401k withdrawals between 55 and 59 1/2


R

Randy

I plan on retiring from State Government at age 58. I have 401k and
457. The smaller amount is in the 457.

I will need to draw out a monthly amount until I reach 62 and begin
receiving SS.

I understand there will not be any penality for getting a monthly
amount out of my 401k.

Are there any issues with this or things I need to know, or
suggestions.

Thanks for any help.
 
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D

Dave Dodson

You will be retiring in the window where you can take unrestricted
penalty-free distributions from a 401(k) but you can take penalty-free
distributions from an IRA only if you take substantially equal annual
distributions for 5 years under provision 72(t).

The only issue for taking monthly distribtions from your 401(k) is that
your plan sponsor must be willing to make monthly distributions.

Dave
 

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