EastWest Gal
Thinks s/he gets paid by the post
I worked for a hospital system a few years back for just long enough to get vested. I have been offered the opportunity to take a lump sum. It's about 65k, 56k after taxes. I could really use the cash next so I won't have to sell assets for 1-2 years.
Everything I read says there is a 10% penalty if I take the lump sum before I turn 55. The decision deadline is June 16 and my 55th birthday is mid September. Not one source I found said "the year you turn 55". Does anyone know if I'll need to pay the penalty?
Everything I read says there is a 10% penalty if I take the lump sum before I turn 55. The decision deadline is June 16 and my 55th birthday is mid September. Not one source I found said "the year you turn 55". Does anyone know if I'll need to pay the penalty?