Let’s Talk About Retirement

Joanne M asked:


My husband retired in October of last year and we are really afraid they are not taking out the proper amount of income tax. We do not want to have to pay a large amount when we file our taxes. He is filing married with 0 exemptions. They are only taking out 2.7% in taxes and we are both fairly certain this is not correct. Is pension income taxed differently than regular income? Should we have them taking out a larger, fixed amount to be safe?

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Tawny Angel asked:


I lived and worked in Canada before coming down here and my Canada Pension Plan (CPP) is due to effect. Studying the given relevant IRS instructions, the CPP is neither a Qualified Plan, nor a U.S. Annuity Plan. How do I calculate the amount of tax payable? Before seeking help from a professional tax planner or going for the IRS helpdesk offer on this issue, could some experts shine some light for me?

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Richard K asked:


Rather than deal with bankruptcy, etc. as I am retired, I am thinking of permanently relocating outside the country and just forgetting about my debts. I have lived, and have an account in an asian country and can reside there permanently. Is this an option without drawbacks, such as freezing of pension or attachment of it?

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Motherbear Twelve asked:


I applied for a loan modification and was denied for having too much income. I do not even have to pay income tax, my income is that low.

Can I reapply with just my pension as income? It is my only taxable income, even though it is not high enough to have to file a return.

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AKS asked:


My Parents aged 71 yrs and 60 yrs would like to invest in Pension Plan to get decent monthly amount as pension after certain years. Which plan they should opt for?

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Dutchcracksoldier asked:


and has NO more bank accounts, monies, property, investments, etc in the States. I know NJ state will not take anything out of pension check, but doesn’t something have to be taken out of pension check Federally? or not because I dont live in the States or have any monies etc at all.

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Guy E asked:


With everything else failing and being bailed out, I am wondering if the pension funds for retirees are safe as the stock market deteriorates, and if by chance any of the pension funds would fail, would they be bailed out by the government, to protect those of us who have no other means of income? Retired, and very, very worried. Serious and honest opinions please! Thank you all! God bless America!

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bones50 asked:


Can a company do that even if the employees have a union? My brother-In-law has worked for a trucking company for nearly 10 years, and the company is going through bankruptcy, can they lose their pension. This does not seem fair. what are is your knowledge or advice?

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ladivonnent asked:


I need to combine a list of companies that pay retirees or their surviours their pension. I need to combine a list of companies in the US, as of right now.

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Falling Snow asked:


My husband worked for a Teamsters Union for 24 years and is now back in the union. How can we find out what the value of his pension is?
The company he worked for filed for bankruptcy in 2003. So I could not contact them.

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