Al18
Full time employment: Posting here.
I retired 15 months ago at age 56. The world changed a lot in the past 15 months - so I applied for a full-time job today! Maybe I just have cabin fever, but there must be something more productive for me to do.
I used the 'rule of 55' to withdraw some money out of my 401K the beginning of 2019 and 2020 for living expenses under the 'separation of service' exemption. 20% Federal taxes and 3% state taxes were withheld.
Would there be a penalty if I went to work at a different company in 2020? After I withdrew money for 2020, I decided to close the 401K and transfer all funds in kind to a rollover IRA - as I have 7 years of expenses in CD's.
Advice welcome.
I used the 'rule of 55' to withdraw some money out of my 401K the beginning of 2019 and 2020 for living expenses under the 'separation of service' exemption. 20% Federal taxes and 3% state taxes were withheld.
Would there be a penalty if I went to work at a different company in 2020? After I withdrew money for 2020, I decided to close the 401K and transfer all funds in kind to a rollover IRA - as I have 7 years of expenses in CD's.
Advice welcome.