Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Retirement (https://www.askmehelpdesk.com/forumdisplay.php?f=281)
-   -   One Time Draw on 401K (https://www.askmehelpdesk.com/showthread.php?t=307073)

  • Jan 22, 2009, 06:48 AM
    sandilobbezoo
    One Time Draw on 401K
    I had heard that when you turn 55 you can make a one time draw on your 401K without any penalties. Is this correct??
  • Jan 22, 2009, 07:44 AM
    ScottGem

    Partially. If you are over 55, you can get the 10% penalty waived is your plan permits withdrawals. You will still be subject to paying income taxes on the additional income for the year.
  • Jan 22, 2009, 10:36 AM
    ebaines

    If you have been separated from service from the company in or after the year you turn 55, then yes - you can take withdrawals without having to pay the 10% penalty.

  • All times are GMT -7. The time now is 12:57 PM.