401k and 403b Plans

The Federal ordinary income tax rate on the 401k funds withdrawn depend on the tax rate of the individual drawing the funds.

Early withdrawals (distributions before the age of 59.5) are generally struck with an additional 10% penalty on top of the federal and state income taxes due by the individual.

You have to rollover the 401k to an IRA (individual retirement account). You can typically do this with the bank providing the 401k. If not, you can have the bank transfer funds directly to the new bank where you setup the IRA.

The final option is having the 401k bank send you a check in the mail, and you have 60 days to transfer this money into an IRA without penalties. They will withhold taxes from this check, but you can get 100% of the taxes back when filing your annual tax return.

At 77 years of age, you're entitled to begin drawing from your 401K. You merely need to contact your financial institution that handles your 401K and begin the paperwork for collecting from it. If you're choosing to retire from your employment, you can also ask at your exit interview on the forms to collect.

Absolutely...it is always exempt from seizure or use and will NOT be taken.

what age do you have to be to get money from your 403b or 401k

You can take a distribution usually at age 59 1/2 or separation of service. You can change investment options if allowed by the plan at any time.

Yes you can contribute to all three however the 401k and the 403b share the same elective deferral limit (402(g) Limit) of 16,500 plus 5,500 for over age 50. 457 have a different limit (it's call a 457 limit) plus a separate age 50 catch up (only for governmental 457 plans) so your totals are

16,500 plus 5,500 for 401k and 403b

16,500 plus 5,500 for 457. Total $44,000

I submitted for my loan on Wednesday evening and it's now Sunday evening and I still don't have my money (and I need to pay my morgage back payments by tomorrow in order to keep my home) so I can tell you that it could take as long as 5 days and maybe longer. A coworker tells me that he got his money in 3 days but tht was a few years ago. From what I understand, it all depends on when they receive the money from selling fund(s) or something like that. It'd suggest calling ML before you request the loan and ask if they can give you a specific time - but I wouldn't count on getting a very good answer. Sorry I couldn't be of more help.

A 401(k) plan is a retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee selects the types of investments.However,the 401(k) plan has many ups and downs and many regulations.

Read more here http://401ksource.info and http://personalfinance401k.weebly.com

NO. Absolutely fully protected...

The law does not set a waiting period. But depending on what you invested in and the policies of your IRA custodian, it may take some time to get your money. For example, the custodian could require a waiting period to see if your check clears or if you invest in some exotic instrument, it may take time to sell off your position. It can even take a few days for a stock trade to settle or for the custodian to process your request.

No, you cannot directly transfer funds from a 401(k) to a 529 plan. However, you can withdraw funds from a 401(k) and then contribute them to a 529 plan, but this may incur taxes and potential penalties depending on your age and the circumstances of the withdrawal. It's advisable to consult a financial advisor to understand the implications of such a move.

Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.

If you do not have your funds directly sent from the 401k to another eligible retirement plan, 20% of the taxable portion of your distribution will be withheld for federal taxes plus whatever is required by your state law. However, this is NOT the actual amount of tax or penalty that you owe on the distribution. The 20% is sort of a down payment on your taxes. The actual amount of taxes that you owe (plus any penalty for early distribution) will be calculated when you fill out your tax return (Form 1040) at the end of the year. The distribution will be added to all of your other income and then your deductions will be subtracted and your tax will be calculated based on your total income for the year. And then the 10% early distribution penalty (if applicable) will be added to that to determine your tax liability. Any tax that you already paid (like the 20% withholding) will then be subtracted from your liability. If you didn't pay enough, you will have to pay more with your tax return. If you paid too much, you'll get a refund when you file.

Very few plans permit former employees to take out loans.

Most in fact require any outstanding loans to be repaid within a short time of leaving employment.

There are a few plans that let former employees take out loans. The only way to know for sure is to contact the plan administrator or to look at the plan documents.

Jeld-Wen administers it's retirement which is the problem.

You will never be able to withdraw the deferred compensation amounts from the 401K with out having to pay the federal and state income taxes that will be due when you take any distribution amounts from your 401K plan.

Genworth financial. 10 years of service 25 years of interest= $147.93 AT AGE 62. Just called and got a statement from them on 7-12-2013. Glad I dont have any other money with them.

no bur dey folk is terrible bur

You do.

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.

Whether you can borrow from your 401k depends wholly upon the plan specifics.

In other words, 401k Loans are generally allowed by the IRS, but are not always allowed by employers.

If you are referring to the Minimum Required Distribution from a traditional IRA or 401k, the answer is no.

Yes you can. Please refer to fidelity's website on how to proceed.

Yes, You can lose Money in a 401k