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Remember the special advantage of 401(k) over IRA
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Mon, 6 Jan 2014 05:12:47 Share Post by Email
In Reply to: Re: Found my error and ran other scenarios, EGD [Profile/Gallery] , Sun, 5 Jan 2014 21:08:11
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Since you will be 55 when you retire you can tap your 401(k) savings without paying the 10% tax penalty. IRA accounts can't be touched until 59-1/2 without paying the same penalty. You still pay ordinary income tax on what you extract from either account.

The $40K pension example just makes a nice round number with the 4% withdrawal rate.

I retired at 56, took my pension as a lump sum, invested the pension amount in a loss protected account, and got a job at a utility company for a little less than what I was making previously. But my former employer can no longer reduce/freeze/reconfigure/elimiinate my pension.

_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles


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