Quote:
Originally Posted by albertGQ
Slava, wouldn't retirees need a lot less since their largest expense (mortgage payments) should be gone by the time they retire?
I'm barely making ends meet right now while I work a FT and PT job, but if I didn't have a mortgage, I would be able to live comfortably on just my FT job
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Myth alot of boomers were lead to believe. Fact is they are bankrolling their kids, travelling and in many cases, yes, retiring with a mortgage. Most will require at least 70% of pre-retirment income.
If you worked for that length of time with the same employer and were a contributing member during that time your benefits would have been vested and locked-in. No withdrawal option, only transfer options. Retiring allowances should not be confused with a pension and the 20% is only a withholding, similar to what your employer deducts from your regular paycheque. So, if you take the cash, be prepared to square up with the tax man.