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| Subject: Re: 401K vs. IRA early withdrawl differences? | Date: 6/27/2000 4:29 PM | |
| Author: TMFExRO | Number: 22927 of 72263 | |
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<< 1. I understand that if you retire you can have access to 401K funds w/o penalty starting at age 55 (don't have to wait until age 59.5 to get penalty-free distributions due to retirement at 55). True; if you have a cooperative plan administrator for your 401(k) plan who will support periodic payments to you. BUT, if you retire PIOR to 55 - say at age 54 -, can you start collecting at 55 or do you have to wait until 59.5? You must then wait or pay the penalty. >> A clarification. At any age you can do a SEPP from a 401(k) without penalty. TMF ExRO Phil Marti |
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