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I don't know and stumbled across this looking for an answer myself. I am 55 and earn in the 100k range. My 401k is worth 407,000. That does not include my pension. Probably should be more. I don't know how to figure out where I should be.
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∙ 12y ago
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When can you take money from your 401k?
59 1/2 years of age normally, but I think there is a hardship clause that will allow distributions at 55.
What age can you withdraw 401K?
591/2, I recently read you can take distributions without penalty at 55. articles.moneycentral.msn.com/RetirementandWills/InvestForRetirement/jobless-what-to-do-with-your-401k.aspx
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 "retirement age" specified in your employer's 401k plan. You will have to ask your employer or check the plan documents to find the age. To avoid the 10% excise tax ("penalty") on early distributions, you must be age 59 1/2 or you must have left your employer in the year you reached 55 or later.
Can you start drawing your 401k at age 55?
In general, you can start withdrawing from your 401(k) penalty-free at age 55 if you have retired or left your job. However, it's important to check with your plan administrator as specific rules may vary. Keep in mind that withdrawals will be subject to income tax.
How much should a 55 inch tall boy weigh?
Healthy weight for a 55 inch tall boy depends on age. Talk with your health care provider for norms for your son.
Can you withdrawal funds from a 401k beginning at age 55 if you are retired at 55 without incurring penalties?
First, the general advice is do not do this. Unless you have a detailed plan which enables you to have enough funds in retirement even after tapping your 401k early, do NOT remove funds early.Now, with that advice out of the way, the answer is yes, you can withdraw funds from a 401k at age 55 if you are retired without any penalty. You WILL pay income tax on the amount as ordinary income.This is a provision under exceptions to the penalties for early withdrawal.If you follow the usual advice from financial "professionals" you will be told to roll the 401k money into an IRA, then the "professional" financial advisor can manage your money, make it grow for you and earn fees and commissions for the financial "professional." Your financial professional may be unaware of this exception or may just believe it isn't wise to tell you about it. Ask him/her to look it up. They will come back to you and verify the exception exists.You must 1. separate from your employer in the year you turn 55 (or later)2. keep the money in the 401k plan (not all plans co-operate allow this) 3. applies only to the plan from employer you left at 55: not previousemployers or plans
How much should a 14 year old who is 55 weigh?
she should be 54
Who is most likely to have a physiological age that is much younger than his or her actual age?
55-year-old marathon runner.
How much should a 5ft 3inch girl weight?
55 to 60
How much should a 20 year old weight?
55 to 60kg
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 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal. You can also withdraw money from your fund without the 10% penalty if you are leaving your employer when you are at least 55 or you become disabled. If you are eligible to withdraw money from your fund then you have to pay income taxes on the withdrawal. However, you do not have to pay income taxes if the money you withdraw go into a different employer sponsored plan or an Individual Retirement Account (IRA).
How much should an average fourteen year old weigh?
about 55 lbs.
