 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
QUESTIONS ON 401K withdrawal at 59 1/2 years
I am 59 1/2 years old. I want to withdraw all of my 401K - my company says I cannot, I can only withdraw the amount I have put in, but I am fully vested. I thought 59 1/2 was the magic number to withdraw. They said I would have to quit my job to get all of it. Is that right?
|
||||
|
||||
|
Your company is correct. I have been in benefits administration for over 13 yrs now. Unfortunately if you are still actively employeed with your employer, the plan will not allow you to pull out any 401k dollars unless it is for safe harbor reasons(like purchase of new home or eduction) or loans. To be eligible to pull funds out at 59 1/2 you would need to be terminated/retired from employer. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I would like to cash out my 401k. I am 60 years old. What kind of penalties will apply? Or would a loan against the money be better?
Hi-I'm a brand new user with a huge problem I'm hoping someone can help me with... My wife and I co-signed loans for our daughter to go to college. Long story short, daughter did not graduate after 5 years,now has baby,is unemployed, and the loans are coming due. The amount of the loans is...
Hello I am now very worried about what additional payments/penalties I may owe at tax time for my 401K withdrawal. I lost my job last year and took out my 401K to support myself and my children. The taxable amount on the 1099-R I received says $25,520.29. It also says under federal income tax...
I am already 59 1/2 but not yet retired and can withdraw from my 401K without the 10% penalty. I do know that my plan automatically retains the 20% (plus some) to give to Uncle Sam and state tax, as well. I would like to withdraw 40K as cash (no rollover to any IRA) because we want to donate to...
I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K ($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also...
View more questions Search
|
