Re: 401k contributions: pre/post tax and roth.
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What is my best recourse on finding the rules on early withdrawals (say 55 for example)?
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That would be me. [img]/images/graemlins/smile.gif[/img] I just retired (again, but that is a long story) at age 54. I turn 55 this year and had a 401K. Here are the IRS rules on retiring at age 55 (actually in the same year as you turn age 55):
If you terminate employment at the company where you have your 401K you may withdraw the funds with no 10% early withdrawal penalty in one of two ways.
1) Lump sum, you pay taxes at your regular income rate but as I mentioned above no 10% penalty
2. You can do the averaging withdrawal (dependent on your company's plan specs) where you get a percentage of your total 401K value distribution every year based on your projected lifetime formula as used by the IRS. If you choose this method you are still taxed at your regular income rate, no 10% penalty and must take this distribution for a minimum of 5 years before you are able to access the balance of your funds.
Jimbo
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