"BMS" <mcfarland[at]yahoo.com> wrote in message news:<dizDc.161649$3x.124754[at]attbi_s54> ...
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You'll notice the carefully-placed word "unrestricted" in my answer.
There are restrictions on 72t distributions. I've never heard of 72a
distributions. Maybe they're not restricted. So my answer also is not
necessarily false.

Dave

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Not necessarily true, there are 72a & 72t distributions to cover that gap.


"Dave Dodson" <dave_and_darla[at]Juno.com> wrote in message
news:80526350.0406270108.6c0541a7[at]posting.google.com...
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s elliott <sylviaelliott[at]mac.com> wrote in message news:<10dovpeo132qf0c[at]corp.supernews.com> ...
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I'll leave your questions to others, but I want make one comment.

You say that you are in your fifties. If you separated from your
company during or after the calendar year in which you attain the age
of 55, you can take penalty-free distributions from a 403(b) account
any time. If you roll it over into an IRA, the age for unrestricted
penalty-free distributions increases to 59-1/2. So if you are in the
window between 55 and 59-1/2, you want to think carefully about
whether you will need any of this money before you reach 59-1/2,
because you could be subjecting yourself to an unnecessary penalty.

Dave

I recently left a job where I had a 403(b) retirement plan invested
with a particular mutual fund family. I would like to move all this
money somewhere else. I'm in my 50's and don't plan to have another job.
I believe my best options are a direct transfer into
* a newly created personal 403(b) or
* a newly created traditional IRA
both would be located at a different mutual fund company.

I've been looking online and doing IRS searches, but would like
opinions on the following:

1) Is there a 60 day limit to doing this? Would be nice to do this at my
leisure after researching it first. Some 'rollovers' have a 60 day limit.

2) If I create the IRA, can I convert it to a Roth IRA during the next
couple years or is there an immediate time limit (yes, I know there's
tax due at conversion. But next year my earned income will be zero and
that means a good tax rate).

3) Are there any big advantages to 403b vs IRA (I don't foresee early
withdrawals or loans, and am not worried about RMDs or age at
distribution).

--
Sylvia Elliott
sylviaelliott [at] mac.com