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Brown Cafe UPS Forum
UPS Retirement Topics
Retirement tip
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<blockquote data-quote="satellitedriver" data-source="post: 254818" data-attributes="member: 1664"><p>The good news is the type of 401k we have is not subject to the penalty of 10% if you are classified as retired and have reached the age of 55. I cannot recall the exact suffix to our 401k, but it is a 401ka, 401kb,401kc ect....</p><p>I checked into it several years back. The money drawn out will be taxed at standard earned income rate based on your total income for the year. I do not remember a mandatory 20% tax.</p><p>If you are correct with the 20%, that is too high of a tax rate.</p><p>PAX</p></blockquote><p></p>
[QUOTE="satellitedriver, post: 254818, member: 1664"] The good news is the type of 401k we have is not subject to the penalty of 10% if you are classified as retired and have reached the age of 55. I cannot recall the exact suffix to our 401k, but it is a 401ka, 401kb,401kc ect.... I checked into it several years back. The money drawn out will be taxed at standard earned income rate based on your total income for the year. I do not remember a mandatory 20% tax. If you are correct with the 20%, that is too high of a tax rate. PAX [/QUOTE]
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