Watch Your Retirement Funds, Dads!

"Bob Whiteside" wrote in message
hlink.net...

"Gini" wrote in message
...
The state of Florida, which continually pats itself on the back for
every
dad financially destroyed, isn't content with its treatment of Florida
dads
and now urges the US Congress to follow its lead. Why? Why is Florida
concerned about fathers in other states? Have they run out of bodies
down
there or something? And, why couldn't they use the term "delinquent
obligors" or some such instead of the D word? Sheesh--What a bunch of
delusional morons! (Link to Florida HB 0975 follows below quoted text)

This is a real danger zone for fathers. There is more to it than seems
apparent at first blush. Garnishing retirement accounts like 401k's
triggers federal and state tax liabilities and penalties on top of the
principle amount withdrawn. Fathers are forced to pay the taxes at their
incremental federal tax rate (28%, 31.5%, etc.) plus their incremental
state
tax rate (9% where I live) plus the 10% penalty for pre-mature
distributions. In total that's around a 47% tax and penalties hit.
Stated
another way, for every $1,000 garnished from a retirement account the
father
could owe another $470 in taxes.
==
I can vouch for these numbers. This is exactly what it cost us when we
withdrew
retirement money (and couldn't pay it back into the acct) to live on after
the CS
was doubled. In our case, it wasn't so bad because we withdrew it right
before the
stock market "corrected." We would have lost it anyway. Without it, we would
have lost our house.
==
==

"Bob Whiteside" wrote in message
hlink.net...

"Gini" wrote in message
...
The state of Florida, which continually pats itself on the back for
every
dad financially destroyed, isn't content with its treatment of Florida
dads
and now urges the US Congress to follow its lead. Why? Why is Florida
concerned about fathers in other states? Have they run out of bodies
down
there or something? And, why couldn't they use the term "delinquent
obligors" or some such instead of the D word? Sheesh--What a bunch of
delusional morons! (Link to Florida HB 0975 follows below quoted text)

This is a real danger zone for fathers. There is more to it than seems
apparent at first blush. Garnishing retirement accounts like 401k's
triggers federal and state tax liabilities and penalties on top of the
principle amount withdrawn. Fathers are forced to pay the taxes at their
incremental federal tax rate (28%, 31.5%, etc.) plus their incremental
state
tax rate (9% where I live) plus the 10% penalty for pre-mature
distributions. In total that's around a 47% tax and penalties hit.
Stated
another way, for every $1,000 garnished from a retirement account the
father
could owe another $470 in taxes.
==
I can vouch for these numbers. This is exactly what it cost us when we
withdrew
retirement money (and couldn't pay it back into the acct) to live on after
the CS
was doubled. In our case, it wasn't so bad because we withdrew it right
before the
stock market "corrected." We would have lost it anyway. Without it, we would
have lost our house.
==
==

Gini52 wrote:
That brings up another question that I have wondered about from
time to time. Is there any systematic program for warning young
men about to be married for the first time about what will happen
to them if their wives decide they want a divorce? There should
be.

We're it.
==
Indeed. It's "the talk" I have with my boys.
==

Kind of sad when you think about it. How "the talk" with our boys is
so drastically different from what it used to be. It used to be we'd
tell them about sex, now they tell us about sex, we take notes, then we
tell them about the 18+ years after sex.

--
I do not feel obliged to believe that the same God who has endowed us
with sense, reason, and intellect has intended us to forgo their use.
- Galileo Galilei

Gini52 wrote:
That brings up another question that I have wondered about from
time to time. Is there any systematic program for warning young
men about to be married for the first time about what will happen
to them if their wives decide they want a divorce? There should
be.

We're it.
==
Indeed. It's "the talk" I have with my boys.
==

Kind of sad when you think about it. How "the talk" with our boys is
so drastically different from what it used to be. It used to be we'd
tell them about sex, now they tell us about sex, we take notes, then we
tell them about the 18+ years after sex.

--
I do not feel obliged to believe that the same God who has endowed us
with sense, reason, and intellect has intended us to forgo their use.
- Galileo Galilei

Gini52 wrote:
That brings up another question that I have wondered about from
time to time. Is there any systematic program for warning young
men about to be married for the first time about what will happen
to them if their wives decide they want a divorce? There should
be.

We're it.
==
Indeed. It's "the talk" I have with my boys.
==

Kind of sad when you think about it. How "the talk" with our boys is
so drastically different from what it used to be. It used to be we'd
tell them about sex, now they tell us about sex, we take notes, then we
tell them about the 18+ years after sex.

--
I do not feel obliged to believe that the same God who has endowed us
with sense, reason, and intellect has intended us to forgo their use.
- Galileo Galilei

AZ wrote:

When I was in high school I took an english class called "marriage". From
what I can remember all it was about was figuring how much it costs to set
up a household and the cost of kids. I think it should have covered all the
stuff you list as well. I wonder if the schools still offer such classes?

They did in our HS district. Both of my children took the class. In 1997 it was
called Adult Living and in 2001 it was called Social Changes, although the
class was exactly the same.

