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Old 07-21-2011, 07:04 PM
 
449 posts, read 1,700,170 times
Reputation: 201

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golfgal,
Thanks for your help and for letting me know where to get more information. Didn't realize it could also vary within the same city.
midwestmom
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Old 07-21-2011, 07:08 PM
 
Location: Twin Cities
5,831 posts, read 7,723,596 times
Reputation: 8867
Quote:
Originally Posted by southernsmoke View Post
Fine. You're right. It is just like a 401(k).
I don't get why you don't understand this. It's just like a 401k... If the value goes down the taxpayers make up the shortfall. Isn't this how your 401k works?
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Old 07-21-2011, 07:44 PM
 
455 posts, read 639,089 times
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Quote:
Originally Posted by Glenfield View Post
I don't get why you don't understand this. It's just like a 401k... If the value goes down the taxpayers make up the shortfall. Isn't this how your 401k works?
No. Mine is different. I picked the 401(k) plan that allows me to retire at age 44 and receive a 35% pay increase by doing so.

Don't tell me you can't withdraw from your 401(k) immediately upon retiring at age 44...
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Old 07-22-2011, 04:13 AM
 
20,793 posts, read 61,355,946 times
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Quote:
Originally Posted by southernsmoke View Post
No. Mine is different. I picked the 401(k) plan that allows me to retire at age 44 and receive a 35% pay increase by doing so.

Don't tell me you can't withdraw from your 401(k) immediately upon retiring at age 44...
Sure you can, look up the rule of 72T....
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Old 07-22-2011, 06:23 AM
 
455 posts, read 639,089 times
Reputation: 307
Quote:
Originally Posted by golfgal View Post
Sure you can, look up the rule of 72T....
OK, but the key difference again is that if you withdraw funds under 72(t), you are draining your retirement account. You are just choosing to take now instead of later, not to take now in addition to later. Also, I believe there are significant limitations regarding 72(t) withdrawals (e.g., you can't withdraw as much as many people would be collecting with a public pension).
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