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TESPHE
Jul 14, 2015 12:46:12 GMT -5
via mobile
Post by knowthebiz on Jul 14, 2015 12:46:12 GMT -5
Does anyone know whether or not with our TESPHE account we can have an outside financial planner handle our acct or will I have to withdraw monies and reinvest? Any information on this will be appreciated!
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TESPHE
Jul 14, 2015 13:15:19 GMT -5
via mobile
Post by Ex-metalman on Jul 14, 2015 13:15:19 GMT -5
I'm not a know it all but I think you would have to take loan or a withdrawal..
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TESPHE
Jul 14, 2015 13:37:40 GMT -5
via mobile
Post by knowthebiz on Jul 14, 2015 13:37:40 GMT -5
That's what I was thinking and then I would have to take a percentage on penalty for withdrawing?
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TESPHE
Jul 14, 2015 13:43:20 GMT -5
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Post by Ex-metalman on Jul 14, 2015 13:43:20 GMT -5
Yep and you can only withdrawal for a home that you will live in or to buy a car to travel to and from work..Or a loan with no penalty t.Ive actually done both..Withdrawal gets hammered on taxes plus 10% penalties
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TESPHE
Jul 14, 2015 18:18:45 GMT -5
via mobile
srnktp likes this
Post by thintwowin on Jul 14, 2015 18:18:45 GMT -5
You can have a outside adviser run you account. They would just sign on and move your money around for you. A lot of maintenance people use one. Mainstay Capitol is one some use. You have to pay them out of your pocket for the fees they won't take money from you account . I think there is a possibly free one inside Tesphe now.
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TESPHE
Jul 14, 2015 18:37:19 GMT -5
via mobile
Post by reedycreekbuc on Jul 14, 2015 18:37:19 GMT -5
I think there is a possibly free one inside Tesphe now. It is not free but there is one.
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TESPHE
Jul 14, 2015 22:34:25 GMT -5
Post by Ktp1989 on Jul 14, 2015 22:34:25 GMT -5
loan up to 5 year and up to 1/2 of balance but no more than 50k...hardship withdraw will be taxed a penalty of 10% and taxes due at end of year so about a 40-50% penalty for early withdraw before the age of 59 1/2
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TESPHE
Jul 15, 2015 0:14:09 GMT -5
Post by gator on Jul 15, 2015 0:14:09 GMT -5
Financial Engines is the one we have thru Ford, your first 6 months are free. Call the benefits rep for the number, I joined almost 2 years ago and it's the best move I've ever made with my money. Their rates are cheaper than anyone else I found, I researched them before I took the leap and their were lots of good reviews with no bad reviews. If I find the number I will post it.
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TESPHE
Jul 15, 2015 8:37:55 GMT -5
via mobile
Post by bobio3 on Jul 15, 2015 8:37:55 GMT -5
We only have 10-15 to choose from anyways. Look at their past performances and throw your money into a heavy medium and a small cap and be done with it. That's all their going to do. Every few months check in on it and see how their doing vs the other handful of stocks we have and move if you like. Or just pay them to do it. I've heard some say their great and some say if they would have left it alone they would have made more. So it's 50/50. Like I said look at past history. They have a YTD , 1, 3, 5 and life on some and do it yourself. But if you lose money on it, IM NOT A FINANCiAL ADVISOR. LOL
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Deleted
Deleted Member
Posts: 0
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TESPHE
Jul 15, 2015 10:08:39 GMT -5
via mobile
Post by Deleted on Jul 15, 2015 10:08:39 GMT -5
Actually, u don't earn or lose anything until u cash in ur tesphe. Until then it's all just a paper loss or gain.for example: I own a lot of ford. When our stock tanked my tesphe was fucked. It's rebounded nicely now. The only way I could have come out bad would be to panic and get out of ford stock while it was tanked.
Borrowing or withdrawing. Very bad idea. If u want an account somewhere else just start one. U will never recoup the taxes and penalties from the withdrawal. I'm not sure if tesphe could be rolled into an Ira or not or why someone would want to. On a loan, again very bad idea. U borrow the money you paid in pre (federal) tax and you pay it back with money you ARE charged federal taxes on ( as well as state and local taxes,which u paid on the original funds as well) if u r gonna be borrowing from ur tesphe just don't even bother with having one.
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TESPHE
Jul 15, 2015 13:17:04 GMT -5
Post by TonyV on Jul 15, 2015 13:17:04 GMT -5
Call the benefits rep (Adam Able or Johnny Klefot) at 241-9491. They can give you the information you are wanting to know about your TESPHE account.
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TESPHE
Jul 15, 2015 14:22:36 GMT -5
Post by Ktp1989 on Jul 15, 2015 14:22:36 GMT -5
call Tesphe direct at 18885443333..that's the place for all the info on Tesphe.
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