Posted by Ed Gilligan on May 24, 2008 at 03:57:09:
In Reply to: re: where is' spelling police' posted by Cliche Police on May 16, 2008 at 16:43:45:
Last night the union had a Old Timers corn beef and cabbage dinner. I heard 2 jokes.
I hope you Irish nurses were able to get that define pension I talked about. It is great and I have it. You see the money is put into a union health and wellfare fund and is paid out as long as you live. No company can steal it and the goverment watches it out from time to time. I have a wire transfer and it goes into the bank. No one can steal it in the mail box. The bad thing is you have to pay federal taxes on it. The state of Illinois don't charge state taxes on pensions, at this time.
Another bad thing, in a tax free retirement fund, at 70.5 age, you must take out an amount, the goverment decides, at the years you have left, that formial changes every year,(you must have a good banker to figure it out) and pay 23 % taxes. If you didn't take enough out, you have to also pay a extra pently. I pay 25 % to be sure I am covered. If you have it in stocks, you must sell some stocks, (pay a broker fee) take it out, pay the taxes, and rebuy the stocks. Now is these new stocks make money, when you take it out, you must pay 23% taxes. culater
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