Hi , Can anyone give a estimated lump range for retiring at age 53 with 25 years of service. Thanks
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I'm 52 going on 53 this year with 28 years going on 29 years this year of service. I was told 18% penalty for retiring before 6/30/22 under the age of 55 and to wait until next year on my 30th year to retire. The problem is, I despise that place so much that the 18% penalty may be well worth my sanity and that pension hit on July 1 and then again in September is really leading me into retirement to protect my pension.
If you wait until Jan 1st of the "year" in which you turn 55, you also get full access to your 401K without the 10% early withdraw IRS penalty. It's IRS special rule "Code 2" in box 7. (Early distribution with Exception for 55) But it only applies to the 401k from the company you retired from at 55. And will cover all withdraws from it before you turn 59 1/2... unless you do something stupid, like roll the VZ 401k to an IRA between 55-59.5 , in which case you get to pay the 10% IRS penalty on any withdraws again. On the other hand if you have tons of cash/investments sitting around outside of a retirement 401k & IRA's, then maybe you don't care.
you will get penalized 6% for each year under age of 55 unless you have 30 years of service. stay 2 more years if you can and keep your money
good luck
2 lumps of sugar makes the medicine go down ,makes the medicine go down ,just like vz stock
It depends on the title but mine was 740k as a lineman
You can go to Verizon home page, benefits page, there is a pension estimate page there. You can put in a gatt rate or leave it blank.
I would say two lumps are better than one.