Current Events > my pension will be $43,000 a year (present day money)

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No_U_L7
07/26/21 4:15:38 PM
#1:


planning on retiring at age 55, which is the lowest age you can access your 401k without penalty

that would give me a 25 year pension (not factoring in the 401k) of 43k/year. it is taxable, but at this point my deductions will be significantly less (no longer saving for retirement, paying into social security etc)

i hope that 43k/year, combined with 401k will be enough (with social security kicking in at 62)

my condo should be paid off at around the same time too with my 20 year loan, so i'll only be paying about 1k/month for the condo
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dj1200
07/26/21 4:16:37 PM
#2:


Can I borrow some money?

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Unsugarized_Foo
07/26/21 4:18:42 PM
#3:


Can you trust a pension to be there?

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"All I have is my balls and my word, and I don't break them for anyone!"-Tony Montana
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No_U_L7
07/26/21 4:21:03 PM
#4:


dj1200 posted...
Can I borrow some money?


no, ill need it

Unsugarized_Foo posted...
Can you trust a pension to be there?


i work for the government, it's my understanding that it's guaranteed
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BignutzisBack
07/26/21 4:30:23 PM
#5:


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Giant_Aspirin
07/26/21 4:33:22 PM
#6:


No_U_L7 posted...
planning on retiring at age 55, which is the lowest age you can access your 401k without penalty

pretty sure it's 59.5. i'd love to be wrong about that because i want to stop working so bad

https://www.personalcapital.com/blog/retirement-planning/can-withdraw-401k-ira-penalty-free/

No_U_L7 posted...
(with social security kicking in at 62)

you def dont wanna start taking SS that early. if possible wait until you're like 70 or w/e

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YugiNoob
07/26/21 4:41:17 PM
#7:


But will it be enough to convince Taylor Swift to let you rub your junk over every square inch of her body?

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mustachedmystic
07/26/21 4:45:37 PM
#8:


No_U_L7 posted...
i work for the government, it's my understanding that it's guaranteed
Until the Republicans raid it, and give it all to Lockheed Martin.

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No_U_L7
07/26/21 4:54:38 PM
#9:


Giant_Aspirin posted...


pretty sure it's 59.5. i'd love to be wrong about that because i want to stop working so bad

https://www.personalcapital.com/blog/retirement-planning/can-withdraw-401k-ira-penalty-free/

you def dont wanna start taking SS that early. if possible wait until you're like 70 or w/e


was going off of this:

https://www.forbes.com/advisor/retirement/rule-of-55-retirement/

honestly, i may not make it to age 70. i'll just take it when i can get it
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