How do IRA and 401(k) Withdrawals Work?
Wednesday, March 20th, 2013
Chances are you’ll spend a significant portion of your working years saving for retirement by building up the balances in your traditional IRA or 401(k) account. Perhaps you’ll even save in both types of accounts. Over the course of your career (or careers) you may even accumulate several 401(k) or IRA accounts.
When you reach your retirement age, whatever that age may be, you’ll start withdrawing these funds. It’s important to understand all of the rules and restrictions relating to IRA and 401(k) withdrawals; you do have flexibility in the timing and amounts of your withdrawals, but not complete freedom.
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Withdraw Funds from a 401K?
Friday, February 6th, 2009
With the current economic crisis on everyone’s mind, you may be wondering if you should withdraw money from your 401K. My recommendation is that you do not. Rather your contributions should continue based on the “buy low-sell high” theory.
What does this mean for you? Simply stated, right now most individuals may have incurred a severe loss in their 401K plans. But, considering that the stock market has dropped approximately 40% since the economic decline, your portfolio will likely increase with stocks, bonds, and mutual funds that can now be purchased at lower prices. See my...
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