I read somewhere before that all 401K funds must be withdrawn by the age of 70. How true is this?
344603
NOT TRUE AT ALL. YOU MUST TAKE MANDATORY WITHDRAWALS BUT NEED NOT CLEAN OUT YOUR ACCOUNT. FOR INSTANCE THE GOVERNMENT HAS FIGURES THAT ALLOW YOU OR YOUR FINANCIAL PLANNER TO DETERMINE HOW MUCH MONEY TO WITHDRAWAL EACH YEAR ONCE THE MANDATORY AGE IS ACHIEVED.
315452
If is a voluntary 401k plan, find out your company rules on taking it with you.  If it's allowed then do not withdraw the money to yourself. First find another organization that will take the tranfer - like TIAA_CREF - and transfer the money directly to them.   If the money is sent to your name you will have to pay a 10% penalty and 10 % Federal tax on it.\n\nIf its a company funded pension plan, you will have to wait until retirement age to collect.
524763
Under IRS rules, you can only roll over a 401k into a Traditional IRA and wait at least one year before moving it into Roth IRA. Remember, 401k sitting in previous employers will not have any growth. It is a frozen account until you roll it over.\n\nIRAs are always a good plan to save for retirement. You can pick any mutual funds that is offered by a financial institution (most mutual funds require a minimum initial deposit of $1000). And can be tax free after age 59 1/2 when you start using it.
971847
Maybe, depending on how high you want to live.    \n\n3 million in 29 years is roughly equivalent to $750,000 now.   You can pretty safely withdraw 4% per year forever or about $30,000 per year in today's dollars. If you are SS age you get another $15,000 or so for a total, in today's dollars, of $45,000 per year, increasing with inflation, forever. \n\nIs this enough for you?
947919
Your question is not clear.  If you are referring to a roll-over of a 401K or IRA, then the rules are the same regardless of the State, because these are Federal laws.
27214
No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62.  You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age.  Click on link to see chart.
12817
It depends on how old you are.  Most retirement plans depend on the economic conditions at the time of retirement.  One person can take their 401k out this year and might get more money then the person taking it out the year after.  See, its all economics.  On top of the economics, its what you invest in.  When you put money in a 401k, you have experts putting it into mutual funds for you.  They take alot from you.  So, theoretically, you can buy your own stocks and make a heck of a lot more.  And instead of investing in them for 45 years, you can invest for 8 years and make the same amount or more.  This is true, however, you dont know what to invest in.  So, I suggest you start small and on something a bit more safe.  I will show you 2 or 3 of the best ways to do this.  I am a rare coin expert.  These ways are not fool proof because the economy goes up and down in a cycle of booms and busts.  But, they do cut out the risk because you only have 10 years left.  \nThe first method is through gold.  I suggest you buy the physical form and not stocks or anything of that nature.  You can buy the physical form and allow the sellers to store it for you.  Do not allow them to store it for you if they are just a small company.  I would rather take the physical gold with me.  There is a fee to take this gold with you though.  But, its better then not having it.  With gold, its always hovering at about $278 to about $315.  I would say that anything less then $290 is a good buy.  When you buy, they always tack on an additional couple of dollars because the gold was assayed into a gold bar for you.  When gold is high, they add like $4.  When it is low, they might add $7 dollars.  Dont worry about this.  Just pay for it.  I would rather buy bullion coins then the gold bars in the packages.  They cost $10 dollars above the gold value in the bar form.  Now, there are certain gold bullion coins that you should and shouldnt buy.  Its always best to go for the pure gold ones.  The reason being is, sometimes a jewelry store will take it in, but they will only pay for its content because they were going to melt it anyways.  And if it wasnt pure 24k, then they might have to take a couple dollars off to turn it into 18k or 14k, etc etc.  So, the purest ones are the Canadian gold coins, and the Chinese gold coins.  When gold goes down, you buy, when they go up, you sell.  Its that simple.  You cant lose because gold goes up and down all the time.  So, dont sell if you lose.  Just keep it there.  Whats the point of saving if you are going to dip into it?  So, over the course of 10 years, I know you can make a sizeable profit.  The question is large or small because you will not know when to buy and sell.  All you see is a profit when you sell, and you see a cheap price when you buy.  What you do is buy when its around $290 or less.  Sell, when it goes up.  And with the excess, you can buy more gold.  Just continue doing this.  I know for a fact that you can start off with $3000 dollars today and make at least 20 trades in the next 10 years and make no less then 100% of your investment back.  Gold is currently at $500 plus.  What if you bought it when it was $290 or less, which is what is preferred.  Thats over 200 per ounce.  So, in a year or two, do you see that you would have had over 5k?  You just have to wait till it goes down to around the 300 mark.  I mean, even if you buy for 290, and it goes up to 310 in 2 weeks, you can still sell and make 300 dollars.  That would add almost another ounce to your portfolio.  Continue to do this until you are about to retire.  During the last year, you will be waiting for the highest price you can find to sell.  Another thing to look into is instead of gold coins, you can buy grain gold.  They are just little balls of pure gold.  They are usually a couple dollars cheaper, but they are hard to obtain sometimes.  \nSecond way of investing is buying coins from the US mint.  They will be the cheapest price you pa
183155
I am not sure exactly what your question is asking.  If you retire at 55, but need to access your IRA money right away, you should look into IRS rule 72t.  There are a few different methods of doing this and you need to sit down with a tax advisor to make sure that you do it right.  Click this link for an article that has more info\nhttp://ktla.trb.com/business/yourmoney/sns-yourmoney-0403moneytalk,0,7524444.story\n\nGood Luck!!!
