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Prudential 401K plan
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 821827" data-attributes="member: 12570"><p>Thanks for the (gentle) reminder. I checked out both of your links and you are correct. There are strict guidelines which must be followed and, in the case of a 401k, you have to quit your job, roll it over to a IRA or Roth IRA, and then begin the 72t process. You also need to keep in mind that these withdrawals are considered income for tax purposes.</p><p> </p><p>Neither of these would make sense in my case. I will be 58 when I retire and begin to draw my $4-4.5K/month pension. While I have not been as financially frugal as you (Dave Ramsey would love you), I am nearly debt free (other than my mortgage) and have $60K in my 401k. I plan on focusing on my 401k after my daughter's wedding and hope to have $200K or more in there when I retire. My goal is to live off of my pension, take social security when I am eligible and hold off on touching my 401k for as long as I can. I live modestly and don't have a lot of toys--my weakness is going out to eat. I do plan on learning how to play golf when I retire and would love to get my private pilot's license.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 821827, member: 12570"] Thanks for the (gentle) reminder. I checked out both of your links and you are correct. There are strict guidelines which must be followed and, in the case of a 401k, you have to quit your job, roll it over to a IRA or Roth IRA, and then begin the 72t process. You also need to keep in mind that these withdrawals are considered income for tax purposes. Neither of these would make sense in my case. I will be 58 when I retire and begin to draw my $4-4.5K/month pension. While I have not been as financially frugal as you (Dave Ramsey would love you), I am nearly debt free (other than my mortgage) and have $60K in my 401k. I plan on focusing on my 401k after my daughter's wedding and hope to have $200K or more in there when I retire. My goal is to live off of my pension, take social security when I am eligible and hold off on touching my 401k for as long as I can. I live modestly and don't have a lot of toys--my weakness is going out to eat. I do plan on learning how to play golf when I retire and would love to get my private pilot's license. [/QUOTE]
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