Round the block again
Well-Known Member
I’m 57 so can I take money out of my 401K , with this rule of 55? Need a new roof, so will they let us take out like 10K with no penalty? Thank you
Rule of 55
- Thread starter Round the block again
- Start date
burrheadd
KING Of GIFS
I bet there is a phone number to the administrator of your 401k, in fact I know there is because I’ve talked to them rather than a bunch of strangers on the internet
DriverNerd
Well-Known Member
Are you still employed with the company you have your 401k through?
As long as you're retired, yes.
That's correct as long as you're 55 or older and separated from your employer and leave that money in the 401k plan You can make withdrawals without the 10% penalty
Round the block again
Well-Known Member
Round the block again
Well-Known Member
Thank you, my roof is okay but some days it rains like it never used to - 24 hours pouring hard. It’s nice to have a 401K so was wondering if we can tap a little when you need it. I did retire at 55 too
NAHimGOOD
Nothing to see here.... Move along.
You only have 30 more years ago before you retire.....Can you cash it out mid 30’s? Planning a Vegas trip
BrownFlush
Woke Racist Reigning Ban King
He's been around the block. He's no dummy.
BrownFlush
Woke Racist Reigning Ban King
More of this 401K talk.
All I know is January's check put me in the 438K club.
All I know is January's check put me in the 438K club.
You old bastard
BrownFlush
Woke Racist Reigning Ban King
Hey Hey Hey now… I got out at 52
Coldworld
Well-Known Member
He’ll be one of bezos beauties by that time..
Coldworld
Well-Known Member
Do you have any regrets going out at that age??
Buffet Master
FEEDAH FATTY
Company tried to trick me into this 401K, joke would have been on them, I can't even run 1K.
Started on Paper
Active Member
You want to check out the IRS Rule 72(T).
Here it a link that explains it for you.
www.investopedia.com
Here it a link that explains it for you.
72(t) Rule: Definition, Calculation, and Example
Rule 72(t), issued by the Internal Revenue Service (IRS), allows for penalty-free withdrawals from an IRA account and other certain tax-advantaged accounts.
UpstateNYUPSer(Ret)
Well-Known Member
Actually the joke is on you------401k are an excellent retirement investment choice. You can choose to either have the money come out pre-tax (Traditional IRA) or post-tax (Roth IRA). The two big pluses w/401k's are time and compounding. It sounds like you are young(ish)-----you should not plan on either the pension or Social Security being there when it is time for you to retire.
They should not be thought of or treated as piggy banks.
