how do you collect on 401k?

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how do you collect on 401k?

2006-09-12 12:28:33 · 3 answers · asked by bdfsaxx 1 in Business & Finance ➔ Personal Finance

3 answers

You notify the company the 401K is with that you want to start collecting, and how much you want to take out. You are allowed to take out without penalty at age 59-1/2, but depending on the plan the company might also require that you be retired.

At some point, you are REQUIRED to start withdrawals, and a minimum withdrawal amount is set for each year. This doesn't kick in until you're past 70-1/2, though.

2006-09-12 13:59:39 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

Be 59-1/2 years old I think.

2006-09-12 12:36:23 · answer #2 · answered by Maya 3 · 0⤊ 0⤋

retire

2006-09-12 12:33:40 · answer #3 · answered by nobody 5 · 0⤊ 0⤋