Message Font: Serif | Sans-Serif
 
No. of Recommendations: 4
Hypothetically, If my 457 retirement account was 1 million, and I wanted to withdraw early through the 72t, how much would they make me take yearly?

Gene gave you a calculator, but you may not have to use 72(t). What type of 457 do you have? Is it a governmental 457(b)? If so, then there is no penalty on early withdrawals, unless funds were rolled over from another qualified plan. So, assuming your plan allows it, you could take distributions from non-rollover amounts without having to follow 72(t).

Additionally, if you are a public safety employee, you can withdraw beginning at age 50 without paying a penalty. You do need to check your plan's withdrawal requirements to be sure that the withdrawals you want to take are allowed by the plan, as plans are allowed to put some additional withdrawal rules in place.

AJ
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.