Hello from Tennessee. I’ll be 58 in September and would like to retire at that time. I just spoke with a financial planner who said I can make withdrawals from my company retirement plan (401k), without penalty, providing the following is met:
• the 401k is a company retirement plan
• I’m separated from the company
• I’m over 55 when separated from the company
I’ll meet this criteria, but didn’t realize this was possible without being penalized. I initially was seeking his advice/guidance using the 72t plan and he explained I won’t need to go that route. Can anyone tell me if his advice is correct? Thanks in advance.
• the 401k is a company retirement plan
• I’m separated from the company
• I’m over 55 when separated from the company
I’ll meet this criteria, but didn’t realize this was possible without being penalized. I initially was seeking his advice/guidance using the 72t plan and he explained I won’t need to go that route. Can anyone tell me if his advice is correct? Thanks in advance.