Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
In the case of a 401k, you do not need to begin withdrawals from a 401k upon attaining the age of 70 1/2. The prior response stated that withdrawals must begin froma 401k on April 1st following reaching 70 1/2. I believe this to be incoorect. As long as you are an active employee, you do not need to begin withdrawals from a 401k at any time. this is not the case with an IRA. Also, if the worker is also the business owner (More than 5% ownership) withdrawals must begin form the 401k on April 1st in the year following the year in which the person reached 70 1/2.
So regular employee, no withdrawal from a 401k is necessary as long as you are actively working for that employer.

Bill
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.