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Is a 401 k a pension plan or an annuity?
It is a retirement account but it is different from a standard pension, in that the contributions are made by the employee and the distributions are regulated as tax-deferred income.
What is unfunded pension liability?
Unfunded pension liabilityWhen a company, town or state pays its pensions obligations to retirees out of current income rather than from a separate fund to which it has contributed over time.
Can you buy a house with pension income?
Yes, as long as you can provide verification to your lender that it will continue for at least 3 years.
Is disposable income after you have paid your living expenses?
No. Disposable income is that which is left after all taxes, pension contributions, medical insurance share, etc. has been deducted from an employee's salary.
How does one go about a cash out of the equity within a Personal Pension?
If you want to get out of your equity within your personal pension you'll have to take out loan. Or you can just take the money out of the account. But there's a catch, this money will be taxed as income.
Will you pay taxes on your pension?
Yes could have to pay some income taxes on your pension income.
Can the IRS seize a pension if it is your only income?
Yes some pension income can be seized by the IRS.
What does pension?
A pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment.
If your only income is from a pension can you still contribute to an IRA?
NO. Pension income would NOT be a QUALIFIED EARNED INCOME for contributions to a IRA account.
What is the difference between a RRSP and a RRIF?
an rrsp withdrawals do NOT qualify as a pension income. the RRIF withdrawals do qualify as pension income.
Does a us citizen receiving dutch old age pension income treat the income as social security income for tax purposes?
No. It would be treated as a normal pension payment.
Is your pension considered annual income?
Yes.
Can you give us tax advice on a UK pension?
If your UK State Pension is your only income, then it isn't taxable. However, if you have other income from whatever source, your pension will be added to that income and you will be taxed in the normal way if you are classed as a UK resident for tax purposes.
How will your retirement pension be affected by moving out of state?
The amount should not be affected at all. However, you might owe income taxes on your pension income to the State to which you are moving.
If your pension is docked by child support or family support can you collect unemployment?
No, your pension income is for supporting you and your family.
I have served in the Air Force for 26 years. I have a pension....can I get a V.A Loan with just my pension?
If the income from your pension is high enough, you may qualify. They want an income to debt ratio of forty-one percent or better. The total income to qualify will be related to the total price of the house and the down payment.
Where can a pension calculator be found?
A pension or retirement calculator measures what you should have in funds in order to retire comfortably. It will include your savings and investments as well as your income from Social Security and any income from your pension. You can ask your financial adviser, local AARP representative or your banking representative for a pension or retirement calculator.
