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GFGmom Retired @ 46 against everyone's advice. ,,,.how dumb is that?
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<blockquote data-quote="donna723" data-source="post: 459013" data-attributes="member: 1883"><p>D3, I'm a little confused. Is she talking about withdrawing her money from a 401k or is she talking about getting money from her State retirement plan? Of course, either way she will regret doing it someday. But if her State retirement system is anything like ours, you really can't do that. Up until about thirty years ago employees contributed a monthly amount to their own retirement accounts but they discontinued that and now the State pays the whole amount. An employee who was around long enough to have contributed to their own account can "borrow" that amount from their retirement account but there are penalties if it is not repaid. I think most systems work about the same. In ours, you can retire with full benefits at any age ONLY if you have thirty years of service. If not, there's no way you can get any money out of your account until you reach retirement age ... at least another twenty years for her! And when she can collect benefits, they will be smaller because they will be based on what she was making now. I know I'm preaching to the choir here but she's really cutting herself off at the knees. Those twenty years will go by quickly and she won't have enough to live on ... Lord only knows you can't live just off of what Social Security pays you, if it's even still around in twenty years!</p></blockquote><p></p>
[QUOTE="donna723, post: 459013, member: 1883"] D3, I'm a little confused. Is she talking about withdrawing her money from a 401k or is she talking about getting money from her State retirement plan? Of course, either way she will regret doing it someday. But if her State retirement system is anything like ours, you really can't do that. Up until about thirty years ago employees contributed a monthly amount to their own retirement accounts but they discontinued that and now the State pays the whole amount. An employee who was around long enough to have contributed to their own account can "borrow" that amount from their retirement account but there are penalties if it is not repaid. I think most systems work about the same. In ours, you can retire with full benefits at any age ONLY if you have thirty years of service. If not, there's no way you can get any money out of your account until you reach retirement age ... at least another twenty years for her! And when she can collect benefits, they will be smaller because they will be based on what she was making now. I know I'm preaching to the choir here but she's really cutting herself off at the knees. Those twenty years will go by quickly and she won't have enough to live on ... Lord only knows you can't live just off of what Social Security pays you, if it's even still around in twenty years! [/QUOTE]
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GFGmom Retired @ 46 against everyone's advice. ,,,.how dumb is that?
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