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Situation Advice

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Last Updated On
BySabermace

L1: Situation AdviceI am 56.7 yrs old and work for a major corporation that has a 401(k) that I have participated in for many years. I also have a variety of IRAs and my wife has some IRAs and a rollover IRA from a 401(k).If I choose to “terminate employment” from my current employer, my understanding is that I can withdraw 401(k) funds penalty-free however not IRA funds unless I use the 72(t).If I get another job with a different employer that has a 401(k), is their any impact on my distributions from the previous employers plan?Am I correct on these points.2010-02-10 14:13, By: Sabermace, IP: [68.9.154.124]
L2: Situation Advice>>my understanding is that I can withdraw 401(k) funds penalty-freeMaybe, it really depends on the terms of the plan – talk to your employer or check the Summary Plan Description.>>is their any impact on my distributions from the previous employers plan?No, but again check your Summary Plan Description.2010-02-10 14:25, By: Gfw, IP: [216.80.125.206]

L3: Situation AdviceThank you. I will ask for the summary plan or pull it from our companywebsite.2010-02-10 14:36, By: Sabermace, IP: [68.9.154.124]

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