If I over 66, not retire, will retire soon, should I keep the 401K?

Question

I mean should move to the regular account, or keep it in the same account.

Answer 1

Probably: Keep it in the 401K, because you pay tax when you move it to a regular account, and you will be in a lower tax bracket when you retire.
Possibly: If your social security benefits will be taxed if you take the 401K money the same year and your social security benefits will not be taxed otherwise, then tax the 401K money in a year prior to the year in which you will start receiving social security.

Answer 2

keep it in the 401k until you finally retire. Then roll 100% of the balance into an IRA. The IRA is far better suited to make small monthly/annual distributions then the 401k. The computer systems for most 401k's are basically set up to hold the money not pay it out. However, the systems that administer the IRA's are set up for these installment type of payments so they can do it cheaper and easier.

Answer 3

Depends.

Your 401k plan may force you to roll to a traditional IRA if you no longer work at the place of employment.

If they don't and it's making good money for you and the fees are reasonable (most make you pick up the fees when you're no longer employed) then keep it where it is.

You probably want to talk to a reputable professional inverstment/retirement person because you will have other income and investments and need to work out a strategy as to what's best for you and your taxes.

Answer 4

Talk to your 401k Administrator. Start taking distributions from it (3% to 5%) per year.

Answer 5

Go ahead and roll it over to an IRA. I think you can do that up to age 70. But you can start making withdrawls without penalty.