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Posted by pallav on December 4, 2007, 6:48 am
I will be eligible to participate in the 403k plan of my employer
starting next Feb 07. I started work in Jan 07. Since I couldn't
contribute money this year, I opened up an account with TIAA-CREF and
about $1200 monthly (pretax) into their SRA (Supplemental Retirement
Annuity) Account. However, annuities, as far as I understand, are
insurance products for guaranteed income after retirement.
When I open up my 403k with Vanguard, I will put in 12% of my salary
along with 8.5% employer contribution to max it out. I have further 8%
of my salary I'd like to contribute to the existing SRA (so that I'm
putting away 20% of my salary each year). Should I continue to put
money into SRA? Or should I stop and roll over whatever I have
currently into the 403k when it is opened? Is that possible? If the
SRA functions just like the 403k and I have a beneficiary, what could
be a potential disadvantage?
I also have a Roth IRA that I max out. I have 30-35 year to go so I
would appreciate if someone can give me some advice on this.
Thanks for your time.
Kind regards.
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