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

    Jan 22, 2009, 06:48 AM
    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??
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Jan 22, 2009, 07:44 AM

    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.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #3

    Jan 22, 2009, 10:36 AM

    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.

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!

401k Disbursement Time [ 1 Answers ]

How long may an employer take to complete 401k disbursement following employee termination?

Draw a time line that shows when net cash flows and outflows will occur, and explain [ 1 Answers ]

Draw a time line that shows when net cash flows and outflows will occur, and explain how the time line can be used to help structure the analysis

401K With draw [ 5 Answers ]

Ok I'm in a place I need money but have no job and don't know what I am doing in trying to get some money to put on a apartment with a friend and I need to know how to do a draw from the 401k for a start to a new life.

With draw 401K funds [ 2 Answers ]

I would like to know how do I request money from my 401k funds. I am behind on mortgage payments and I would like to pay off credit card debit.:( How do I write my request letter? Thank You.


View more questions Search