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I know longer work for UCI due to Company went out of Business. I have been sent a copy of the 401K Savings And Retirement Plan Participant Statement. Can I withdraw this money that is in my account?
Wiki User
∙ 11y ago
A 401K plan is yours. You can withdraw the funds without penalty if you're 59 1/2 yrs old or older. If you withdraw the funds at an earlier age than that, you will incur penalties and taxes because the funds were deposited before being taxed.
Wiki User
∙ 11y ago
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Must a research participant complete the study after the informed consent for a research study is given?
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The false statement regarding defined contribution retirement plans is that they guarantee a specific benefit amount upon retirement. Defined contribution plans, such as 401(k) or Individual Retirement Accounts (IRAs), do not provide a guaranteed benefit amount at retirement, as the final amount depends on contributions, investment performance, and other factors.
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When you retire at the designated retirement age, currently at 65 year old.
Can you explain what a 401k plan is?
A 401k plan is a retirement plan. Unlike a savings account you can withdraw money instantly but for a retirement plan you cannot touch that money till you reach the recommended retirement age.
I want to withdraw out of my traditional ira account.?
You can get the information about withdraw out of my traditional ira account from www.associatedcontent.com/article/14483/how_much_do_i_have_to_withdraw_from.html and www.myretirementblog.com/withdrawing-funds-from-an-individual-retirement-accounts.html
What exactly is a 401k retirement?
This is a retirement savings account from which you can begin to withdraw funds after you reach a certain age. The age is somewhere around 60 years old. It takes its name from the section of IRS code it is contained in.
What is the tax consequence of the 401k retirement plan?
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
If you worked for a unionized meat packing plant are you entiltled to any retirement plans event though you worked there for just two years?
Not really. Two years isn't enough. Did you pay into a retirement? If you did you maybe able to withdraw what you have in.
Do you have to pay income tax on your retirement money you transferred from overseas to US?
I'm not sure what you mean by the overseas thing, or if it makes a difference. Most all retirement savings in thr US are nly tax deferred anyway...you don'tay the tax on the money you save when you earn it, but you do pay it when you withdraw it at retirement.
Can a wife draw out her deceased husbands retirement with out being penalized?
what age can a wife draw her husband retirement that he have on his job he is decease now
