Re: Extra TRS Contributions
Posted by TMAA Judge on 8/15/2017, 9:14 am, in reply to "Extra TRS Contributions"
If you have an IRA, roll it over to that. If your district supports them, roll it into a 403(b). Either move is a non-taxable event and would bring you more return later than putting it into your TRS account. If you open a 403(b), set up a monthly contribution from your paycheck. It comes out pre-tax so it is not as obvious on your bottom line every check...
I put my son through college with loans (that I paid back) from the 403(b), and retired with a very sizable amount that I rolled into an IRA. Each year I would roll over a portion to a ROTH, paying the tax on each portion. Now it's all in the ROTH, invested in dividend stocks and I get a monthly income almost equal to my TRS check...
: I'm a full time BD, but I've also taught at
: the community college for years and
: contributed to a 457 plan. I got an email
: from them that I could change my
: contributions to TRS as long as I was
: eligible at another institution (which I
: am). My question is, is there any benefit
: to putting in more from a second job? We're
: talking about 2 classes per year, so 7-8% of
: 4K. I'm sure my broker would have an answer
: for me, but I'm not sure if they really KNOW
: the answer. Anyone have experience with