IMRF vs IRA/401K
Hi Terry, I am 56 and after working in the private sector for my entire life recently took a position with a school district. I have to work here a minimum of10 years to get full IMRF benefits. I have a 75K in my former employees 401K, about 200K in our IRAs total and my husband contributes to his companies 401K. Question, should I invest more in the IMRF than is being automatically taken out of my paycheck OR contribute to my IRA with every paycheck OR have my husband contribute more to his 401K (standard company matching and we’re contributing 10%). We’re trying to catch up after not having a 401k for many years. Worried if I don’t stay at my job for a full 10 years, will I be screwed with the IMRF? Thanks so much!!!
Terry Says
OK, this is where you could benefit from a consultation with a FEE-ONLY, FIDUCIARY financial planner who is not trying to sell you something. Please click on this link and and watch the video.
That’s a complex question. IMRF is a very well-run fund, but I understand your concern about longevity of your employment. Just remember, your own retirement fund is not your husband’s fund. And I personally think you should have retirement money in your own name.
But a lot depends on your total financial picture, so check with a recommended CFP who can give you more specific advice.
