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You can usually make a 401(k) withdrawal with no tax penalty at age 59 ½. If you leave your job during or after the year you turn 55 you can withdraw from your 401(k) immediately without penalty.
It’s important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice.
Returning to work after retirement can impact your Social Security and 401(k). It’s important to assess how your finances will change before making any adjustments to your investment strategy.
A financial advisor can help you manage your money as you plan for retirement, while giving you a sense of how much you can spend during retirement to make your savings last.
Before you decide to take money out of your 401(k) plan, consider the following alternatives: Temporarily stop contributing to your employer’s 401(k) to free up some additional cash each pay period.
Taxes on traditional 401(k) withdrawals. With a traditional 401(k), contributions to your retirement account are tax-deferred. In other words, taxes you owe are delayed to a later time — in this ...
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