Retirement
- Thread starter 13BlackGT
- Start date
Taking my early out from the government this Sept. 27 yrs in. I will be 47. i am excited. But, I probably wont stop working all together. Might get into the contracting side of government for a few years. We will see, I am going to take a few months completely off regardless. Then I will figure out what I want to do when i grow up.
That's awesome! Between my pension and 401K I should be able to go at 59 1/2, just ten years to go...
Last edited:
Congrats dude.
I genuinely enjoy hearing about people getting to retire.
I’ll have a pension ready for me at 60. The railroad pays pretty well (not extraordinarily, but decent) and their retirement plan isn’t terrible.
Between my pension, and the half my wife gets, we’ll likely have enough to retire comfortably. Our separate 401k/403B accounts should afford us to play a little.
If I retired too soon and didn’t find a hobby, I’d probably drink myself to death out of boredom.
Congrats again man, and to the rest of you old ****s.
I genuinely enjoy hearing about people getting to retire.
I’ll have a pension ready for me at 60. The railroad pays pretty well (not extraordinarily, but decent) and their retirement plan isn’t terrible.
Between my pension, and the half my wife gets, we’ll likely have enough to retire comfortably. Our separate 401k/403B accounts should afford us to play a little.
If I retired too soon and didn’t find a hobby, I’d probably drink myself to death out of boredom.
Congrats again man, and to the rest of you old ****s.
Railroad pensions are not subject to taxation no matter where you reside, correct?
Are you referencing taxation upon drawing the pension? If so, then as far as I know it is taxed on payment.
Someone in the office here said state tax, but not federal. Maybe that’s the situation.
(Sad, I don’t know shit about it other than they take a pretty good amount)
Yes, once you begin drawing. I had heard the railroad pension was not subjected to state/local taxes. The Feds will always take a piece.
I’ll ask my FIL, he retired about a year and a half ago.
I was lucky to have a close friend that is 15 years older than me & retired early. Talking to him and looking at his situation made me realize I wasn't saving nearly enough to retire early. I made changes and depending on the markets, should be able to go in my late 50's.
On the other hand... I now know 9 people who are around age 50 with only $50-100K saved...some of them own their business & operate a lot in cash(so minimal social security input)
They may be working a LONG time.
On the other hand... I now know 9 people who are around age 50 with only $50-100K saved...some of them own their business & operate a lot in cash(so minimal social security input)
They may be working a LONG time.
I would get a copy or look up Publication 915, which deals with SS & RR retirement benefits.
It may be treated the same way SS is treated, which is some or all can be taxed, after filling out a worksheet..
.
Users who are viewing this thread
