MEGAMANIA asked:


I’m employed with the local public school system. I began working for them eight years ago. Through my employment, I have been having an amount deducted from my check to be placed in a retirement account through the school system. The system has been adding funds to it as well, but what I am concerned about is the part I have been contributing.

I have decided to leave my job and stay home with my kids full-time. Since my retirement account is not a 401K, it can’t be “rolled over”. So, I am assuming the school system will have to return my retirement contributions to me, minus what they have contributed and local taxes. Am I correct? If so, will this amount automatically be federally taxed, or will I have to report it on my next tax return?

I’m so confused! I don’t want to call my employer to ask these questions if I can help it, because I don’t want it to sound like I’m more concerned about my money than all they have done for me over the past few years.

HAYNES

Mamabear asked:


My husband has been stashing money into 3 different retirement savings accounts through his work. I just found out about it after 3 years he’s been on this job. Is it so very important to save for one’s retirement that we can barely get by payday to payday? If he had bigger paychecks without saving for retirement we would be out of debt by now.

FRANCIS