Ask Experts Questions for FREE Help !
Ask
    NYSE575's Avatar
    NYSE575 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 18, 2007, 07:11 AM
    401k or ira withdrawal at age 55
    I accepted an early retirement package at age 53. I have a sizable 401k and company retirement account at the company which I worked at. Is there any way I can make a one time withdrawal from the 401k, or from an ira if I roll this monet over, before age 59 1/2 without a tax penalty?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Apr 26, 2007, 08:28 AM
    Quote Originally Posted by NYSE575
    I accepted an early retirement package at age 53. I have a sizable 401k and company retirement account at the company which I worked at. Is there any way I can make a one time withdrawal from the 401k, or from an ira if I roll this monet over, before age 59 1/2 without a tax penalty?
    For IRA's the minimum age to take a withdrawal without penalties is 59-1/2. For 401(k)'s it depends on the specifics of your plan - contact your plan sponsor. Some allow withdrawals at age 55, but that may be an option only if you separated from service at age 55 (or older). You may also be able to take a loan from your 401(k), but that may only be available to active employees. So ask your plan sponsor.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

IRA Withdrawal at 70-1/2 [ 1 Answers ]

I will turn 70-1/2 in July of 2007. Is it better to withdraw the required amount for 2007 prior to July, or can I wait until December? I remember reading something about if one waits too long that you have to take two withdrawals in one year. I would prefer not to have to do that. Thank you.

Withdrawal from IRA at 70 1/2 [ 3 Answers ]

I have multiple IRA accounts. Do I have to take a withdrawal from each one at age 70 1/2? Thanks

10% Penalty on IRA Withdrawal [ 1 Answers ]

When I left my previous employer I rolled my 401k account into a rollover IRA. I made a withdrawal from the rollover IRA. I am over 55 and receive a retirement income from my previous employer. If this had been from the terminated 401k I would not have to pay the penalty but since it is from a...

Hardship withdrawal for early withdrawal of 401K [ 0 Answers ]

I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K ($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also...

IRA Withdrawal [ 1 Answers ]

Hi, My husband and I would like to put a down payment on a house using my IRA account. I am a first time buyer, but my husband is not. Is there a way to avoid the 10% penalty? Also, should we have the taxes withdrawn now or wait until tax time? Thanks.

View more questions Search