My first post.
I retired at age 56 on June 1, 2007. I would like to begin annual 401k withdrawals to supplement my pension income. My 401k is still with my old employer who doesn't allow withdrawals so I know I have to convert to an IRA but here's where the confusion starts.
In order to withdraw money penalty free do I have to use the 72t rules or can I withdraw money as if I was age 59 1/2 ?
If I have to use the 72t rules can I do an annual withdrawal in December of 2007 and do a second annual withdrawal in January of 2008 ?
Thanks in advance. Glad I found this great forum.
I retired at age 56 on June 1, 2007. I would like to begin annual 401k withdrawals to supplement my pension income. My 401k is still with my old employer who doesn't allow withdrawals so I know I have to convert to an IRA but here's where the confusion starts.
In order to withdraw money penalty free do I have to use the 72t rules or can I withdraw money as if I was age 59 1/2 ?
If I have to use the 72t rules can I do an annual withdrawal in December of 2007 and do a second annual withdrawal in January of 2008 ?
Thanks in advance. Glad I found this great forum.