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You may have an excellent option at work, like a 401(k) or 403(b). ... You can make penalty-free withdrawals from any type of retirement account after you reach age 59½.
Understand how a 403(b) works so you can better benefit from privileges offered and build more wealth for retirement. ... Penalty-Free Withdrawals. Reach age 59 1/2 or separate from service at 55 ...
A hardship withdrawal allows the owner of a 401(k) plan or a similar retirement plan — such as a 403(b) — to withdraw money from the account to meet a dire financial need.
Roth IRAs, Roth 401(k) plans and Roth 403(b) plans don’t require minimum distributions. ... or risk paying substantial penalties. How required minimum distributions are taxed ...
One benefit of 403(b) ... Early withdrawal penalties: Withdrawals from a 403(b) plan before age 59 ½ are subject to a 10 percent early withdrawal penalty in addition to the potential for income tax.
If you are no longer with your employer, 403(b) rules may be more flexible than 401(k) early withdrawal rules. You can contribute more to a 403(b) plan each year than you can to an IRA ...