Ep. 369: Pensions & Retirement – Decisions, Decisions!

Have a question? Get answers. Email us: askpete@petetheplanner.com

Annnnnd we’re back again for another round of answers to real life listener questions. Pete and Damian offer their best expert suggestions to help.

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No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Mailbag Question 1:

    • “My daughter is started first full-time job at  a school. Money will automatically be withdrawn for her teacher’s pension, but we’re not convinced that will be enough in retirement. She can enroll in a 403(b). Which would be better: Roth IRA and/or 403(b)?”
    • Damian: I wouldn’t rely on the pension fund in Illinois, especially.
    • Pete: There are three places people normally store up for retirement – pension, Social Security, or personal activities (IRAs, savings, etc.) Make sure she’s putting the right amount of money away in the right way. Fees matter though, so when looking at options, consider this.

Mailbag Question 2:

    • “My husband and I had to drain our 401(k) about $70,000. We’re at a loss to be sure we either pay back the money within three years (CARES Act provision), or scrimp and save to make up for the loss if we can’t pay it back. Help?”
      • It’a hard when you’re in a jam, but you have to figure out if you solve the problem at hand by making the decision. Retirement has been set back by $70,000, but what caused the need for that money now?
      • This year has made the concept of financial stability an actual reality to confront.


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