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Author: Snake809 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19257  
Subject: 401K/IRA Distributions @ 55 Date: 5/10/2000 4:56 PM
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I have been lucky enough to retire at age 56. I have a 401K plan. I plan on taking regular distributions from my 401K.

The Trustee for my plan will set up monthly, quarterly or annual distibutions from my 401K but once designated will not allow any changes. I will not pay the 10% tax penalty with this option.

The Trustee has limited investment opportunities for my 401K. I would, therefore like to move it to a self-directed IRA.

I chose a discount broker and filled out the forms but when I got to the form for distribution of an IRA none of the check boxes fit my situation without my having to pay the 10% tax penalty. I talked with a representative of the broker and he told me I had to get an agreement with IRS for some number of equal distributions and, since they were a discount Broker, they did not do that.

I tried to contact the IRS and was told so sorry we are too busy to talk with you.

My questions are... Do I have to keep the 401K in order to get distributions without paying a penalty?
If not, how do I set up a self-directed IRA and reach agreement with the IRS for distributions?

Any answers or adicve would be appreciated.
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