401k and 403b Plans

A person can begin receiving Roth 401(k) payments penalty-free at age 59½, but they are required to start taking distributions by age 72.

You can start withdrawing from your 401(k) penalty-free at age 59 1/2. However, if you withdraw before age 59 1/2, you may be subject to a 10% early withdrawal penalty in addition to income tax. After age 64, you can generally withdraw from your 401(k) without penalty.

No, contributions to a 401k do not count as earned income when you retire at age 62, as they are considered pre-tax deductions from your paycheck. When you retire and start withdrawing from your 401k, those withdrawals may be taxed as income.

No, you do not need to demonstrate a hardship to withdraw from your 401k after reaching 59 and a half years old. At this age, you are generally eligible to make penalty-free withdrawals from your 401k account, subject to any specific rules or restrictions imposed by your plan.

Yes, you can continue to contribute to your 401(k) after reaching full retirement age as long as you are still working. You can also delay taking Social Security benefits to potentially increase your benefit amount in the future. Just keep in mind that once you reach a certain age, typically around 70-72, you must start taking required minimum distributions from your retirement accounts, including your 401(k).

You can contribute to a Roth IRA after age 70.5 as long as you have earned income, but you cannot contribute to a traditional IRA after that age. For a 401(k) plan, it depends on the rules of the specific plan, but typically you can continue to contribute to it past age 70.5 as long as you are still working and the plan allows for it.

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.

It depends on your individual financial situation and goals. Generally, contributing to a Roth IRA can provide tax-free withdrawals in retirement, while a 401(k) offers immediate tax benefits but withdrawals are taxed later. Consider factors like current tax bracket, future tax expectations, and investment options available in both accounts. It may be beneficial to contribute to both accounts if possible.

Former TRW employees can contact Northrop Grumman, the current owner of TRW, regarding their pension-related inquiries. They may also need to reach out to the relevant pension administrators or HR department within the company for further assistance.

The average amount saved in a 401(k) by those in their 60s is around $195,500. However, this amount can vary widely depending on factors such as income level, years of contributions, and investment choices. It's recommended to consult a financial advisor to determine an appropriate savings goal for retirement.

Catch-up contributions for 401(k) plans for individuals age 50 and over were introduced in 2002 as part of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). This allowed older individuals to contribute additional funds to their retirement savings accounts to help boost their nest egg before retirement.

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. If the person is not active with the company, then the person has to start their Minimum Required Distributions

The maximum 403b contribution and catchup will stay the same for 2011.

$16,500 + 5500 catch-up

Yes, you can begin withdrawing from your 401(k) penalty-free after age 59 1/2. However, if you wait until age 68 to withdraw, you may be subject to Required Minimum Distributions (RMDs) which are mandatory withdrawals starting at age 72. It's important to consult with a financial advisor to understand the tax implications and rules related to 401(k) withdrawals in retirement.

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.

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 being taxable income, but the early withdrawal penalty goes away. the goal is to delay withdrawals until retirement when your taxable income normally drops somewhat, and even then withdrawal should be viewed closely to not exceed withdrawals that will negatively impact one from a taxable income standpoint.

Withdrawals from a 401(k) do not directly impact Social Security benefits. However, if you withdraw a significant amount from your 401(k) and it increases your overall income, it might subject a portion of your Social Security benefits to taxation.

401k's are required to withhold 20% of whatever you withdrawal. There are some exclusions to this. Such as if you're 70 1/2 years old and you're taking a required minimum distribution based on life expectancy the standard withholding is 10%.

The average age to start a 401k is between 25 and 34. Starting early allows for more time to accumulate savings and take advantage of compound interest over the long term.

Yes, you will pay taxes on withdrawals from your 401(k) after age 62. The withdrawals are considered ordinary income and will be subject to income tax.

You can withdraw from your 401(k) penalty-free starting at age 59½. Prior to this age, withdrawals may incur a 10% early withdrawal penalty on top of regular income tax.

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 participate in the plan. Weather it is an age requirement, number of hours worked, number of years worked, or a combination of these and more.

I am 65. My full Social Security retiredment age is 66. I wnat to draw social security but am concerned that if I take SS payments and draw from my 401K that i will exceed the $14,000 + cap on annual wages. Arel draws from my 401K counted against the 14K cap ??

You can generally withdraw from a 401(k) penalty-free starting at age 59½.

There is no maximum age limit for contributing to a 403(b) retirement plan. As long as you are still working and receiving income, you can continue to contribute to your 403(b) account, even past traditional retirement age.