Hey all...weezie the newbie here!

[weezie534]

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?

 

[JPatrick]

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.

 

[sherrywilliam]

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

 

[kimcdougc]

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.

 

[racy]

....... 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:

 

[weezie534]

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!

 

[Nodak]

Welcome Weezie

 

[Katiek]

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.

 

[MRG]

Welcome to the forum.

 

[haha]

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