can i work part time without breaking any rules?
L1: can i work part time without breaking any rules?I am currently 56 yrs old and have been retired for 6 yrs. Can I work part-time without breaking some rules? I sure don’t want any penalties.2009-02-10 03:53, By: mark, IP: [188.8.131.52]
L2: can i work part time without breaking any rules?Mark,I am assuming that you have a 72t plan running and that is why you asked the question in this forum. Having a part time or a full time job while collecting IRA payments on a 72t is not a problem, but it might cause you to be paying taxes in a higher bracket when those “incomes” are combined on your tax return at year end. Ken2009-02-10 04:42, By: Ken, IP: [184.108.40.206]
L3: can i work part time without breaking any rules?Ken is correct… working does not have any impact upon your ability to withdraw 72t plan funds. What some people have discovered is that going back to work increases their income beyond their needs for as large a 72t plan payout, so they will do the 1-time switch to the RMD method to achieve a lower pay-out. This will reduce their income and their tax liability in most cases. You would need to use the calculators on this web site to figure your situation out. If you do decide to make the 1-time switch to the lower paying RMD method, you cannot un-do thislater without busting your 72t plan, so be careful with this.Ed2009-02-10 17:58, By: Ed_B, IP: [220.127.116.11]