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

    Nov 5, 2007, 10:31 AM
    401(k) rollover
    If I am over 70 1/2 years old and still working, can I rollover my 401(k) to an IRA ?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Nov 5, 2007, 10:44 AM
    Yes you can - once you reach 59-1/2 you can withdraw money from your 401(k) plan, so I don't see why you couldn't roll it to an IRA. Please keep in mind that at 70-1/2 you are required to take distributions from both your 401(k) and IRA (the Fed wants to get their hands on the income tax due sooner rather than later).
    kliem's Avatar
    kliem Posts: 18, Reputation: 1
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    #3

    Dec 25, 2007, 01:11 PM
    Quote Originally Posted by ebaines
    Yes you can - once you reach 59-1/2 you can withdraw money from your 401(k) plan, so I don't see why you coudn't roll it to an IRA. Please keep in mind that at 70-1/2 you are required to take distributions from both your 401(k) and IRA (the Fed wants to get their hands on the income tax due sooner rather than later).
    In addition, please remember to take that Required Minimum Distribution (RMD), otherwise, Uncle Sam is going to take 50% penalty for failing to take the RMD -- that's a hefty penalty!:mad:
    rjskal's Avatar
    rjskal Posts: 1, Reputation: 1
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    #4

    Dec 16, 2008, 09:54 AM

    Actually, if you're still working you don't have to take RMDs from that 401K until you retire.
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