Can I draw a lump sum payment from my 401k after my last day of employment when I retire?
this is an employer profit sharing plan set up for guaranteed income 100% vested.
You'll probably get hit with a fee. Not to mention the taxes.
Usually you have to wait to draw your lump sum. Your employer needs to file the paper work to the investment company and they in turn send your check minus Federal Taxes. You are responsible for your state taxes.
If you are retired and over the age of 59 1/2 it is possible to take a lump sum from your profit sharing. Often times it depends on how the plan through your employer is written; however in most cases, the answer is yes. Please consult with tax professional regarding any taxes that may be owed.
by Max Dalton 12 years ago
If you won the lottery, would you take the lump sum or a payment over time?This would be tough, and I think a lot of it depends on your age and your needs. I'm in my very early 30s and I'd probably take the lump sum, but I feel like I'm good with money. A large amount of that would go in...
by countrywomen 15 years ago
We were just following the news recently where Jon Stewart accused Jim Kramer (and others in the media) for there part in the 401k losses. Both myself and to a great extent my husband's 401k was lost. Recently when we saw the AIG top executives giving bonuses to themselves from our hard...
by Aya Katz 13 years ago
And today it's $16.68. How did that happen?I made payout recently, and I got the check last week. I was thinking I might make payout again this month, with a forty-one dollar total. But now it's clear I won't. How did my earnings since last payout get so drastically reduced overnight?
by Amelia Griggs 13 years ago
Should you keep 401K from previous employer, or rollover to Roth IRA or other investment?
by Kenna McHugh 3 years ago
I just looked at my checking act. The stimulus money arrived! Yay! I hope yours is too! What are you going to do with it?
by DowntroddenInDC 11 years ago
Why do profitable employers hold 401k/ 403b match hostage?It seems insulting that employers are only interested in funding retirement when it suits them.
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