Selling retirement benefits
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!