how much will i get off the income support when i retire from work?
918937
You will get a state pension, no idea how much it is though but you wont be living the high life put it that way.
1057076
A LOT of things would determine this.\n\nSome people could live on $35,000 a year, some need $75,000 in today's dollars.  It also depends on what type of pension or social security you will be receiving.  Do you have any savings?  Also, at what age do you want to retire, expected life span?  \n\nI don't know anything about you by your question, but here are some numbers I ran yesterday for a 27y.o. wanting to retire at 40.  These were just quick estimates.\n\n\nIdeally, if you retire at 40 and live another 40 years, can obtain a 7% rate of return, and need $40,000 a year for the 40 years in retirement, you need to have a little more than $500,000 in savings by the time you are 40 years old.\n\nYou can reach this $500,000 if you save about $27,000 a year for the next 13 years, given a 7% rate of return. \n\nDepending on your salary, this may be obtainable but you have a lot of work to do since you have basically no savings. Also, I used 7% because thats the average rate of return in the stock market but depending on your investments, it may be more or less. I would take full advantage of your TSP (401k) because all that matching the gov't does will really pay off. Also, it may be tough, but buy very few "wants" and try to stick to spending money on "needs." People usually think it is impossible, but it really isn't. Also, I'm sure you'll want a home at some point and you have to take that into consideration as well. Good luck
46152
I had a partner retire from SBC a few years back, so I think I know what you are talking about.\n\nYou need to investigate what TYPE of income this was. "Severance" is taxed as WAGES. It is reported on your W2 and taxes are withheld at the source.\n\nYou might have taken a "lump sum" payment from your pension fund. This would be taxed as PENSIONS, and reported on Form 1099-R, with taxes possibly withheld at the source.\n\nI would suggest that you seek the assistance of a tax professional to help you sort out this matter.\n\nWilliam Perez\ntaxes.about.com
125150
If you are under 59 1/2, there is a 10% penalty and the amount that you take out will be taxed as ordinary income.  There are some exceptions; i.e. if you are using the money for health reasons or to purchase your first home.  Check out publication 590 on the IRS website (www.irs.gov) or consult a tax professional.
225655
enough to live off of till I found another job
439063
she Can go into her pension,but it will be considered income for her,and she is taxed on it,,Any money she gets is considered income,so her SS my go down,its  catch 22...NEW.............EMaIL ME....yes they will  take the penalty,they did me .and I'm disabled,,,and the taxes too.but i filed and got more that half Back on my income taxes,,took l0%,,,,, pen...20% tx
826996
If you work and are on Social Security, you can only earn $860.00 gross (before taxes) a month, otherwise they can stop your Social Security payments and you would have to pay back what they paid you unless you can prove the overpayment was not your fault (i.e. you didn't know how much you can make at work) or that it was the Social Security Administrations fault (i.e. they did not tell you how much you can make at work).
319288
It depends your exemptions, filing status (single, married, ect) and your gross income (amount before taxes).\n  You can check online at the website for the IRS.  In the search type in Circular E.  The circular E has charts where you can find information based on your income, how many dependents you are claiming, and your filing status.  There you will see exactally how much they will take out of your paycheck depending how many exemptions you are claiming.\n  Your withholding is the only thing that will change.  Your social security and medicare do not change.\n\nI hope that my answer was helpful.
1077047
well at 40 i was able to retire on 47000 a year which makes about 3000 a month after taxes  and it works,, i am 45 now
338545
it depends on how much you have made in the past 18 months. they calculate a percentage of that and that's what u get
275660
yes i would pay, it will affect your pension when you retire otherwise
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.
978236
Only if your income will cover it.\n\nCoach
29787
With 1.5 million invested you should be able to get 6% without a sweat if you have half way decent financial advisor. \n\nThat's 90k in income.  If you have no mortgage I dont see why you can not retire with 90k - taxes.\n\nOf course it depends on what type of lifestyle you are accustomed to and if you are willing to lower your standards while in retirement?\n\nAlso keep in mind that when you reach 67 you'll also be getting money from Social Security so that will hopefully boost your income at that time but does not help now.\n\nI would not recommend touching the principal but rather living off the interest off the money so when you pass away you'll have something for your heirs or charity whatever the case may be.\n\nUltimately only you can decide what type of life to live after retirement.  If you can live with a before tax income of 100k or so you are good to go.  Also remember income from investing are not taxed for social security so you only have federal and state tax to worry about.  Move to a state that has no state income tax and you save 5k right off the bat.
