4 Replies Latest reply on Nov 3, 2013 6:57 PM by JonathaninBC

    when I can retire?

    attilaalex
      Hi ,
      my name is Alex , I'm 54 and working as Head Coach at Hampton University .
       
      I was hired and started to work in US in 2009(I'm Italian legal resident in US) .
       
      Please at which age is allowed my retirement? Thank you and have a nice day 
        • Re: when I can retire?
          timmer77
          Alex,
           
          You should go to www.ssa.gov to figure out when you can start drawing benefits and how much.  
           
          The generic answer is age 62, but I'm not sure about non-citizens.   Also, the amount of benefit is based upon income for your highest 35 years of employment, so you may not be in line for a very big check.   Use the calculator at the web site to calculate the amount.
           
          Good luck.
           
           
            • Re: when I can retire?
              timmer77 said...
                Alex,
               
              I'm not sure about non-citizens.  
              Good luck.
               
               
              Non-citizens can't clain Social Security benefits. However, you may be able to use your contribution record in the US to claim a state pension from Italy. Or, of course, you could opt to become a US citizen (and so relinquish your Italian citizenship). Hard choices. Good luck!
            • Re: when I can retire?
              snowshoebob007
              Alex,   the question you ask is a financial question not an age question.  Simply said, you may retire when you decide you can live off the income you will receive without your coaching paycheck.  These sources of income for most people are:
               
                 1.  Social Security
                 2.  Pension from your employer
                 3.  Annual withdrawals from your personal IRA account or 401-K retirement plan you control.
                 4.  Investment earnings from your non-retirement investments. 
               
              Obviously there are some tax rules you want to know about how your retirement income will be taxed and/or penalized if you take funds from retirement accounts before reaching age 59 1/2.  Do you have a good CPA you can trust to advise you on these matters?  If not, get one.  They can save you much more than you will ever pay them as you prepare to retire.
               
              • Re: when I can retire?
                MISPROF
                It depends on what you mean by being eligible for retirement. Each institution has different rules for eligibility and what benefits they offer in retirement. Your best bet is to ask the HR benefits representative at your university.
                 
                In terms of retirement savings in a 403(b) or similar instrument, you can withdraw without paying the 10% tax penalty (but you will owe taxes on the amount withdrawn) starting in the year in which you turn 59 1/2. You can withdraw from the account without penalty earlier than that by retiring and making substantially equal periodic withdrawals, but you need to set those up through the financial provider, in this case TIAA-CREF, and it is still not recommended.