A Retirement Timeline

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how long do you have to wait to recieveback pay?

Keith Folley of KS 10:23AM June 13, 2010

It would be nice to have some information about how to combine various retirement saving sources--I know that as a single 60ish person I can't have a tax deductable IRA if income is over a certain amount, but what is the maximum one person can save in a 401k (16500+5500), plus a pension fund, from one company, and a simple IRA-from another company--its hard to believe no one else is is this situation, given the multiple jobs people have. Why is this information so hidden--?

Pbearish of MN 12:38PM November 21, 2009

At least one year BEFORE you plan to retire, and even if you are not, and starting at age 60, head yourself down to the OPM and also visit the social security, medicare, state offices. There are many changes and permutations to the government and to social security. It is important to get correct information as to your monthly paycheck with proposed deductions, benefits. Things are changing yearly. For example, the medicare system does not include the VA employee insurance as credible and so will ding you 10% every year one does not switch to it at age 62. It is very important you seek information from all the angencies involved to make sure that each is on the same page and speak the same voice.

M. of TX 3:41PM October 21, 2009

Social Security retirement benefits are not 'means tested', in other words, no matter how much money you have in the bank; you'll get your check every month. The only restriction is age and income. If you are collecting benefits and you make too much in a year your benefits will be cut or eliminated. However, that will also increase your future benefits.
This only applies to SS retirement benefits, I do not know if there are other restrictions on disability benefits.
As to stashing money in a mattress or safety deposit box, with a 401(k) you generally get an employer contribution plus a tax deduction, and a change to keep up with inflation by investing conservatively. If Congress ever does change the rules, you can always cash in and stuff it in the mattress then.

Rick2Rio of MN 9:54AM October 11, 2009

Government / NonProfit workers with 403B Annuities do not have to take Required minimum distributions of that money until age 75. Be careful, the portion of post 1986 money is subject to RMDat age 70 1/2 , just as all IRA'a are.

John Prochaska of IL 2:04PM September 15, 2009

At age 47. I'm questioning the need for a 401k. I've heard from folks recently retiring and applying for S.S, benefits, only to be told that their benefits would begin as soon as they have "exhausted" the 401K. Given the recent losses in market conditions, wouldn't those mentioned have been far better off with a mattress or safety deposit box ????????

Dan B of TN 10:25AM July 26, 2009

Quote: 'This is the year baby boomers born between 1943 and 1954 are eligible to receive full Social Security retirement benefits.'
FYI, the Baby Boom generation began with those born between Jan. 1, 1946, and Dec. 31, 1964. Those born in 1943, '44 and '45 are not Boomers. Those born after 1954 and through 1964 are Boomers.

Bill Anderson of FL 1:44PM July 13, 2009

KB--not saying I disagree about responsibility and the entitlement mentality in this country, but I'm not sure what you mean.
I don't know about you, but I have been in the highest tax bracket for years and, hopefully, will stay in the highest tax bracket until I retire. Not because I like paying taxes, but because I'm earning enough to be in that bracket. I'm fulfilling my responsibilities by paying my taxes. I wish I paid less, but not at the cost of being paid less!
My 401K is something that I and my company contribute to and the company does that because I'm fulfilling my responsibilities to it.
So basically, I don't get the connection between the article and your comment. What am I missing?

DM of CA 7:50PM June 16, 2009

Where do RESPONSIBILITIES fit into this equation...if there were more discussion of that part of the equation, there would be less of an entitlement mentality and we would find ourselves in the mess we are in now.

KB of NY 8:52PM June 14, 2009