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    mawilliams's Avatar
    mawilliams Posts: 1, Reputation: 1
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    #1

    Nov 5, 2009, 10:25 AM
    Early pension withdrawal
    I have a pension retirement account through a former employer. I am 38 years old. Do I have to wait until I am 55 years of age to withdrawl form this account?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Nov 5, 2009, 10:42 AM

    If the pension is still being managed inside your former employer's pension plan, then you'll have to ask them what the rules are - contact your former employer's HR department and ask. But if it has been rolled to an IRA account, then any withdrawals from that account would follow the usual IRA rules - in which case you would have to pay both income tax and a 10% early withdrawal penalty on withdrawals made while under age 59-1/2.
    davejanlee's Avatar
    davejanlee Posts: 1, Reputation: 1
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    #3

    Jun 3, 2010, 01:39 PM
    Our company is in bankruptcy and I would like to withdraw my pension however I am only 47 years old. I cannot take a lump sum because of the Maine bankruptcy laws. Can I withdraw monthly amounts and reinvest them tax deferred?
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