Rules Of 401k Withdrawals
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Learning more about the rules of 401k withdrawals can be important, especially when a person is approaching retirement. After working diligently over the course of a lifetime to build a 401k, having this knowledge will help to ensure that your hard work isn 't wasted.
Penalties
The first item that should be considered is penalties. If a person is under the age of 59 ½ and wishes to make a withdrawal, they will be subjected to a 10% penalty. There are some exceptions to this rule, however. For example, if the money is paid to a beneficiary after a death or if you become disabled.
Required Minimums
Some retirees find it beneficial to delay their 401k withdrawal. This allows them to maximize the benefit that is seen
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