I am currently 55. I have enough stock in my ESOP account now to retire early, but the ESOP normal retirement age is defined as 59 and 1/2, so I would not be able to get access to funds until I reach that age. As soon as I separate from service with my company, they cash out my company stock (which now is 100% of my ESOP) and put the cash money into my 401k under a separate account, but you can't withdraw it till the year after you reach normal retirement age.
I could retire today, and be able to diversify the 100% company stock ESOP I now have, if I was allowed access to the ESOP account, but I have to wait essentially till I am 60.
I have some money in my 401k, but not really enough to last till I can get to 60. Also I can wait about 1 more year to diversify 25%, but that's just a partial diversification and I don't get to retire at 55 which was a goal of mine.
I was wondering if there was some way to address this, maybe a loan based on the value of that cash money from my ESOP account that I can't get to to allow me to fund the year or two I need to cover prior to reaching 60.
Has anyone encountered a similar situation or can offer any advice?
Thanks!
I could retire today, and be able to diversify the 100% company stock ESOP I now have, if I was allowed access to the ESOP account, but I have to wait essentially till I am 60.
I have some money in my 401k, but not really enough to last till I can get to 60. Also I can wait about 1 more year to diversify 25%, but that's just a partial diversification and I don't get to retire at 55 which was a goal of mine.
I was wondering if there was some way to address this, maybe a loan based on the value of that cash money from my ESOP account that I can't get to to allow me to fund the year or two I need to cover prior to reaching 60.
Has anyone encountered a similar situation or can offer any advice?
Thanks!