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<blockquote data-quote="Dustyroads" data-source="post: 612936" data-attributes="member: 22610"><p>Just something to think about, if one takes pension distributions (monthly payments) before the tax year when they turn 55 years old, a 10% penalty, before taxes applies to all pension distributions. So, if one is thinking about retiring at 51 years old, hypothetically with "30 and out" then at tax time one will have to pay $3,600 a year in penalty in addition to your regular federal income tax and state taxes.</p></blockquote><p></p>
[QUOTE="Dustyroads, post: 612936, member: 22610"] Just something to think about, if one takes pension distributions (monthly payments) before the tax year when they turn 55 years old, a 10% penalty, before taxes applies to all pension distributions. So, if one is thinking about retiring at 51 years old, hypothetically with "30 and out" then at tax time one will have to pay $3,600 a year in penalty in addition to your regular federal income tax and state taxes. [/QUOTE]
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