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Since you will be 55 when you retire you can tap your 401(k) savings without paying the 10% tax penalty. IRA accounts can't be touched until 59-1/2 without paying the same penalty. You still pay ordinary income tax on what you extract from either account.
The $40K pension example just makes a nice round number with the 4% withdrawal rate.
I retired at 56, took my pension as a lump sum, invested the pension amount in a loss protected account, and got a job at a utility company for a little less than what I was making previously. But my former employer can no longer reduce/freeze/reconfigure/elimiinate my pension.
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- OT: Feasibility of 401(k) accounts as sole pension source, MI-Roger , Sat, 4 Jan 2014 17:02:44
- Started Late.... Real Estate..., Mike Lynch , Tue, 7 Jan 2014 10:56:41
- Found my error and ran other scenarios, MI-Roger , Sun, 5 Jan 2014 09:02:17
- Deja vu?, andym, Sun, 5 Jan 2014 06:33:13
- Re: OT: Dismal failure of 401(k) accounts as sole pension source, Tom G , Sun, 5 Jan 2014 03:08:35
- Re: OT: Dismal failure of 401(k) accounts as sole pension source, eric, Sat, 4 Jan 2014 20:46:50
- Re: OT: Dismal failure of 401(k) accounts as sole pension source, Name Left Blank, Sat, 4 Jan 2014 17:28:37
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