Can you take out the retirement to live on and still draw unemployment to make ends meet? How do you get forms to roll over retirement to IRA accounts?
Sof KY10:21PM April 10, 2011
Can you draw unemployment if you take out your retirement to live on? Where can you get forms to roll over to an IRA account?
sof KY10:20PM April 10, 2011
Can you take out the retirement to live on and still draw unemployment to make ends meet? How do you get forms to roll over retirement to IRA accounts?
Sof KY10:19PM April 10, 2011
Is it true that even if your 59 1/2 and you are drawing unemployment if you take IRA monies you will forfeit your unemployment benefits for the lenght of time of the amount you take before taxes?
Please give us some insight if you know. Thanks!
jmcdanof NC12:59PM November 21, 2010
Oh my goodness, our story is almost exactly the same as Hillary's...my husband to was laid off from a job after 26 years of service to a company that just basically threw him and 499 employees away like garbage....(this year the company aquired another company at a significant amount of money! putting almost 2,000 other employees out of a job) my husband was devistated!...we didn't know what we were going to do...so we ended up taking money out of our 401K and IRA to be able to sell our house at a loss and also bring a lot of money to the table for the closing....my husband was able to find employment but we had to relocated across country to be employed...leaving our family/loved ones....we felt so blessed that my husband and I were able to find employment!...well, we went to do our taxes and found out we owe between $45000 - $65000 to the irs for taking out our retirements...we took out the money to pay to sell our home instead of letting it go into foreclosure and paid off most of our bills instead of filing Bankruptcy! and to move across Country to be employed...only to have our CPA to tell us that we would have been better off filing bankruptcy and letting the house go into forclosure because now our credit is going to ruined anyways!...we now have to find money to hire a tax attorney to try and negotiate with the IRS...we are devested to say the least...for doing the right thing!...we need help!...please change something..thank you Hillary for sharing your story because we thought we were the only ones!!!!...
Jodiof NH6:45AM August 26, 2010
Yes, we redeemed our entire IRA account due to my husband's layoff on 4/30/2008. We were living in Fresno, CA at the time where the housing values had destructively plummeted causing our having to bring money to the closing of our house sale. We also used the money to move across country for my husband's new job only to have him being laid off a 2nd time in October 2008. The 10% penalty killed us on our taxes, thus resulting in negotiating with the IRS for over a year. I wish Congress would consider the hardship of taxpayers being laid off so as to access their money any way they need to. This has ruined us financially, having no retirement money left. We are both in our 40's. Thanks for letting me vent.
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S of KY 10:21PM April 10, 2011
s of KY 10:20PM April 10, 2011
S of KY 10:19PM April 10, 2011
jmcdan of NC 12:59PM November 21, 2010
Jodi of NH 6:45AM August 26, 2010
Hillary Depe of OK 9:22AM August 25, 2010