larjoranj
I CAN'T REMEMBER
- Joined
- Oct 5, 2012
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Interested in tax consequences of withdrawal of a 401k. I've read that you can withdraw your 401k without the 10% penalty as long as you leave your job after you turn 55 and don't roll it into an IRA
My wife would like to retire.She is coming up on 57 and has a decent 401k. She would like to start drawing off that monthly now, rather than waiting til 59 1/2.
Do I understand the rule correctly? There would be income tax on the amount she withdraws but not the 10% penalty?
My wife would like to retire.She is coming up on 57 and has a decent 401k. She would like to start drawing off that monthly now, rather than waiting til 59 1/2.
Do I understand the rule correctly? There would be income tax on the amount she withdraws but not the 10% penalty?