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    Buddy55's Avatar
    Buddy55 Posts: 1, Reputation: 1
    New Member

    Mar 19, 2015, 06:02 PM
    Withdrawing funds at 59 &1/2 from 401k
    I was told by my financial planner that as long as you are 59 before January 1st that I could withdraw funds any time in the year. I turn 59 and a 1/2 May 7. However, my CPA said I would be penalized if I withdraw before May 7. Who is correct?
    ebaines's Avatar
    ebaines Posts: 12,132, Reputation: 1307

    Mar 20, 2015, 05:38 AM
    Your CPA is correct. Everything I have read says you must either be 59-1./2 years of age when you make the withdrawal, or you must have separated from service from the company where the 401(k) plan is located in the year in whihc you turned 55, or later. So - what age were you when you left your company?

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