze ..the company is failing too..when it closes the pension will be handed over to the federal govt and I will be guaranteed the benefit distribution for life
A really good advice, am grateful I did make such mistake. I made an early move towards retirement by investing with a good capital investment firm which has great retirement/Investments plans which has profited me so much lately.
Some have to pay into a pension like a city job you have no choice.
I work for the city and it is mandatory to contribute 8% to the pension and they match it with 18%. Should I do a side Roth IRA as well? Just wondering what percent of my income should go towards the Roth since I'm already giving 8% to the pension.