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Mar 7, 2008
I am a missouri teacher in dire financial straits and need
money fast. I have been told that I have no access to the
money that I pay into the retirement system. Rather than
trying to borrow money(which at this point with my credit
this is moot anyway) I would simply like to withdraw the
needed funds from my retirement account. I realize that
this will add another year to my service that I will have
to work, but that sounds so much better than being
homeless. If anyone knows an endrun around the MO law that
prevents me from accessing my money could you please
respond.
Thanks
Eric
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Eric,
You have been lied to. It is true that you cannot borrow against it, or partially
withdraw it. However, if you retire/resign from your current school district, you
can in fact cash it out. There is a waiting period (30-60 days) to apply. Be
careful, though. It is a very expensive prospect. They take 1...See More