I plan to retire in the next couple of months, and as I understand it, I'm required to roll my lump sum pension of about $450K into an IRA and can only take 72-T distributions if I want to avoid the 10% early withdrawal penalty.
I also have a company sponsored profit sharing plan worth about $530K that is currently with Vanguard. Since this is a 401K, will I be able to take penalty free withdrawls from this amount?
I receive a VA pension of $43,000/Yr (tax free), and will also start receiving retired reserve (Army) pay at age 60, plus SS at age 62.
Am I ready?
I also have a company sponsored profit sharing plan worth about $530K that is currently with Vanguard. Since this is a 401K, will I be able to take penalty free withdrawls from this amount?
I receive a VA pension of $43,000/Yr (tax free), and will also start receiving retired reserve (Army) pay at age 60, plus SS at age 62.
Am I ready?