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401K, Social Security and School employee

Started by Sandra P.
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Sandra P.

I have 2 4o1k I have one from one company I worked for and another one for the company I currently work for. Should I combine them? Can I combine them? I also have social security along with some kind of school employee thing. I don't know how all of this works once I retire.

Deleted user

For the 401k at your former company, I think the first decision you should make is whether you want to keep it there (if they allow it) or move it. Consider the expenses and the investment options. If you decide you want to move it, you could roll it over to your current employer's 401k (if they allow it) or roll it over into an IRA. It may help to start by contacting human resources personnel at your former company and your current employer to determine your options and any potential cost of making a move.

Without specific details, it's hard to say exactly what your situation is, but it sounds like you have a three-part retirement plan that consists of a pension (the "school employee thing"), your 401k (or 403b), and Social Security. Human resources personnel should be able to describe these in much greater detail. They should also be able to look at each of these and provide some forecast of what you'll have in retirement.

Good luck!

J

Jacqueline G.

I'm planing to start investing this coming year. I have to get a second job.

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Rebecca S.

I’m investing in 403B—no employer match but at least it lowers my taxes

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Sean H.

I have a low balance 401k as I'm a very part time worker. I get social security disability for autism related disorder called Asperger's Syndrome & I am subcontracted at a 2nd company to give tutoring services. I save for retirement at stashinvest.com. I love that site. Been doing it almost 3 years.

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Theresa B.

A portion of my check goes to my retirement and give 10.00 every two weeks. i am 62 is that enough?

Deleted user

A portion of my check goes to my retirement and give 10.00 every two weeks. i am 62 is that enough?

Everyone is going to have different needs in retirement based on how long they live in retirement and their expenses. You need to determine if the income generated by your assets in retirement is enough to meet those expenses. So knowing your contributions, or even your balances, isn't going to help determine if it's "enough."

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