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FedEx Pension lies
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<blockquote data-quote="MrFedEx" data-source="post: 1530840" data-attributes="member: 12508"><p>10% penalty plus taxed as income if you withdraw before 59.5 years of age. There is also a one time withdrawal without penalty, but you must be at least 55 and it's still taxed as income. Your coworker is incorrect. You can borrow against your 401k and pay yourself back the interest, but then you lose the income potential of the principal.</p><p></p><p>If you live abroad, there may be tax angles I'm not aware of, but they're not going to give you the full amount until you reach retirement age, regardless of the reason.</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 1530840, member: 12508"] 10% penalty plus taxed as income if you withdraw before 59.5 years of age. There is also a one time withdrawal without penalty, but you must be at least 55 and it's still taxed as income. Your coworker is incorrect. You can borrow against your 401k and pay yourself back the interest, but then you lose the income potential of the principal. If you live abroad, there may be tax angles I'm not aware of, but they're not going to give you the full amount until you reach retirement age, regardless of the reason. [/QUOTE]
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