Round the block again
Well-Known Member
I’ve been retired 4 years now, when you take money out of your 401k do you always have to call Purdential for a withdrawal, or can you do it online when you get like 60 ?
401K Withdrawals
- Thread starter Round the block again
- Start date
59 and 1/2
But you're better off rolling it into an IRA
pkgdriver
Well-Known Member
My account you can get some info(amount,witholding etc) but it seems like you have to call for a distribution. Ive got some years to go when RMDs are required so I didnt go too deep in it.
pkgdriver
Well-Known Member
Dont forget the age 55 rule if you were still working and in the plan.Mine will stay in this plan as of now. Low fees and I can do almost what I want with it with the SMA. Wish I had had the Roth option a little earlier.
The only thing I don't like about the 55 rule that makes you subject to state tax
Every state's different but I don't have to pay state tax on pension or IRA distributions
I don't use the Roth in my 401k but I do have a Roth IRA and I'm very glad I did it
Coldworld
60 months and counting
Tell me more about your last sentence.
I opened up a Roth IRA many years ago
Now I have a nice amount of money in there and it will all be tax-free
Coldworld
60 months and counting
I split mine between Roth 401k and traditional 401k…I’m really hoping to be out of this joint in a few years.
That's a good plan
I just like having my money in the Roth IRA because I have more options
Coldworld
60 months and counting
What’s the main difference between Roth 401k and Roth IRA?
You can put more money into your Roth 401k
They both work the same way I just like having more options
Coldworld
60 months and counting
Funny… we don’t max out our 401k’s hardly ever and we are approaching 1 million…probably won’t be touched for 10 years once we retire so who knows how much will be in there… hope we live for a few years so my kids won’t get a fat check.
pkgdriver
Well-Known Member
Our Roth401k with the SMA gives you similar options. No?
pkgdriver
Well-Known Member
The RMD requirement for Roth401k goes away this year I believe.
The fees are more expensive
If I want to trade stocks in my IRA there's no fees at all
Coldworld
60 months and counting
I need some dedicated brokerage accounts.
I also opened up a Roth IRA for my wife said she would have a retirement plan
DriverNerd
Well-Known Member
There's not much difference except yearly maximum. The main reason to have a Roth IRA is because you either don't have a retirement plan at work or you want to invest more than what your employer plan allows. I have a Roth IRA because I max out my 401k but still want to contribute more to retirement.
Coldworld
60 months and counting
Wdfd…go drink a loko. And good job on saving for retirement…now we just need to kick your ass outta brown so you can start enjoying life.
Babagounj
Strength through joy
You need to call Empower.
You have to speak to a person in order to remove funds.
There is a $10 service fee, which will be taken out of the amount removed.
Also you need to times the amount removed by .746 which will be the after taxes amount.
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