Profit sharing when I retire
I may retire next year not sure yet. I have worked for this company for 22 years and they have put this in a profit sharing account $102,000.00. That’s all I will have. My husband died 4 years ago and we only rented so I have no home or savings. I live with my son. My monthly income will be 2600.00 a month. I feel thats good but will I have to pay taxes on the profit sharing and what do I do to keep that money earning without losing any of it.
Terry Says
This is a very specific question, and it depends on how the profit-sharing plan was set up. I want you to have specific advice you can trust. Please go to this link for Wealthramp to be connected to a FEE-ONLY, FIDUCIARY financial advisor you can trust. And then do write back to me and let me know about the advice you are given.
I’m concerned about leaving the money with the company, because those plans are typically not protected by Federal ERISA (retirement savings)laws. I want a pro to look at the documents, and make a suggestion. Then, please do write back to me.
