Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Hey all...weezie the newbie here!
Old 02-02-2015, 12:32 PM   #1
Confused about dryer sheets
 
Join Date: Feb 2015
Location: Mason
Posts: 2
Hey all...weezie the newbie here!

I just discovered this forum today while trying to research retirement possibilities. Out of necessity, I filed for SS retirement at 62. At age 60, my then long time employer changed their employee philosophy which caused about everyone at my property over 55 to become suddenly unemployed for one reason or another. It saved them a bundle as they had an additional retirement plan that was company paid that a lot of us counted on to supplement SS. Once unemployment ran out, I was forced to cash out my meager 401k just to pay bills and live on.

Things are better now. I finally found a low stress job to supplement my SS but also keep the yearly income under the max. My question is concerning 401k. The company I now work for has offered me 401K but I am not sure how it would impact my SS. I can't seem to find anything online for this particular situation. My daughter says it would be a way to build a nest egg since the company will match 50% up to 6%. Has anyone else done this or ran into this type of situation that can give me any advice?
weezie534 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-02-2015, 01:12 PM   #2
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,610
Welcome weezie the newbie.
You say you are under the max you can earn and not forfeit benefits so that is one worry out of the way. The 401k by itself should have no affect until you start withdrawals at which time it possiby could cause some of your SS to be taxable.
BTW, I don't think you can use the 401k tax break to reduce your income as it applies to the max you can earn without forfeiting benefits.
JPatrick is offline   Reply With Quote
Old 02-02-2015, 01:24 PM   #3
Dryer sheet aficionado
 
Join Date: Jan 2015
Posts: 40
That is too bad losing the retirement plan you counted on too. Luckily my husband didn't have a work related retirement plan when he got laid off so we didn't count on that to supplement ss. So we tried to save more in our 401k.

I just registered at this board recently as well, welcome! A wealth of information here
sherrywilliam is offline   Reply With Quote
Old 02-02-2015, 01:54 PM   #4
Full time employment: Posting here.
 
Join Date: May 2011
Posts: 873
Welcome. You will find a wealth of information on this forum. Can't help you with your current situation but I am sure someone on this forum can.
kimcdougc is offline   Reply With Quote
Old 02-03-2015, 10:46 AM   #5
Full time employment: Posting here.
racy's Avatar
 
Join Date: May 2007
Posts: 881
Quote:
Originally Posted by weezie534 View Post
....... My question is concerning 401k. The company I now work for has offered me 401K but I am not sure how it would impact my SS. ...
Hi Weezie,
This isn't exactly the same as your question, but may be helpful at 1:05 into the video:
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
racy is offline   Reply With Quote
Old 02-03-2015, 02:37 PM   #6
Confused about dryer sheets
 
Join Date: Feb 2015
Location: Mason
Posts: 2
Thanks racy and JPatrick for the info. Both did help answer some of my questions. I also contacted the company handling the plan and had the rest of my questions answered. I do plan to join. And everyone, thank you for the warm welcome. It is most appreciated!
weezie534 is offline   Reply With Quote
Old 02-03-2015, 03:17 PM   #7
Thinks s/he gets paid by the post
Nodak's Avatar
 
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
Welcome Weezie
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
Nodak is offline   Reply With Quote
Old 02-04-2015, 05:54 AM   #8
Full time employment: Posting here.
 
Join Date: Jul 2014
Posts: 930
I don't know the answer to your question re 401(k), but welcome! I think you'll find a lot of useful info and enjoy the vibe of the forum even beyond your specific question.
Katiek is offline   Reply With Quote
Old 02-04-2015, 08:53 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 11,078
Welcome to the forum.
MRG is offline   Reply With Quote
Old 02-04-2015, 09:56 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
I don't know aspects of SS that never applied to me, but it may be that you would have no permanent loss if you earned more money. Retirement Planner: Can You Take Your Benefits Before Full Retirement Age?


It should be worth a trip to your local SS office to get clear on this.


Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Reply

Tags
401k, social security, work while drawing ss


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Hey everyone. New here. Damienqwerty Hi, I am... 24 12-31-2013 08:18 AM
Hey all! Noob here. FIREmenow Hi, I am... 5 05-13-2013 04:48 PM
Hey all, I'm Uncle Drew Uncle Drew Hi, I am... 7 10-12-2011 01:37 PM
Hey y'all DanteAlighieri Hi, I am... 25 10-02-2006 06:24 AM
Hey Wildcat, you here? usc_et Other topics 1 11-08-2005 02:28 PM

» Quick Links

 
All times are GMT -6. The time now is 09:46 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.