747829
Mentally NO!  Financially YES!  I max out my 401K & have maxed out my Roth IRA every year!  Not to mention life insurance!  Did I mention I have been doing this since I was 22?
66432
good question.  401k's are excellent vehicles for preparing for retirement.  The greatest part about them is that usually your company gives you free money when you participate, called a match.  The way it usually works is that you decide how much, either dollars or a percentage of your income, you want to put in to the plan.  Then you decide which investments to pick (this can be tricky without knowing what they offer).  Ask the person offering the plan to help. Use a mix.\n\nWhatever you put into the plan is deducted from your income.  Heres an example:\n\nYour income:               $40,000\nContribution amt:   5%:    $2000 \nCompany match 50c per $:   $1000 \nup to 5%                    \n\nTotal contribution:        $3000\n\n(New taxable income:$38,000)\n\nIf you do this until normal retirement age of 60 and get a 10% return on your money over that time, you'll end up with almost $1,200,000.  \n\nSince now youre only taxed on $38,000, when you decide to retire and get your money you have to pay taxes on all the money you take out (not the whole $1.2 million unless you take it all at once).  If you take it out before your 59 1/2 you will have to pay an additional 10% penalty on whatever you take out. There are exceptions.\n\nThese are pretty much the pros and cons, but if you start now and stay consistent you'll be able to retire very comfortably.
552611
1800Merrill\nBut before you borrow from your 401k be sure to read attached article.
67353
The answer is Asset Allocation: You need everything (Stocks,Bonds,CD,401K). As you grow older start investing more in 401K,IRA (Retirement accounts) and less in Stocks,Bonds (General Accounts).\n\nIf nothing 401K helps by\n1. Provides spending discipline. You dont see the money, it goes to savings directly\n2. You dont pay federal income tax on it untill you withdraw it.\n3. If you quit jobs you will have a nice sum of cash to begin investing in a whole variety of options\n4. Will help you if you are a 1st time homebuyer or have a family emergency\n\nSo in short - Decide how much % you can invest and DO IT.
4641
yup, unless you're 59 and a half, then you will have to pay the full tax on the money taken out of your 401k plan, which means if you are working right now, you are in your income earning years, hence your tax bracket should be higher, maybe even to the next level depending on how much you take out of your 401k, since that would be counted as regular income.  and the IRS (uncle sam calls it a penalty, but I like to call it a tip) would also be needing that tip from you, a 10% tip for every buck you want to take out.  so, if you take 20,000 out, that would be more like 14,400 if your bracket is in the 28% range minus $2000 for that tip i would telling you about, which leaves you 12,400 for taking out 20,000.  not really worth it huh
725978
You can cash it in with a substantial penalty.\nYou can let it sit there and hopefully grow.\nYou can roll it over into a IRA\nYou can roll it over into another 401K\nThe part of it that YOU contributed through you\npay is always yours, The part that your employer matched (if they did) is "vested' over a period of time, so if you were there less than a year\nthe part THEY contributed they probably take back.\nif you were there 5 years, it's probably all yours also.
1139397
A pension plan is very different from a 401-k.  One is a defined benefit plan, the other a defined contribution plan.  The difference is that with the pension, there's not a fixed sum of money sitting there for you to take out today.  Instead, there is a promise of fixed payments to you after retirement.  Thus, you normally can't take it out.\n\nI suppose there's no harm in asking them.  Perhaps they have some unique sort of 'buyout' plan that they've developed, but I wouldn't get my hopes up.
867682
Federal law prohibits anyone from using a 401(k) account as collateral for a loan, except for a loan from the plan itself. Most plans allow for a loan of up 50% of your vested balance. However, unless you are being paid while on leave of absence, you may not be allowed to take a loan from the plan, because repayment must be done through payroll withholding.  If this is the case for you, then a hardship withdrawal may be your only other option. Others have noted that a hardship withdrawal is taxable and subject to to additional 10% early withdrawal penalty if you are under 59 1/2.
1026669
Did you know you have to work at the same job for at least 20 years to collect a pension, 30 years to collect a full pension and can't collect till you are 62...year after year the government takes your money and again you have to wait till you are in your 60's to get a small portion back from social security...hats off to people who worked hard all their lives and still have good health and able to work in their 60's & 70's!\nGreedy????