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I'll respectfully agree to disagree since I can understand your point. I felt this way for most of my life: Don't rock the boat, Nothing will ever change, There is nothing you can do. Unfortunately, if everyone simply goes with the flow, we'll never have any meaningful change in our tax...

I'd rather fight the good fight to do away with our tax code and implement a fair tax system. Setting up a SEPP locks me into an amount that cannot be changed, or I risk "busting" the plan and being liable for taxes on all of it. I don't gamble, and this is just too much of a gamble for me...

Update As an update, I've had NO RESPONSE from my elected officials. In addition to the email from his website, I also faxed my letter and called his local office. The clerk there acknowledged receiving the letter. I was referred to the DC office and left a voice mail for the person that...

Letter to my congressman I've accepted having to pay the 10 years of penalty, but wrote to my Congressman anyway since the situation just is not fair: Congressman Boyd, I am a retired law enforcement officer and am interested in effecting a change in the tax code as relates to like public...

Thanks for the replies & congrats to the others that made it through. I've gotten my question answered & have decided to make the best of it. The way I see it I'm better off being unhappy one day a year paying more in taxes & enjoying life the remaining 364 than being unhappy 200+ while still...

Thanks Leonidas. I was venting, last year was financially good for us & we drew more than usual to pay off some items, so we pay more in taxes. I don't thank God enough for 25 safe years with the worst thing happening being a piece of steel laying in the road being thrown into my leg after a van...

Thanks for the input. I pretty much figured I'm screwed here, but am looking for a CPA that does other LEO work in the area. What sucks to me is that I played by the rules. I was hired on knowing I could retire in 25 years and that is what I did. I know I'm preaching to the choir for some, but...

Thanks again for the advice, I will try & find a tax accountant to see what our best course of action is.

When I started employment, the DB was the only option offered. In 2002, the State of Florida began offering the DC plan, so I switched in 2004. As I read it, if I set up a SEPP, I'm stuck with that until age 59.5 (10 years), or I can pay one more year of penalty since I hit 5-0 next year. The...

Thanks for the information. From the 1099R form, I am figuring it is a 401A account. I will search for/and or ask the same question on the Fairmark Forum. It looks like this is the price I paid for career planning at an early age. I'm hopeful the standard is normal retirement conditions vs. a...

I've searched through the forum and didn't see this exact scenario, so I am posting the question here. I retired in 2006 after 25 years of public safety (law enforcement) service in Florida and have not been re-employed. This is the normal length of service for special risk (generally police...

Hello all. I have been retired a little over 2 years and live in Florida where I worked for 25 years as a police officer. I found the forum while looking for an answer to a tax penalty question since I retired before age 50 but within the normal "rules" (25 years of service). I'll post the...