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  2. What is the rule of 55 and how does it work? - AOL

    www.aol.com/finance/rule-55-does-162351698.html

    The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employer’s retirement plan in or after the ...

  3. Martin Lewis reveals best ways to boost pension - and how to ...

    www.aol.com/martin-lewis-reveals-best-ways...

    State pensions are income from the government once you are 66 or above; private pensions are tax free savings you can use from 55-years-old; and company pensions are contributed to while one is at ...

  4. A lifetime annuity provides payments for the duration of your life, while a fixed-period annuity, also known as a term certain annuity, provides payments for a predetermined number of years, such ...

  5. Pensions in the United States - Wikipedia

    en.wikipedia.org/wiki/Pensions_in_the_United_States

    At the outset of the Civil War the General Law pension system was established by congress for both volunteer and conscripted soldiers fighting in the Union Army. [4] Payouts derived from this plan were based on degree of injury and subject to review by government boards. By 1890, general old-age pensions were incorporated for Union veterans. [5]

  6. Civil Service Retirement System - Wikipedia

    en.wikipedia.org/wiki/Civil_Service_Retirement...

    Employees hired after 1983 are required to be covered by the Federal Employees Retirement System (FERS), which is a three tiered retirement system with a smaller defined benefit (pension), Social Security, and a 401(k)-style system called the Thrift Savings Plan (TSP). The defined benefits of both the CSRS and the FERS systems are paid out of ...

  7. Defined benefit pension plan - Wikipedia

    en.wikipedia.org/wiki/Defined_benefit_pension_plan

    Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental ...

  8. All the States That Provide Tax Breaks for Seniors - AOL

    www.aol.com/states-tax-breaks-seniors-130027018.html

    Add in $21,384 per year in Social Security and you don’t have a ton of money to play with. One way to stretch limited funds is to relocate to an area that gives tax breaks to senior citizens.

  9. Congressional pension - Wikipedia

    en.wikipedia.org/wiki/Congressional_pension

    A Member with 10 years of service who takes a FERS pension at the earliest allowable age of 55 would receive a reduced pension equal to 11% of high-3 salary (.017 x 10 years, reduced by .05 times the seven-year difference between the individual's age at retirement and age 62). [4]