Retirement at Age 55 Finance Articles | September 28 http://www.vapormaxplusforsale.com/ , 2011 It is possible to retire at age 55 but to do so you will have to have a source of income other than a normal retirement plan. The reason for this is that persons who retire at that age will not be abl...
It is possible to retire at age 55 but to do so you will have to have a source of income other than a normal retirement plan. The reason for this is that persons who retire at that age will not be able to take advantage of normal retirement benefits.
? Taxes and Early Retirement
The first thing anyone who retires at 55 should realize is that you will have to pay extra to access funds in annuities and most tax-deferred retirement plans. Under current law, most persons who withdraw funds from such plans before age 59? will be charged a 10% penalty in addition to their normal income tax on those funds. This means a man who withdrew $10 Nike Vapormax Plus Kids For Sale ,000 and normally paid a 30% tax rate would pay 40%. Something else that persons should realize is that individuals will still have to pay their normal tax on that money because it is tax deferred.
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There are two kinds of retirement account that a person under 59 could take funds out of with no penalty. The first is a Roth IRA or 401k in which taxes are paid when contributions are made but no tax is due later on. Once funds are in a Roth they are tax free. The other is a Tax Sheltered Annuity which is available to some government employees such as school teachers. Persons can withdraw funds from a TSA with no tax penalty.
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A person who retires at 55 should plan on using non retirement funds, a pension or money in a Roth or a TSA until age 59? or later. Any annuity he has should be set up to start paying at a later age in order to avoid the tax penalties. It would be a good idea for a person who retired at 55 to put a large amount of money into annuities to ensure future income.
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No Social Security or Medicare
Something else that a person who retires at 55 should realize is that she would not be able to receive normal Social Security or Medicare benefits for several years. Currently the earliest age a person can receive Social Security retirement benefits at is 62. The age at which you can start receiving Medicare is 65.
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That means you will have to have a source of income to make up for Social Security and you will have to pay the full amount for your own health insurance until age 65. Anybody think of retiring before those ages should consider this carefully because health insurance costs are rising.
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Pensions and Other Benefits and Retirement at 55
Anybody who plans to retire at 55 because they have a pension or health insurance from a job should ask themselves how reliable that benefit is. There is no federal guarantee for health insurance for retirement so if the plan collapses it could disappear. The federal government does guarantee pensions through the Pension Benefit Guarantee Corporation but persons whose plans are taken over by this agency can receive smaller benefits.
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Anybody who retires at 55 should definitely have other sources of income besides pensions available. Without them Nike Vapormax Plus Mens For Sale , a person could soon find himself back in the job market with no savings.
The range of cordless drill models is vast but there are recommended units to start you off.
Cordless drills are work tools that bore holes to surfaces. These tools are usually operated with batteries. Having no cords is its main difference with electric drills.
There are various kinds of cordless drills. Try to see the different kinds of the recommended cordless drills with regard to unique functionalities and attributes.
Black and Decker CD12SFK is a medium-weight, user friendly cordless drill that has 12 volts. It supplies sufficient power and several useful characteristics in an equally compact size such as 陆 keyless chucks and a twenty-four position clutch. It has 2-year factory warrantee Nike Vapormax Plus Womemns For Sale , including battery, a kit box and charger Nike Vapormax Plus For Sale Free Shipping , and offers reasonable price.
Panasonic EY6432GQKW weighs 4.8 pounds and plays a great performance in terms of comfort and functionality since it exceeds the operation of both 18-volt and 14.4 volt cordless drill. This 15.5 cordless drill is considered one of the best and convenient cordless drills.
Makita 6228DWE is a lightweight cordless drill, only 3.5 pounds. It features keyless chuck for easy and fast bit alterations Cheap Nike Vapormax Plus For Sale , total control trigger (TCT) for accurate variable speed control and an electric brake for a quick stop access. It has a dependable chuck and an ample amount of torque regardless of its compact size.
Sears Craftsman is a good buy for everyday use around house. It has 19.2 volts. It features a 24-position clutch that helps to avoid over-stripping screws. Sears Craftsman 11542 comes in a kit including two NiCad batteries with a charger, a light Nike Vapormax Plus Shoes For Sale , 2 bits, and a case.
DeWALT DC728KA is a compact cordless power drill offering maximum reliability and durability. It can endure heavy and tight work conditions. It is versatile and comfortable to use Nike Vapormax Plus For Sale China , weighing only 4.7 pounds. It comes in a heavy-duty kit box, double-ended screwdriver bit and 2 pieces of 14.4 volts batteries.
Bosch 13618 Brute Tough Hammerdrill is a tough hammerdrill consisting of 18 volts. It is a durable and sturdy cordless tool. It has a maximum torque setting of 475 inchpounds Nike Vapormax Plus For Sale , 2-speed gearbox with high speed mode generating 1,500 rpm and 18 thousand beats per minute. It is steel-reinforced to protect the tool and maintain durability.
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