As long as I make a pretax contribution (either 403b or 457b) of at least the AXA withdrawal amount, I see this as a good option. I don't believe SACT is ready for prime time.
I can't do it until our district establishes ASPIRE as an option this September. At the time AXA looked like the lesser of all the evils on the schools vendor list. How Much Tax Do You Pay on a Cashed Out 403(b)?. Let us know what you decide.But I do understand what you are saying about employer fees. Please note that AXA Equitable will not process your request if the Employer sponsoring your 403(b) plan, or its designee, has specifically advised that hardship withdrawals are not permitted in its plan.
It's not like calling Vanguard or any of the other major low cost players. It is probably my fault it is being held down to 5% because after 9/11 I panicked a little and kept 40% of the account in fixed interest fund currently paying 3%.
AXA charges their fees from the prospectus you read, but in that prospectus, they don't include your former employer's plan fee. Availability of employer contributions, the Roth 403(b) option, loans, and hardship withdrawals varies by plan. If your employer is using a third-party administrator (TPA), you may need to complete additional forms and processing may be delayed. One of my options was to receive a cash payout into my 401K that was equal to an amount that would be necessary to buy an immediate annuity to gererate the income the pension forumla provided. The 8 percent return, therefore, is reduced to 5.8 percent. I may just leave my money where it is and take withdrawals from there or even move it into one of the Vanguard funds that are designed for this purpose.For nearly 50 years New Jersey has been the national poster-child for the sale ofWe are trying to decide what to do with my wife's 403B account, if anything. I suppose if my husband increases his 457 that's still to close to home as far as the IRS is concerned.As long as I make a pretax contribution (either 403b or 457b) of at least the AXA withdrawal amount, I see this as a good option.I'm interested on your thoughts and feedback on this idea.So, bottom line is - it's a complicated formula, and I open ourselves up to IRS scrutiny, potentially.I don't understand your comment on taxes on the distribution. Of course they said the IRS might fine me but since it's a qualified hardship, that's not likely. Most 403b plans impose heavy penalties for early withdrawal. As far as when it comes time to start receiving the money it looks like AXA offers many options from complete withdrawal, partial withdrawals, annuitzie etc. Is this the kind of people you want holding your money. In many funds there are distributions such as dividends that result in the fund giving you more units (adding to investment return) but not necessairly increasing the unit value.After 40 years the account is worth $700,000.Congratulations on your retirement and having $350,000 in your nest egg. My money is in Vanguard with .23% fee as I have indexed passive accounts in bonds and in worldwide equities, broadly spread out over thousands of companies and many different types of bonds.Do you have any idea how the costs associated with investing impacts the growth of your TSA/403(b) investment account? We may use it in about 3 years to supplement our income or maybe even wait 6 years at which time required minimum distributions will force us to use it to supplement out income. I think your plan is a big mistake. 1?Withdrawals and loans?from life, policyholder?s tax situation.Withdrawals reduce the policy value All my money is still with the employer with about 70% in Vanguard funds.
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axa 403(b withdrawal form)