retirement questions

1. 47

   daisygreen2000posted 14 years ago

   Hi Thanks for access to your website
   
   I have a couple of questions.
   I am 57 and have just retired from public school after 28 years.  My retirement check will start in September and will be about 2600.  I have another job now where I am payed as a subcontrator.  I receive about 2000 per month from that.
   
   Is there anyway to lessen the 15% tax on my new Job?
   
   The other question I have is that I will receive 100k  in 3 years.  What is the best way to  deal with this money from a divorce settlement?
   
   The third question is about my 401k which I will be eligible for withdrawing at age 57 1/2 years. What would be the best thing I could do with this money?
   
   Thank you!
   Deborah

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   1. 95

      Rochelle Frankposted 14 years agoin reply to this

      It might be a good idea to ask a professional financial advice.
      
      Also --maybe, depending on your state-- the entity that administers your retirement pension, is likely to have retirement planning seminars, printed information and perhaps access to someone who can counsel you personally.

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   2. 84

      Pcunixposted 14 years agoin reply to this

      That 15%+ is unavoidable except that you can deduct expenses.  Travel, tools, anything business related comes off before the 15.

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   3. 61

      J. McCoyposted 14 years agoin reply to this

      Hi, Debra. The appropriate professional that can answer your specific question is an enrolled agent. There are more specifics to your situation that would need to be considered to give good advice. And of course you don't want to post that info in a forum. An enrolled agent is a tax professional that has passed an exceptionally difficult exam proving competence and experience at the same level (or in many cases higher) than an IRS employee. I would always recommend an EA over a CPA in tax matters. Just take a look in the phone book or check get an Endorsed Local Provider referral from www.daveramsey.com (it's free). I hope that's helpful.

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2. 61

   CYBERSUPEposted 14 years ago

   Do listen to what Rochelle Frank had to say for she has hit the nail on the head. As a retired Financial Advisor I agree with Rochelle.

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