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Posted by cemcq on August 17, 2007, 12:07 am
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I will soon be eligible to receive a one time lump-sum
distribution rather than a monthly pension benefit from the
labor union that I have worked for over the last 25 years.
I have several questions about my options after I receive
this lump sum.
I will only be 49-50 years old at the time I receive the
money. I am a US citizen but I live overseas. The lump sum
will be combined with my 401K monies. I don't intend to
access the money for tax purposes until I'm 60 or so. My
questions are:
- If I invest the money am I allowed to draw on the proceeds
of the investment as long as I don't dip into the original
amount?
- What are the tax liabilities on these proceeds?
- Can I borrow from myself against the original lumpsum
amount?
Thanks in advance for any replies
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