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Non-Cattle Specific Topics
Coffee Shop
Retirement
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<blockquote data-quote="Caustic Burno" data-source="post: 1691720" data-attributes="member: 694"><p>You are 100% correct.</p><p>On top of the penalty it is added to your yearly income before 59 1/2.</p><p>That can incur a whole nuther bunch of tax liabilities. After 591/2 it's taxed as ordinary income. </p><p>On withdrawal at 72 it has to be 10% of the account.</p><p>The biggest mistake I see retirees make is forgetting there is no raises coming unless you give it to yourself. The SS raise isn't going to keep up.</p></blockquote><p></p>
[QUOTE="Caustic Burno, post: 1691720, member: 694"] You are 100% correct. On top of the penalty it is added to your yearly income before 59 1/2. That can incur a whole nuther bunch of tax liabilities. After 591/2 it’s taxed as ordinary income. On withdrawal at 72 it has to be 10% of the account. The biggest mistake I see retirees make is forgetting there is no raises coming unless you give it to yourself. The SS raise isn’t going to keep up. [/QUOTE]
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