No. of Recommendations: 1
Now assuming about 4,500 a month after income tax (with having 25% with held from pension and Social security) is it safe for me to add that money to the retirement fund balance?

Mostly Yes

Withholding taxes is a good choice, but I would calculate the tax liability differently. Add the total amount to your pension and SS income, and then include taxes in your expenses. Your tax rate will vary with your income. In around 4 years, you will be forced to take distributions from your retirement accounts and you will have less control over your tax liability.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.