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XPO | "new" retirement pkg

smokin'joe said:
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.
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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.
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
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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!!!!
 
fxstc07 said:
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
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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.
 
trucknfool said:
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!!!!
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Best interest ? Well, how can you think that ? I am shocked !
 
highspeeds said:
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.
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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.
 
Sounds like everyone is making retirement plan changes these days. No matter where you work. Good Luck.
 
fxstc07 said:
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.
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True! However you would be eligible for the "affordable health care".
 
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