After 7 years in the classroom, I am leaving public education. I have started a business that has been open for a little over a year now and is doing well. I am leaving teaching to run the business full time.
My question is this, what should I do with my funds in my teacher retirement? It's by no means a large sum of money. For instance, my wife has been at her job for about half the time I've been teaching and she has three times the amount in her retirement.
I'm currently leaning towards simply rolling it over to someone my accountant referred me to at a Stifel Nicolaus firm. I am curious as to what forum members might suggest. Thanks!
How about rolling it over to Vanguard? SN looks like they will charge you high feels. Are you sure your accountant is not earning a kickback from the referral?
You also need to be concerned about vesting. Do you know if you are vested or by which fraction? Some teachers retirement systems can be quite generous so even if you leave now and never come back you could potentially be entitled to generous benefits 40 years from now. I would at least check into that.
Thanks for the feedback! My accountant was upfront about the kickback. I believe I am entitled to the full amount I currently have, but I do need to check into that to be 100% certain. I am done in the classroom June 5th, but my contract does not end until September 1st so I am trying to get my ducks in a row.
I've heard about Vanguard, but I am by no means familiar with them. Is there a particular reason why you suggest using them?