Go Back   The Finance Forums > Finance forums > Retirement



Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

Reply
 
Thread Tools
  #1  
Old 03-16-2009, 03:32 PM
mike923 mike923 is offline
Junior Member
 
Join Date: Mar 2009
Location: California/Santa Clara + USA
Posts: 1
Default Help for my dad and family

Hello all, Quick synopsis on the situation: My dad was let go from his job for some very shady reasons (we know it was a personal vendetta from someone at his job, none the less, what is done is done). Because of this, we are in SERIOUS bind. We have been in debt for as long as I can remember, I try to help out myself, but to no end. He was in charge of paying the rent every month, but now that is gone! Everyone knows how hard it is to find a job today, and so we will need help now until he finds something. So, he figured he would withdraw his retirement money to pay the rent in advance for at least half a year till he finds something. Well, he called today, and they told him he can't take out his money till he is retired! I don't know much about his plan, he worked for the county of santa clara and his pension plan was through calPERS. Is that the end of it? Is there no way to get the money right now? If you need more info, let me know, I can ask him, but we really dont want to have to move in with my grand parents *shudder*. I know its not good to take out the money early, but there really is no other way for us right now. Even if there were penalties and all that, we just need a little bit of a buffer. Thanks in advance for any help, it is really appreciated!!!!!
Reply With Quote

Old Sponsors
  #2  
Old 03-26-2009, 02:48 AM
User Name User Name is offline
Senior Member
 
Join Date: Sep 2008
Location: ATL, GA
Posts: 142
Default Re: Help for my dad and family

Quote:
Originally Posted by mike923 View Post
Hello all, Quick synopsis on the situation: My dad was let go from his job for some very shady reasons (we know it was a personal vendetta from someone at his job, none the less, what is done is done). Because of this, we are in SERIOUS bind. We have been in debt for as long as I can remember, I try to help out myself, but to no end. He was in charge of paying the rent every month, but now that is gone! Everyone knows how hard it is to find a job today, and so we will need help now until he finds something. So, he figured he would withdraw his retirement money to pay the rent in advance for at least half a year till he finds something. Well, he called today, and they told him he can't take out his money till he is retired! I don't know much about his plan, he worked for the county of santa clara and his pension plan was through calPERS. Is that the end of it? Is there no way to get the money right now? If you need more info, let me know, I can ask him, but we really dont want to have to move in with my grand parents *shudder*. I know its not good to take out the money early, but there really is no other way for us right now. Even if there were penalties and all that, we just need a little bit of a buffer. Thanks in advance for any help, it is really appreciated!!!!!
If it is a company pension then more then likely he will not be able to access it until retirement. Every company is a little different with their plans.

I would also strongly suggest not dipping into retirement unless you are really desperate. Now you are able to take care of yourself, when you retire or become unable to work, no one will be there to take care of you. Your retirement is the only thing you will have. Plus, you would be taking a really big loss since the market is down so much and you will not be invested to take advantage of the rebounds. Not to mention any fees, penalties, and taxes that may go along with the withdrawal.

Find any income large or small. Another job even if its not paying much or in a different field of work, side jobs, ect. Check craigslist, newspaper or similar for odd jobs like painting or help moving for someone. Some money is better then none and more then likely it will be cash. Pound the pavement looking for jobs in the papers, online, cold calling, and most importantly networking. Don't be afraid to let people know you are looking for a job. You never know what someone else might know. Good Luck

Last edited by User Name; 03-26-2009 at 02:51 AM.
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 07:58 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.