What is the name of your state (only U.S. law)? Oregon
My 74 y.o. wife has $$ in her CA 403(b) from her days as a state employee. We are in the "savings" plan which produces a very low rate of interest. This is OK. We are interested in safety. This plan has 58% of her funds FDIC insured. The other 42% is GSE (Government Sponsored Enterprises, such as Freddie and Fanny, etc.) Not so good
CA is in bad financial shape and may never go bankrupt (does federal law permit this?), but who wants 42% of their savings converted to IOU's or CA script or promises or whatever? Not her.
We are having a hard time finding an IRS approved vehicle to deposit this $$, without incurring a taxable event. A local bank has said informally, that part of the $$ can go into CD's without a taxable event occuring. We are still asking for clarification about this.
Wife has to take yearly/quarterly distributions per IRS regs.
So......what is out there that will fill our bill?
Many thanks
My 74 y.o. wife has $$ in her CA 403(b) from her days as a state employee. We are in the "savings" plan which produces a very low rate of interest. This is OK. We are interested in safety. This plan has 58% of her funds FDIC insured. The other 42% is GSE (Government Sponsored Enterprises, such as Freddie and Fanny, etc.) Not so good
CA is in bad financial shape and may never go bankrupt (does federal law permit this?), but who wants 42% of their savings converted to IOU's or CA script or promises or whatever? Not her.
We are having a hard time finding an IRS approved vehicle to deposit this $$, without incurring a taxable event. A local bank has said informally, that part of the $$ can go into CD's without a taxable event occuring. We are still asking for clarification about this.
Wife has to take yearly/quarterly distributions per IRS regs.
So......what is out there that will fill our bill?
Many thanks