Coldworld
Well-Known Member
I'm not even close to 62....will be years before I start collecting some 401k money after I retire. Let it ride my black brother.
401K
- Thread starter Captfrankie
- Start date
Really have to be 59 and a half to get into your 401K money unless you're separated from your employer then you can collect it at age 55
Coldworld
Well-Known Member
Should be retired at 55 as long as I can get my nuts out of Mrs Colds hip pack and throw 'em' in the incubator to get them going again.
Coldworld
Well-Known Member
They tax you differently if you take some out at 55 as opposed to 59.5 or 62 or 70.5???
Just to ordinary income tax rate.
You don't have to take any money out till age 73 right now
In 2033 you won't have to take a distribution till age 75
Does our plan allow in service rollovers?
ManInBrown
Well-Known Member
Yup. I pulled $50k out. Something I will always regret. In the end will probably end up costing me $125k
oldngray
nowhere special
In service? I don't think so. Very easy to do after you retire though.
upschuck
Well-Known Member
IDK, but I want to be ready, when I can start.
If you're getting close to retiring then maybe you could contact somebody like vanguard wor fidelity and ask them if you can open up an empty IRA
Our plan is very strict
oldngray
nowhere special
You can't do it while you are still working at UPS. If you have a separate investment account the brokerage firm can do most of the work for you. I think you have 60 days to do it to avoid any tax penalties.
You never do yourself that's why you do a trust to trust transfer so that money never comes to you personally
oldngray
nowhere special
How to Roll Over Your 401(k) to an IRA | The Motley Fool
Leaving an employer means you have options with your 401(k). Understand when a 401(k) to IRA rollover is the right move for your retirement savings.
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upschuck
Well-Known Member
Why is that? Still have to pay taxes.
upschuck
Well-Known Member
5 yrs. Want my ducks in a row.
You don't have to pay any taxes when you transfer it over you only have to pay taxes when you actually withdraw the money for yourself.
Maybe go open up a Roth IRA and that way you already be established with another firm so it will make transferring your money that much easier
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