How to Get Money Out of Your Four One K

If you are employed with your current employer in the year that you turn 55, you can't actually access those four one k dollars between 55 and 59 and a half. That's a special withdrawal provision if you separate service after 55, but before 59. We've actually worked with this on an several clients where we we figured out how much money would they need between 55 to 60 years of age, and we left that money back at the old employers plan so we could pull that money out. Still paid income taxes on those withdrawals, but we were avoiding those penalties. It's worth noting that if you are someoe who has access to a four 57 plan, the age limit restrictions don't