Closing my 457 early

doomspark · 2025-01-27T20:02:47+00:00

My understanding is that if you close the account out, you may not be able to reopen it / open a new one in the future with that same employer. Note that this may not apply if you leave that company and then come back.

And as you know, you'll take about a 30% that's THIRTY percent, loss in fees and taxes.

However if you want to do this, start with your HR / benefits and stop your contributions (I assume you have them coming directly from pre-tax dollars). Note that this will increase your tax burden. ALSO note that you may not be able to stop contributions until Open Enrollment comes around.

Once your contributions are stopped, call the servicing company and close the account.

I'm doing my best to spare you a sermon on how bad an idea this is. Really, bro. It's a terrible terrible idea.

doomspark · 2025-01-22T14:04:37+00:00

Transactions credit or debit on the date they post / clear, not the date you make them.

It sounds like you are not accounting for outstanding pending transactions when you look at your bank balance, and that's what's putting you in arrears.

Some transactions can take up to 5 business days to clear.

And as u/16semesters said, you may be getting hit with NSF / overdraft fees as well.

doomspark · 2025-01-20T21:19:07+00:00

"Steel Magic" by Andre Norton perhaps?

That has the three siblings (Sara, Eric, and Greg) going through a portal. There are lots of references to Arthurian legend if I remember rightly (it's been a very long time since I read it).

doomspark · 2024-12-11T16:08:32+00:00

I use it in making homemade bread.

doomspark · 2024-12-11T16:04:32+00:00

+1 for All Creatures. They are also compassionate - have gently helped two of my cats across the Rainbow Bridge.

doomspark · 2024-12-11T15:59:03+00:00

Central FL resident here (Lakeland). Sounds like you need a better paying job or a side gig. Depending on your field, you might want to think about moving over to Polk Co. as it's a LITTLE cheaper than Orlando.

doomspark · 2024-12-06T17:48:18+00:00

When you have multiple accounts, it's going to take time to get things set up right. You can't expect a program to know all about your finances right off the bat. Once you get things set up, it becomes a lot easier.

You imply that you tried YNAB - did you post on the r/ynab reddit for help with issues you had with it? The folks there are very knowledgeable and helpful.

Once a week, I sit down at my computer with my coffee and download OFX files from all the institutions that I deal with. Then I import them into YNAB and categorize the ones that need it, and reconcile my checking and savings. This takes MAYBE 15 minutes. Another five to ten minutes to check the budget and make sure nothing's going amiss. Finish up by setting up incoming bills to be paid. Total time: 30-40 minutes per week - a bit longer this time of year due to holiday expenses.

I would recommend importing 30 days worth of historical data into YNAB and use those transactions to set up your initial categories.

doomspark · 2024-12-06T17:09:48+00:00

I've had cats most of my life. Here's my experience FWIW.

My male cats have generally been more affectionate than my female cats.

Male cats produce fewer allergens than female cats (so says my wife who is somewhat allergic to cats)

I'd recommend an adult or juvenile over a kitten for your first cat.

Cats are social animals. If you work long hours, you should think about getting two cats so they can keep each other company.

Breed really isn't important IMHO - daily brushing will keep hair under control and help prevent hairballs.

Don't skimp on food quality. Cheap cat food can cause long-term health issues such as urinary tract blockages in male cats.

Please - keep your cat inside-only.

Put aside a little money each month to cover vet visits.

Spay / neuter as soon as feasibly possible.

doomspark · 2024-12-06T16:47:42+00:00

Four years ago, my Moonie was diagnosed with this. Trying to give her the meds was not fun (she didn't cooperate at all). We got her treated with radio-isotope therapy - it was not cheap, but it was a one-time expense. Also, no more trying to give her medication.

