Let’s Talk About Retirement

Bonny asked:


We have an IRA with sizable sum in it. Currently, my husband is buying back several years worth of his pension since he did not initially enroll in when hired. It is costing us almost $500 a month for the buy back, plus another $500 for the regular pension deduction. We still owe $20K to the buy back. Can we transfer money from our IRA to the pension to pay off the buy back without paying taxes on it?

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Michael K asked:


You belong to an unusual pension plan because your retirement payments will continue forever (and will go to your descendants after you die). If you will receive $30,000 per year at the end of each year starting 25 years from now, what is the present value of your retirement plan if the discount rate is 5.5%?

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Rocker1 asked:


Local 75 is in Joliet IL, I need to contact thier pension fund.

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zak asked:


I have paid over 30 years of class 1 national insurance contributions (nics) and have heard that there is going to be a change in the number of qualitying years to receive a full state pension - being reduced from 44 years to 30 years. Does this mean I will still have national insurance deducted from my salary, or will I be able to stop paying it?

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cathysabala asked:


I worked for a company long enough to become vested. I have not worked for them in about 8 years. I recieved a check of what I had contributed to my retirement when I left, when I didn’t roll it over to a new employer’s account. Does this mean I won’t recieve a pension from them?

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NolaD asked:


When you work, doesn’t the company take money from your check and put it into an account for your retirement? That being the case, how can a company decide to keep your pension from you if they go bankrupt or just decide to discontinue pensions altogether? I know that companies contribute to your retirement as well as part of your benefits, but how can they withhold the portion that you contributed from your paycheck?
I am just curious about this because I have seen news reports about companies raiding pension funds (Like Enron) and I have seen reports of people working for companies for 25-30 years when the company decides not to give pensions any more. Isn’t that what people work for? Isn’t this why people STAY with the same company for 20 years? Companies use the fact that they have a pension plan to recruit people to work for their company so how could the pension be bad for the company and the country?
WOW! People are really snippy about a simple question which was posed out of curiosity about how companies can raid pension funds and how that is possible! Who knew people on here were so uptight!

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chemist asked:


I am planning on working for a couple of years before going to school for a regular MBA. Can I contribute to my 401k plan now and withdraw it without penalty to fund my college tuition? Or is it better to take the tax hit now, rather than take the penalty later ?

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Bill K asked:


My employer does not contribute to my 401k. I want to move my money without penalty to another financial institution.

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ange asked:


I recently switched companies I am cashing out my 401k. Its done, so I don’t want to hear about it being a bad decision. I am just curoius how long to expect to wait for the check. Can it be direct depoited? Would that speed it up? Does anyone have experience with this?

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RightLight asked:


I have some high interest credit that we can never seem to pay down. We have not added to the balance in over a year though and I am more than willing to cut them up. Should I borrow from my 401K and pay myself back at 8% interest to pay off the cards?

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