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<blockquote data-quote="Dustyroads" data-source="post: 574859" data-attributes="member: 22610"><p>Just in passing since we're talking about the pension plan and retirement. If an individual takes a pension distribution before the calendar year when they turn 55 years old, they will suffer a 10% penalty, assessed by the IRS, on top of their normal Federal and state taxes that are due. For a retiree with 30 years at UPS full time, who was, for example 53 yo, the penalty would be $300 a month in addition to the taxes that they will owe on their pension. The penalty will follow the individual until they turn 59, if they take that early (pre-55) date. It's part of the tax code.</p></blockquote><p></p>
[QUOTE="Dustyroads, post: 574859, member: 22610"] Just in passing since we're talking about the pension plan and retirement. If an individual takes a pension distribution before the calendar year when they turn 55 years old, they will suffer a 10% penalty, assessed by the IRS, on top of their normal Federal and state taxes that are due. For a retiree with 30 years at UPS full time, who was, for example 53 yo, the penalty would be $300 a month in addition to the taxes that they will owe on their pension. The penalty will follow the individual until they turn 59, if they take that early (pre-55) date. It's part of the tax code. [/QUOTE]
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