foxfirev5
Thinks s/he gets paid by the post
- Joined
- Mar 22, 2009
- Messages
- 2,990
I have run into an unforeseen problem while planning my 401k retirement withdrawals. I planned to retire at 57 and start taking partial withdrawals each year from the 401k.The plan allows withdrawals upon retirement at age 55 without the 10% penalty.
I called Fidelity to confirm this since the plans summary discription was a little vague on the withdrawal side. I was told that I could take a withdrawal but it is the entire amount or take out an annuity. I guess I could roll it into an IRA and take 72t dstributions, but really don't want the hassle. Plus the plan offers institutional shares of mutual funds with miniscule expense ratios.
Does anyone have experience with this issue?
I called Fidelity to confirm this since the plans summary discription was a little vague on the withdrawal side. I was told that I could take a withdrawal but it is the entire amount or take out an annuity. I guess I could roll it into an IRA and take 72t dstributions, but really don't want the hassle. Plus the plan offers institutional shares of mutual funds with miniscule expense ratios.
Does anyone have experience with this issue?