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UPS Retirement Topics
Retirement tip
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<blockquote data-quote="pretender" data-source="post: 984905" data-attributes="member: 1493"><p>Don't hold me to this, because I am just in the process of researching this myself. It is my understanding that you can take a one time withdrawal from your </p><p>401k after you turn 55. The key would be to decide how much you need in advance, before converting the remainder to an IRA. It is also recommended that you take the withdrawal the year after you retire, when you would be in a lower tax bracket. You cannot take a one time withdrawal from an IRA before 59 1/2. However, you can take take equal monthly payments for a period of 5 years.</p></blockquote><p></p>
[QUOTE="pretender, post: 984905, member: 1493"] Don't hold me to this, because I am just in the process of researching this myself. It is my understanding that you can take a one time withdrawal from your 401k after you turn 55. The key would be to decide how much you need in advance, before converting the remainder to an IRA. It is also recommended that you take the withdrawal the year after you retire, when you would be in a lower tax bracket. You cannot take a one time withdrawal from an IRA before 59 1/2. However, you can take take equal monthly payments for a period of 5 years. [/QUOTE]
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