Since i cant find a decent job, Im looking other options. I dont know how to start the process or if i can at this age. Its been 5 years since i have a decent paying full time job. Im in a long term relationship, but running out of options.
2007-11-10 04:14:02 · 6 answers · asked by jazzmine54868 1 in Business & Finance ➔ Careers & Employment ➔ Other - Careers & Employment
If you have retirement savings locked up in a tax deferred status (in the US), you can access them without paying a tax penalty. You just have to inform the IRS that you are using your savings for retirement and the distributions must be paid in a monthly amortized amount based on your life expectancy.
2007-11-10 04:31:48 · answer #1 · answered by Griffin 4 · 0⤊ 0⤋
You can retire at 57 if you can afford to. But you can't get social security until 62 at the earliest unless you are disabled or widowed. Whether or not you can get payments from a work retirement plan depends on the plan - and even if yours does, be very careful since there's usually a huge reduction in monthly payments if you collect that early. If you have tax-deferred retirement plans like a 401K or IRA, you are usually penalized if you money out before you are 59-1/2.
2007-11-10 04:29:46 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes it is possible to retire at 57. People have in the past. As for benefits there is a benefit helpline whop are in paschal who may tell you how to apply Sorry I don't know their number.
2007-11-10 04:25:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In canada you cant get any pension until you hit 65. Otherwise you must live off your savings and investments.
2007-11-11 02:06:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
my answere is that I have no 401plan I will living off my ss can I do this
2014-12-16 16:13:37 · answer #5 · answered by david 1 · 0⤊ 0⤋
how much will I get to live on
2014-10-21 20:43:44 · answer #6 · answered by EDWARD 1 · 0⤊ 0⤋