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Re: "Early Retirement Packages"... any takers? [Re: BIGGERED] #2716008
11/15/19 07:02 AM
11/15/19 07:02 AM
Joined: Feb 2005
Posts: 3,986
Prospect, PA
BSB67 Offline
master
BSB67  Offline
master

Joined: Feb 2005
Posts: 3,986
Prospect, PA
Originally Posted by BIGGERED


First thing thing is I’m not an accountant or tax professional but I was under the impression that an IRA may be rolled into a IRA for the surviving beneficiaries?

Thank you

Red


Correct. The beneficiaries will get a Beneficiary IRA w/o paying taxes initially. However, depending on timing, they will be required to take an annual RMD either the year of death, or starting in the following year and that is taxed as ordinary income.

Re: "Early Retirement Packages"... any takers? [Re: BSB67] #2716044
11/15/19 09:27 AM
11/15/19 09:27 AM
Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
B

Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
FWIW, I'm glad to see this thread has semi-morphed into a retirement planning seminar. laugh2 It's pretty obvious how much people can learn from others' experiences & knowledge. Thanks - Brad

Re: "Early Retirement Packages"... any takers? [Re: BradH] #2716067
11/15/19 10:23 AM
11/15/19 10:23 AM
Joined: Feb 2005
Posts: 3,986
Prospect, PA
BSB67 Offline
master
BSB67  Offline
master

Joined: Feb 2005
Posts: 3,986
Prospect, PA
Sorry. I was wondering if we took the thread too far off track.

Re: "Early Retirement Packages"... any takers? [Re: BSB67] #2716092
11/15/19 12:17 PM
11/15/19 12:17 PM
Joined: Feb 2014
Posts: 850
central il.
S
second 70 Offline
super stock
second 70  Offline
super stock
S

Joined: Feb 2014
Posts: 850
central il.
Originally Posted by BSB67
Originally Posted by BIGGERED


First thing thing is I’m not an accountant or tax professional but I was under the impression that an IRA may be rolled into a IRA for the surviving beneficiaries?

Thank you

Red


Correct. The beneficiaries will get a Beneficiary IRA w/o paying taxes initially. However, depending on timing, they will be required to take an annual RMD either the year of death, or starting in the following year and that is taxed as ordinary income.


Correct that is why it is so important that you name a beneficiary. If not it will go to the estate. A surviving spouse can treat it as their own.

Last edited by second 70; 11/15/19 01:05 PM.
Re: "Early Retirement Packages"... any takers? [Re: BradH] #2721772
12/05/19 04:43 PM
12/05/19 04:43 PM
Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
B

Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
Update: I accepted the package and am currently talking with a couple of places about where I could end up once I've left my current employer.

The clock is officially ticking...

Re: "Early Retirement Packages"... any takers? [Re: BradH] #2721789
12/05/19 05:30 PM
12/05/19 05:30 PM
Joined: Sep 2003
Posts: 12,182
north of coder
moparx Offline
"Butt Crack Bob"
moparx  Offline
"Butt Crack Bob"

Joined: Sep 2003
Posts: 12,182
north of coder
hope it goes well for you ! up
beer

Re: "Early Retirement Packages"... any takers? [Re: BradH] #2721851
12/05/19 08:31 PM
12/05/19 08:31 PM
Joined: Feb 2005
Posts: 3,986
Prospect, PA
BSB67 Offline
master
BSB67  Offline
master

Joined: Feb 2005
Posts: 3,986
Prospect, PA
Good luck. Nice that you have skills that are in demand.

Re: "Early Retirement Packages"... any takers? [Re: BSB67] #2721871
12/05/19 09:05 PM
12/05/19 09:05 PM
Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
B

Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
Originally Posted by BSB67
Good luck. Nice that you have skills that are in demand.

Indeed; I know that many people don't have options to fall back on when sh!t like this happens.

Also a big help that my wife went back to work full time about 4 months ago, in case there ends up being a longer gap between jobs than I'm hoping.

luck

Re: "Early Retirement Packages"... any takers? [Re: BradH] #2721893
12/05/19 10:16 PM
12/05/19 10:16 PM
Joined: Jan 2003
Posts: 26,483
Oregon
A
AndyF Offline
Too Many Posts
AndyF  Offline
Too Many Posts
A

Joined: Jan 2003
Posts: 26,483
Oregon
Heck, if your wife is working then take your time finding a new job. Maybe get the car running while you're looking for a new job...........

Re: "Early Retirement Packages"... any takers? [Re: AndyF] #2722048
12/06/19 01:08 PM
12/06/19 01:08 PM
Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
B
BradH Offline OP
I almost got away with it!
BradH  Offline OP
I almost got away with it!
B

Joined: Jan 2003
Posts: 15,326
Val-haul-ass... eventually
Planning to get it running in the gap between jobs... wrench

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