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Check out the IRS’s rules for Required Minimum Distributions (RMDs) to help you figure your required minimum distribution. A lump-sum distribution may give you a big chunk of cash right away, but you’ll pay income taxes on the entire amount right away.That can take a big bite out of your nest-egg all at once.The information below discussed the rules on withdrawing from different types of retirement funds.401(k)/403(b) Once you reach 59½ , you can take withdrawals from these accounts penalty-free, regardless of whether you are working (although plan administrators can elect to not allow current employees to take withdrawals). Penalty-free withdrawals before 59½ are allowed under the following circumstances: Hardship withdrawals are permitted in limited situations of immediate and severe financial need if you cannot obtain the money from elsewhere.Again, check with your company’s human resources or personnel department to learn if these withdrawals are allowed by your employer and how to apply for them.
You may qualify to take a penalty-free withdrawal if you take a distribution before age 59-1/2 and meet any of these situations: Get instant access to a FREE 18-page Special Report that reveals a Safe and Flexible 401(k) Alternative, that lets you access your retirement savings when you want – with no restrictions or penalties.
Contact your plan administrator for the specific terms governing your 401(k) or 403(b).
Traditional Individual Retirement Account (IRA) Like with 401(k)s and 403(b)s, you can make withdrawals penalty free once you reach 59½.
When you withdraw early, you are not just losing the amount you take out, but you are also losing all of the earnings it would have brought you over time.
However, you may be in a position where you feel that you have no other way to avert financial disaster.