My spouse's work is setting up a simple IRA for work. It will be 100 percent matched up to 3% of her salary, and vested instantly. Unfortunately I will be going on rotations for school soon, and we will be moving away from the area. So the total amount that she will be putting away will be roughly $800 (which will be matched to 1600) We dont really like any of the investment choices, and the administrating company will be charging a fee, as well as the fund where the money is put. We would rather use it for my school bill next year (which runs about about 27,000yr not including living expenses) and use money that we would have put into the school bill to open her a retirement account (probably a roth, we dont make enough to get even close to having the money to be putting the max away). Can this be done without any penalty (i.e. the extra 10% surcharge taken on early disbursements) Can the company someone-how keep us from withdrawing the money if we dont keep it for 2 yrs? Thanks all!!
2007-03-26
16:25:19
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4 answers
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asked by
peduncle72
1
in
Financial Aid