758325
There are three rates of income tax (10%, 22%, 40%) plus national insurance contributions (10%). As a generalisation, assume about third of you salary will go on taxes.
647946
$15,000. There is a catch-up provision of $5,000 bringing the maximum to $20,000 if you are over 50 years of age.
726034
It changed in April 2004.\n\nIncome Support is an income-related benefit for people aged from 16 years up to age 60 that are on a low income. The amount of Income Support due may be effected by other income to the household. \nSavings over £16,000 usually mean you cannot get Income Support.  \nIf you have to attend your Jobcentre Plus office regularly, you cannot get Income Support.\nCan I get it?\nAre you:\n\nIn Great Britain \nAged between 16 and 59? \nOn a low income? \nNot working or working on average less than 16 hours a week?\nIf YES to all, claim Income Support.\n\nOver 60?\nIf you or your partner are aged 60 or over you may be entitled to Pension Credit. \nPension Credit provides a contribution to a guaranteed minimum income and rewards people aged 65 and over who have made modest provision for their retirement. \nPension Credit is dealt with by The Pension Service. To find out more about Pension Credit visit The Pension Service Website.\nWhat else should I know?\nYou will not have to attend the Jobcentre Plus office for regular Jobsearch Reviews if you are a lone parent, sick or disabled, unable to work because you are caring for someone, or registered blind.\n\nIf you are responsible for at least one child or young person, you may be able to get Child Tax Credit (CTC). For more information go to the HM Revenue & Customs (HMRC) website. Families already on Income Support in April 2004 who have not already claimed CTC will be moved across to CTC. CTC is paid into the Income Support customer's account on migration. If you want to have it paid to the main carer, you must contact the HMRC to get it changed.\n\nIf you are a lone parent, you will usually have to attend a Work Focussed Interview with a Personal Adviser before you can get Income Support\n\nIf you are not a lone parent, and you live in an area with a fully converted Jobcentre Plus office or certain other designated offices, you will usually have to attend a Work Focussed Interview with a Personal Advisor before you can get Income Support\n\nIf you have to regularly attend your Jobcentre Plus office, you may be able to get Jobseeker's Allowance (JSA)\n\nIf you have a partner who works an average of 24 hours a week or more you cannot usually get Income Support\n\nIf you have a partner who works an average of less than 24 hours a week, their earnings will usually affect the amount of Income Support you can get.\n\nPregnant women and people with children aged under five get free milk and vitamins, usually via the Department of Health.\n\nSavings over £6,000 usually affect how much Income Support you can get.\n\nYou may be able to get extra money to help towards certain housing costs.\n\nYou can usually get extra money for your family if you have claimed before 06/04/04.  After this date if you have children you want to claim for you will need to claim Child Tax Credit.\n\nYou may be able to get Income Support if you or your partner are not working because of parental leave.\n\nYou may be able to get Income Support if you are on paternity leave.\n\nIf you have a partner where benefit is still in payment after 26 weeks of the claim, they will be required to attend a Work Focussed Interview with a Personal Advisor\n\nIf you are sick and not getting Statutory Sick Pay (SSP) you should claim Incapacity Benefit as well as Income Support.\n\nIf you get SSP you do not have to claim Incapacity Benefit as well as Income Support.\n\nCheck with your Jobcentre Plus office to see if you are on a low income for Income Support or Pension Credit.\n\nSeverely disabled people who get the highest rate of Disability Living Allowance for care will usually be able to get more Income Support. This is part of the new Disability Income Guarantee.\n\nIf you have recently come from abroad there are some extra rules.\n\nStudying\nIf you are studying, you may be able to get Income Support while you are on your course if you are a lone parent, sick or disabled, or registered blind. C