They covered what young adults need to know to be able to live on their own
(basic cooking, how to budget, handling a checking account, etc.) and marriage
AND divorce. They did a mock wedding AND took the class to divorce court. There
was a text book that the children used but it had very little in it concerning
marrige or divorce.

I believe this is a step in the right direction but not nearly enough. Young
men and women need to the reality of what divorce is and all of the financial
pitfalls on both sides of the coin. I know my children know the reality, I made
sure they did.

Mrs Indyguy

~AZ~


My own little proposal is that all states adopt a Truth in Marriage
Act,
requiring that those getting married sign a Truth in Marriage declaration.
This declaration would state that would-be bridegrooms (and brides)
certify
that they have been told about:
-- the 50 percent divorce rate,
-- the glass ceiling on paternal custody,
-- the level of "child supp

AZ wrote:

When I was in high school I took an english class called "marriage". From
what I can remember all it was about was figuring how much it costs to set
up a household and the cost of kids. I think it should have covered all the
stuff you list as well. I wonder if the schools still offer such classes?

They did in our HS district. Both of my children took the class. In 1997 it was
called Adult Living and in 2001 it was called Social Changes, although the
class was exactly the same.

They covered what young adults need to know to be able to live on their own
(basic cooking, how to budget, handling a checking account, etc.) and marriage
AND divorce. They did a mock wedding AND took the class to divorce court. There
was a text book that the children used but it had very little in it concerning
marrige or divorce.

I believe this is a step in the right direction but not nearly enough. Young
men and women need to the reality of what divorce is and all of the financial
pitfalls on both sides of the coin. I know my children know the reality, I made
sure they did.

Mrs Indyguy

~AZ~


My own little proposal is that all states adopt a Truth in Marriage
Act,
requiring that those getting married sign a Truth in Marriage declaration.
This declaration would state that would-be bridegrooms (and brides)
certify
that they have been told about:
-- the 50 percent divorce rate,
-- the glass ceiling on paternal custody,
-- the level of "child supp

AZ wrote:

When I was in high school I took an english class called "marriage". From
what I can remember all it was about was figuring how much it costs to set
up a household and the cost of kids. I think it should have covered all the
stuff you list as well. I wonder if the schools still offer such classes?

They did in our HS district. Both of my children took the class. In 1997 it was
called Adult Living and in 2001 it was called Social Changes, although the
class was exactly the same.

They covered what young adults need to know to be able to live on their own
(basic cooking, how to budget, handling a checking account, etc.) and marriage
AND divorce. They did a mock wedding AND took the class to divorce court. There
was a text book that the children used but it had very little in it concerning
marrige or divorce.

I believe this is a step in the right direction but not nearly enough. Young
men and women need to the reality of what divorce is and all of the financial
pitfalls on both sides of the coin. I know my children know the reality, I made
sure they did.

Mrs Indyguy

~AZ~


My own little proposal is that all states adopt a Truth in Marriage
Act,
requiring that those getting married sign a Truth in Marriage declaration.
This declaration would state that would-be bridegrooms (and brides)
certify
that they have been told about:
-- the 50 percent divorce rate,
-- the glass ceiling on paternal custody,
-- the level of "child supp

"Indyguy1" wrote in message
...
AZ wrote:

When I was in high school I took an english class called "marriage".
From
what I can remember all it was about was figuring how much it costs to
set
up a household and the cost of kids. I think it should have covered all
the
stuff you list as well. I wonder if the schools still offer such
classes?

They did in our HS district. Both of my children took the class. In 1997
it was
called Adult Living and in 2001 it was called Social Changes, although the
class was exactly the same.

They covered what young adults need to know to be able to live on their
own
(basic cooking, how to budget, handling a checking account, etc.) and
marriage
AND divorce. They did a mock wedding AND took the class to divorce court.
==
Can't help wondering--Was the divorce experience shown for the husband/dad
and
wife/mother? Did they research child support tables and custody
placements/disputes?
I'm thinking that since the general population doesn't seem aware that the
experience is
totally different for the man than it is for the woman, they might not
really delve into that,
even though there are numerous resources on divorce for women.
==
==

"Indyguy1" wrote in message
...
AZ wrote:

When I was in high school I took an english class called "marriage".
From
what I can remember all it was about was figuring how much it costs to
set
up a household and the cost of kids. I think it should have covered all
the
stuff you list as well. I wonder if the schools still offer such
classes?

They did in our HS district. Both of my children took the class. In 1997
it was
called Adult Living and in 2001 it was called Social Changes, although the
class was exactly the same.

They covered what young adults need to know to be able to live on their
own
(basic cooking, how to budget, handling a checking account, etc.) and
marriage
AND divorce. They did a mock wedding AND took the class to divorce court.
==
Can't help wondering--Was the divorce experience shown for the husband/dad
and
wife/mother? Did they research child support tables and custody
placements/disputes?
I'm thinking that since the general population doesn't seem aware that the
experience is
totally different for the man than it is for the woman, they might not
really delve into that,
even though there are numerous resources on divorce for women.
==
==