View Full Version : 401k retirement
twoplace
Apr 6, 2008, 05:46 PM
Company says I cannot withdrawal 401k until 59 1/2 who do I talk to to get retirement and not quite job
ebaines
Apr 7, 2008, 07:41 AM
Some plans may offer in-service withdrawals known as a "section 72(t)" withdrawal - talk to your plan administrator to see whether this is an option for you. It sets up a series of "essentially equal" payouts based on your life expectancy. However, it is a very rare plan indeed that would allow any withdrawal for employees still working at the company that sponsors the plan, so don't be surprised if they say "no."
ScottGem
Apr 7, 2008, 07:44 AM
Does your plan have a loan provision? If so, I would use that. If you take an inservice withdrawal (assuming the plan allows it) you would lose a significant amount of your savings due to the 10% penalty and tax liability.