0
While the amount saved in a qualified plan is exempt, the amount you may receive as income can be used, above an amount needed for your "support"....
So "they", who you owe and promised to pay for what you took from them, may actually use some of what "you" would have to pay them as you promised.
you are allowed to find this weired.Its ok:)
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
When filing bankruptcy can the gov take you retirement money?
No, retirement accounrts (ERISA qualified) are protected from seizure.
What factors do retirement calculators account for?
Retirement calculators can merely estimate your retirement budget based on your present amount of savings and retirement investments. They should take into account a comfortable lifestyle as well as unplanned emergencies that may arise.
What would be a good question to ask in an early retirement forum?
Common questions regarding early retirement forum involve eligibility, the time frame in which a person has to decide whether or not they will take early retirement, and the extent to which early retirement benefits may or may not change after retirement.
How old do you have to be to take advantage of retirement housing?
The minimum age requirement to move into retirement housing can vary but is typically around 55 or 62 years old, depending on the specific community. It's best to check with individual retirement housing facilities for their age eligibility criteria.
How long does it take for a payout from retirement and pension fund?
6 weeks
Where is the retirement building in Wimpy Wonderland?
its when the monkeys take over poptropica
Did Ronald Reagan ever take or borrow money from a railroad retirement fund?
No. I doubt that he ever even had any access to railroad retirement funds.
What is my rate of return to retirement?
The rate of return is how much you will be making after you take the money out of your retirement plan. Typically the taxes will be around 40% so if you have 1 million, then you will get 600 k. Check the rate of return for your retirement fund.
How old are you when you retire?
It depends. Normal retirement age is at 65, but you can start to take money out of your retirement plan without penalty at age 59 1/2.
How long does it take to get your money from the provident fund?
When you reach retirement age or when you resign
Can the IRS take your retirement?
This is a difficult question to answer without know the full underlying issues. A short simple answer to your question is - yes, the IRS can take your retirement. They can take the full value of your retirement or partial value of your retirement, once again depending on the reasons behind the IRS seizing your assets. I would assume the most common reason one would ask this question is due to owing backed taxes. If this is the case your retirement can be lost up to the amount you owe the IRS. In a situation like this it would be best to try and work something out with the IRS such as a payment plan or a settlement
Can you pull out your retirement and file chapter 7 bankruptcy?
Retirement funds are exempt, but if you take them out of a qualified retirement plan and put them into a regular account, they are no longer exempt. Get some good advice from an experienced bankruptcy lawyer before you do anything.
