neillarson
Confused about dryer sheets
My kids are grown and we are currently renting in the Chicago Area.
I own property in our retirement state, Mississippi and plan to build a home there after I retire at 55. I am already retired form the US Navy and plan to take my pension from my current employer as a Lump Sum Disbursement (LSD). It is a small amount but will cover all of my homebuilding expenses with a little left over for maintenance. I plan to go right to work consulting making about the same as I do today, $130K to $150K while working part time with a portion of that from home. I will have to travel a lot more but it is just one of the things I have decided is a worthwhile sacrifice to be near the family and my kids again.
Looking to find out what type of tax implications there are in a LSD after 55 and is any of it mitigated by building/buying a home with the proceeds. Also, is there anyway to tap into my 401K at the same time.
I own property in our retirement state, Mississippi and plan to build a home there after I retire at 55. I am already retired form the US Navy and plan to take my pension from my current employer as a Lump Sum Disbursement (LSD). It is a small amount but will cover all of my homebuilding expenses with a little left over for maintenance. I plan to go right to work consulting making about the same as I do today, $130K to $150K while working part time with a portion of that from home. I will have to travel a lot more but it is just one of the things I have decided is a worthwhile sacrifice to be near the family and my kids again.
Looking to find out what type of tax implications there are in a LSD after 55 and is any of it mitigated by building/buying a home with the proceeds. Also, is there anyway to tap into my 401K at the same time.