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With draw money from 401k after age 60?

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After age 59 1/2 the taxable amount of your distribution will be added to all of your other gross worldwide income and taxed at your marginal tax rate form the -0- % to the maximum 35% rate for the year 2010.
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Is there an age limit on putting money in a 401K?

No, there is no age limit on putting money into a 401k. As long as you are still employed by the employer that sponsors the 401k, you are allowed to continue making tax-free c

Can you take money out of your 401k after you file bankruptcy?

  Answer   Yes, but not until your discharge. If you take money out of a 401K after you file and before discharge, the money is no longer exempt and could be taken b

Can you withdraw money from an 401k before retirement age?

Yes but not without paying the 10% early withdrawal penalty on the taxable amount of the distributions unless you meet one of the exception to the early withdrawal penalty. Th
What age can you collect from your 401k plan?

What age can you collect from your 401k plan?

You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2. After 59-1/2 you will still have the penalty of it b

Can you draw Social Security at age 60?

Only if you qualify for SSDI (disability) or survivors' benefits under Social Security guidelines. A widow, widower, or qualifying ex-spouse may receive Social Security surviv

How old do you have to be to take money out of 401k?

You can take money out of a 401k if you leave the company, your employer dissolves the plan, you qualify for a limited number of hardship exceptions, or you reach the "retirem

When do you pay the taxes if you tax out money from a 401k?

You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income t

How do you withdraw from your 401k after age 59?

The question should say "age 59 and 1/2 years." For whatever  reason, 59.5 years is the age at which you can start withdrawing  funds from your 401K without penalty. Before

Can you contribute to an IRA or 401k after age 70.5?

You cannot contribute to a Roth IRA, however you can contribute to a traditional IRA at 70.5 years of age. As long as you are employed, you can also contribute to a 401k as w

Can you draw your deceased husband's Social Security at age 60?

Yes, a widow or widower can draw reduced survivors' benefits at age 60. In order to receive the full amount, you would have to wait until full retirement age (65 for people bo

What are the age requirements for 401k?

  There is no age requirement to participate in a 401k unless is designated by the plan itself. Basically every plan has a different set of standards to become eligible to

At what age do you have to collect from a 401k?

70.5 in most cases. If your plan adopted Pension Simplification and the employee is 70.5 and still working then the mandatory distribution is pushed back to when they retire.

How much money can you put into a 401k in a year?

  There is a limit on the amount of elective deferrals that you can contribute to your traditional or safe harbor 401(k) plan.   * The limit is $15,500 for 2008 and $16