how long do i have to be with my company before i can get what the compnay put in when i leave. Putnam 401k?

Question

This is if iwant a full withdraw of my money.

Answer 1

Each company has its own vesting schedule for company contributions. Contrary to the first answer, there is no normal. Unless the money is rolled into an IRA, or other qualified retirement plan, you will pay income tax on the amount withdrawn. If you are less that 59 1/2, you will also pay a 10% penalty on top off regular taxes.

Answer 2

If you want full withdrawl, you need to wait until you are 59 1/2 to get fully what was put it...

But really what you are asking is how long until you are "fully vested" and that is different for every employer, it should be spelled out in your employee handbook (ie I worked at a place where you were vested a certain percent each year until 7 years, then you were fully vested. I worked somewhere else that you were fully vested the day you joined the 401k plan). In other words, it isn't up to the investment firm it is up to your company.

If you early withdrawl from your 401k without rolling it into another retirment account you loose 30-40% off the top in taxes and penalties.

Answer 3

Normally 5 years, but the company rules allow longer lengths of time.