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Selling retirement benefits

by LIsa
(Yakima Washington)

I would like to sell part of my benefits, i am not retirement age, is there a place where i can do this now?


Wendy I need more details on your benefit plan,. nobody could answer this without more info. If you are talking a 401K or something like that, beware that if you take an early withdrawal, you'd pay a 10 percent tax penalty on top of taxes. If you were in a 25 percent Federal Tax bracket, and took an early withdrawal, you'd owe 25% regular tax and 10% tax penalty -- 35% goes to taxes!

$10,000 withdrawl, for example, and $3500 goes to Federal taxes. Yikes!

Think twice...

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Early Retirement With No Penalty
by: Anonymous

There is a way to get your 401k/IRA early (prior to age 59 1/2), and with no IRS penalty. You will still have to pay income tax on the money, but no penalty. You can get your funds in what is called the 72t program...named for the paragraph number in the tax code. There are rules though and you need to throughly determine if this route is for you. I recommend contacting a qualified accountant to help with this action. Just do a web search for "72t" and read, read, read..!!

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