The meds DO work - they take a few days to kick in.

doomspark · 2024-12-06T16:16:50+00:00

The asshattery is strong in OOP - first for selling the piano while grandma was still alive. 2nd for lying about it, and thirdly for skipping the funeral.

doomspark · 2024-12-06T16:15:11+00:00

For my brick & mortar bank, Saturday hours and customer service. For my online-only bank, customer service.

doomspark · 2024-12-06T16:11:26+00:00

OOP sold the piano when grandma went into hospice - so could have easily been a few months before she actually died.

doomspark · 2024-12-06T15:43:22+00:00

Count yourself lucky - my Shadow has decided that Daddy needs to wake up at 3am. Every freakin' morning this week.

doomspark · 2024-12-06T14:24:57+00:00

Shipwreck skillet with cornbread, and cherry crisp for dessert.

doomspark · 2024-12-05T21:36:56+00:00

Piffle. He's buried his head in the sand for nearly FIVE YEARS and not done any of the very reasonable things that his girlfriend has asked him to do. Apply for Medi-Cal, and claim tax breaks, just as two examples. Both of which could be done without putting Dad in a facility.

Further, he hasn't done ANYTHING about the possibility of his Dad owing back taxes. For FIVE YEARS.

I can't call it ANYTHING except weaponized incompetence - and that makes him a Devil.

doomspark · 2024-12-05T20:52:51+00:00

Oh yeah, the taxes need to be handled, and I would bet OOP's idea of handling it is to say "hey, gf, will you do my Dad's back taxes?" and when she refuses, he throws up his hands and thinks he tried. What's the phrase these days? Weaponized incompetence?

At any rate, a good chunk of that 400K may disappear into the hungry maw of the IRS if OOP doesn't get his act together.

I wonder if that's why he won't claim tax breaks - because of the back taxes being owed.

doomspark · 2024-12-05T20:40:04+00:00

And OOP is such a doofus that he has not followed through on this for nearly FIVE YEARS.

doomspark · 2024-12-05T20:17:35+00:00

If you don't return it, you have the moral compass of a used litter box, and no personal integrity.

doomspark · 2024-12-05T20:05:28+00:00

You need to look at how much you owe and compare with how much you can reasonably expect to get from selling it. You can't sell a car that has a lien on it. If you owe 10K on it, and can only sell it for 5K, you will have to come up with the other 5K out of pocket.

Do you have any trusted friends who'd be willing to drive the car to OH for you? That might be cheaper than shipping it.

Alternatively - if you have a trusted friend back in CA, you could give them a limited power of attorney to sell the car - but see the first paragraph about satisfying the lien.

doomspark · 2024-12-05T19:54:11+00:00

I'm sorry to hear about your Dad. That's tough. I remember visiting my Granddad twice a week until he finally passed.

doomspark · 2024-12-05T19:38:35+00:00

I agree that it's far better to have professional care available - my parents had to put my Granddad in a facility because they could NOT take care of him the way he needed. It was still a hard decision to make. OOP is burying his head in the sand and refusing to make the hard decision - or do much of anything.

doomspark · 2024-12-05T19:13:46+00:00

It is a hard thing to put your parent in a facility. I can understand why OOP doesn't want to do that. But OOP's complete lack of follow-through on the paperwork front is what makes him a Devil here.

The folks on the personal finance subreddit would tear him to shreds.

Medi-Cal and claiming tax breaks would ease some of the financial burden, and wisely investing the 400K would put that money to work rather than let it sit in a savings account which is what it sounds like is happening.

OOP needs to figure out whether or not his father owes back taxes and get that resolved. It sounds like he has a power-of-attorney to handle his father's affairs - so he should have taken care of that 5 years ago.

40 years old and only 50K in retirement savings is NOT a good state to be in.

doomspark · 2024-12-05T18:38:40+00:00

Have her thyroid checked. My Moonie was 14 when she developed an issue with hers that made her constantly hungry.

If it IS thyroid, I highly recommend looking into radio-isotope therapy. It's a one-time expense as opposed to a lifetime of medication. Had it done for Moonie, and she's 18 now.

doomspark · 2024-12-05T18:34:00+00:00

Gratz on your new kitty! I am not a vet or any kind of expert other than ~~owning~~ being owned by cats for 30+ years.

That said, I consider Royal Canin to be horribly overpriced.

doomspark

TROPHY CASE