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

    Oct 29, 2007, 02:57 PM
    Early retrirement
    I am 51 years old. I vave a vested retirement from another company from long ago. I have been with this company for 26 years and have substantial amounts in their 401K and profit shairing plans. I want to retire and start my own company. Is there a way to get my money without penalties?
    PoliticallyCorrect's Avatar
    PoliticallyCorrect Posts: 58, Reputation: 3
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    #2

    Oct 29, 2007, 03:07 PM
    Take a look at the plan, it will tell you whether you are vested or not.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Oct 30, 2007, 07:08 AM
    It is possible to start withdrawals from your 401(k) if you meet a few conditions. Basically at your age you need to do what's known as a "72T" withdrawal. After you leave your employer you roll your 401(k) to an IRA. And then under IRS rules you can start a series of equal withdrawals from the IRA, which must last for at least 5 years or until you reach 59-1/2, whichever comes later. You can not take one big lump sum. And you need to be careful that you don't exhaust your retirement nest egg prematurely. Here's a link that describes the process:

    http://www.moneymanagment.info/72T.htm
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