Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I am a 45 year old husband and father of two with about $200,000 in 401K / IRA / Keogh investments. It is possible that I may be losing my job shortly. I have enough money in savings to get by for about 4 to 6 months. If I need to touch my retirement money after that what are my options to absorb the least amount of penalty and other charges?

You can begin a series of Substantially Equal Periodic Payments (SEPP) at any age, but there are strict requirements, and this may not give you enough money to meet your needs. You can read about SEPPs in IRS Publication 590. You can also find there the other exceptions to the premature distribution penalty.

TMF ExRO
Phil Marti
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.