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Old 08-14-2017, 03:31 AM
 
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if the pension stops or gets reduced , than that changes things to :

A: YOU HAVE NO PENSION ,so the pay check stops

B:IF THE PENSION DOES NOT FULLY MEET YOUR NEEDS ANYMORE, YOU NEED TO HAVE OTHER SOURCES OF INCOME .

in both cases the pay check has stopped or was modified in one way or another .

so the statement is still correct . as long as the pension continues the pay check never stopped.

i worked part time my last year working , but if i had a pay check that reflected even my part time work amount "the pay check never stopped"

just like pay cuts when working things can always be modified but as long as their is a pay check it never stops . .

Last edited by mathjak107; 08-14-2017 at 04:19 AM..
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Old 08-14-2017, 07:20 AM
 
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Quote:
Originally Posted by jasperhobbs View Post
There have been cases where pensions did indeed stop or were greatly reduced.
Far more people get laid off or fired than have lost their pension or had it reduced. Which do you thing is more secure over age 50/60? A job or a public pension from most states?
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Old 08-14-2017, 07:40 AM
 
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Originally Posted by TuborgP View Post
Far more people get laid off or fired than have lost their pension or had it reduced. Which do you thing is more secure over age 50/60? A job or a public pension from most states?
State pensions are usually secure but private industry is another story.
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Old 08-14-2017, 02:22 PM
 
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Originally Posted by jasperhobbs View Post
State pensions are usually secure but private industry is another story.
Agreed that's why I phrased it that way with your point in mind.
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Old 08-14-2017, 03:33 PM
 
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Originally Posted by TuborgP View Post
Far more people get laid off or fired than have lost their pension or had it reduced. Which do you thing is more secure over age 50/60? A job or a public pension from most states?
With some states, mainly Illinois right now, I could see pensions taking a hit.
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Old 08-15-2017, 06:53 AM
 
Location: Location: Happy Place
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My goal in life after I retire in December is to pay off my mortgage. Should I survive my husband, that is the only way I can stay in my home.
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Old 08-15-2017, 08:12 AM
 
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Originally Posted by jasperhobbs View Post
With some states, mainly Illinois right now, I could see pensions taking a hit.
Yup, the reality is that individual pensioners know the specific states there pensions are from and their own personal risk factor. That's also why I said most states.
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Old 01-10-2018, 09:31 PM
 
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Quote:
Originally Posted by Mel1960 View Post
I'm less than three years away from being eligible to retire from my current job and I'm also retired from the military. I've accrued a nice nest egg in my 401K and recently met with a retirement benefits planner to help me develop a sound strategy utilize these funds after I retire. One option that he suggested was setting up an account to pay off my mortgage with funds from my 401K. He stated that I can commence monthly payments using this plan at age 59 1/2 without penalty but the funds would be subject to federal income tax. there is no state income tax in the state that I currently reside. Or I can wait until I retire at age 62 when my income will be much less and I'll be eligible for social security. The funds will still be subject to federal income tax but my liability will be much less because I won't be working. The balance of my mortgage is about $95K. Has anyone used this mortgage payment strategy themselves and if so did you find it beneficial? If not what are some of the financial and tax perils that I may be over looking? Thanks!


Mel
Mel1960, you asked in another thread about Holly Springs. I live in that county, a little further north at Victoria. Have you found a place yet? We are retired military here, from Alabama. I like being NEAR Memphis but in the country.
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Old 01-10-2018, 10:04 PM
 
Location: Idaho
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Originally Posted by dwnmo View Post
For a mortgage in retirement - do pension and/or social security qualify as income streams?
Yes. We are applying for a mortgage on our new home in Idaho. All 4 lenders which we have contacted have either pre-approved or approved our loan applications. They took into accounts all our sources of income: pensions, social security, dividends and capital gains and my husband IRA RMD.

We had to send in our pension award letters (or 1099-R form), social security letters, the last two statements of accounts which we will use for down payments, IRA RMD information, and the last two Federal Income tax returns (to verify our investment income: dividends & capital gains).
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Old 01-10-2018, 10:51 PM
 
Location: Gulf Coast
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A couple years ago we took out a Heloc, paid off the first mortgage with it, for assorted reasons. We had to provide as much information as we did for the original mortgage. It took almost a month to go through.

Not everybody's case is the same. If one of us would be alone, he/she couldn't stay here with the mortgage. We paid off the Heloc when the rental house sold. It was becoming a hardship to keep it up for a lot of reasons, and we were really lucky to sell it when the market went up.

I don't regret paying our primary house's mortgage off. It's what we needed to do. Our cash flow is way better and we're not losing a lot of money every month to interest. For someone in our cash bracket, $5,400 interest not going out every year is nice.
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