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401K - to roll or cash
When I received notification of my QDRO back in 2000 I chose to put it into a 401K with the option (so I thought) of receiving a monthly payment once I reached a certain age. But not being 100% sure, I called the Benefits Office earlier this week and found out that I can 'cash it in' or roll it over at any time (I'm over 60)... but only as a lump sum.
To make matters more confusing I now live in the UK... married to a Brit and have the luxury of being a housewife. I would like to be able to have access to some of the money but roll the bulk of it into an option where I would be able to receive the monthly income. I know there is an off-the-top 20% taken at the time if I cash it out, but was interested in the concept mentioned in another thread of 'custodian-to-custodian' transfer. There are some really top-notch plans being advertised here on the Isle of Man... can this roll-over be done to one of those? As this is my only US-based income, would the 20% take care of the tax on it? Would I get some of that back once the decuctions are figured in? Any particular IRS forms I need to be aware of? Thanks for any and all replies! Mary |
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Hi Mary,
I haven't been on line regular of late. Noticed you didn't get an answer yet so I thought I would throw my one cents worth your way. First a 401K can be rolled over to a traditional IRA. Once that is done you can withdraw money as you please. Depending of course on how you set it up at rollover. You can talk to your bank or a financial planner to see what meets your needs the best. I'm not a fan of annuities, but they are an option. Second, the UK factor is out of my league. Your bank should be able to help in that regard, or refer you to someone who can. Enjoy the days, Walter |
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