The Motley Fool Discussion Boards

Previous Page

Financial Planning / Foolish 401(k)s

URL:  https://boards.fool.com/what-to-do-with-federal-401k-29670892.aspx

Subject:  What to do with Federal 401K? Date:  11/15/2011  9:29 PM
Author:  Ronbert Number:  24776 of 26270

I was a federal civil service engineer for 25 years and paid into the Federal Thrift Savings Plan, a 401K account. My base closed and I lost my job but I was studying law at night and graduated from law school. I am trying to pass the California Bar exam and have failed twice and it may take some time. I have $175K in my account and need to tap into it for money to live on. The government only allows you to make a one time partial withdrawal, or to take it out completely in one payment, or to take it out in monthly payments until empty, or to roll it over into another 401K. I cannot do the one time payment because I may not take out enough and if I take it all I won't have any at retirement. Is there a way to roll it into another type of 401K (or several 401K accounts)so that I can take out piecemeal (say around 15K a year?) and still have some left at retirement after I pass the bar (hopefully)....?
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us