My previous post stated AGE 50 and I should have stated AGE 55
Tim Colemanof IA6:49AM September 19, 2012
According to the above comment AGE 50 I can start taking penalty-free money from my account if I leave my job. Since the implantation of the plan some 15 years ago, I have had the understanding we could not take any money out untill 59 1/2 or for hardship.
Tim Colemanof IA6:47AM September 19, 2012
Contribution to SS hath compulsory for anyone able to work and earn wages; and for meaningful purpose of old-age comfort of those who had worked and contributed. But the abuse of SS-Funds hath since taken place on the part of one Govt Administration and others. The Financial Investment Institutions hath also created problems in the SS-Sector aas results of Failed Businesses under the watch of the Govt. The point is that "ordinary people" are made to suffer doubly for failings of the Govt-Officials; and of the Financial Institutions.
Kola Adjary of RI8:45AM May 13, 2012
The govt made a deal with us a long time ago Soc Sec was not to be taken by GOVT for anything other then Soc Sec payments, it was to be tax free money , there were no penalties but the govt lied and broke all their promises ...
Now there are 50% penalities taxes etc ... how very unfair..and even changing the date of eligibility all changes we never agreed to ... yet Congress and Legis
have thier own pensions their own medical 100% coverage for life ..what corruption..
Georgeof ID2:38PM May 10, 2012
Bill - you had it right the first time. Boomers are those born between 1946 and 1964. But you had a typo (?) when you said those born after 1954 are Boomers - you meant after 1945. I'm from 1952 and age 66 is when I collect full SS.
Florettaof NY5:06PM April 27, 2012
how long do you have to wait to recieveback pay?
Keith Folleyof KS10:23AM 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--?
Pbearishof MN12:38PM 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 TX3:41PM 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.
Rick2Rioof MN9:54AM 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.
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Tim Coleman of IA 6:49AM September 19, 2012
Tim Coleman of IA 6:47AM September 19, 2012
Kola Adjary of RI 8:45AM May 13, 2012
George of ID 2:38PM May 10, 2012
Floretta of NY 5:06PM April 27, 2012
Keith Folley of KS 10:23AM June 13, 2010
Pbearish of MN 12:38PM November 21, 2009
M. of TX 3:41PM October 21, 2009
Rick2Rio of MN 9:54AM October 11, 2009
John Prochaska of IL 2:04PM September 15, 2009