Dave wright
TB Lurker
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Have no fear you are in good hands here at conwayWell we can always count on social security.......
Have no fear you are in good hands here at conwayWell we can always count on social security.......
Have no fear you are in good hands here at conway
i would like to know if anyone had planned to go out at age 55 on the pension plan like me but now has realized that you cannot draw 401k until age 59 1/2? that means that not only did you lose 5 years of early retire, you also lost all monies to be recieved during that 5 years.
Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55
Unless the attached IRS publication is inaccurate, it says you can retire at age 55, providing you retire from the employer that has the 401K, and at that age, with no penalty.
This from topic 558, IRS.
Does NOT include IRA's.
http://www.irs.gov/taxtopics/tc558.html
I am going to have to pay a penalty for last year plus the normal tax on the money. I weighed out the rule of 85 rule and I figured out pretty quick that there is no way to retire under the company plan. They simply went back on their word. That being said, I decided good or bad if I was going to have to keep working , it wouldn't be for them. I wish that I would have left in 2006 when they tried to sell us that package of crap they dished out. Anyone who believes they have your best interest in mind is brainwashed!!!!
It's not the penalties that restrict you. It's the health care. Most aren't eligible for medicare/Medicaid until 62. And the cost of the cobra is going to keep you coming to work for the insurance. And if you are younger, 40's or so, it'll be later than that. I think it's 70 for me. I would need to look it up to be sure though. But they have already begun to amended things for the future. We will be working until we die. Might as well be sure to be doing something you like, somewhere you like.
Word of advice? Look for another LTD company also. Just in case.
Cigna LTD is great if you never have to use it.LTD: Long Term Disability. The one Conway has is through Cigna and they work against you as much as possible.
Hate to tell you, and you can check this, but you are not eligible for Medicare until 65 !
Retirement before your 65 and healthcare is another added expense on your part.
Cobra is also restricted to between 18 and 36 months, depending on the qualifying event that allowed you to obtain coverage.
With your assets, you will pay through the nose.True! However you would be eligible for the "affordable health care".
With your assets, you will pay through the nose.
We get to retire?You ever seen the insurance commercial, where the old man holds the fishing pole and says" I got you a dollar " , That is your retirement plan there.
We get to retire?