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Im interested in making a withdrawal... how do i do that?

Aug 27, 2016 by stephanie in  |  Flag
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Chris Schiffer Level 14

If you are interested in making a withdrawal from an investment account. You can do so by contacting the custodian on your account. Your most recent statement should have the contact information on the statement.

If you are interested in making a withdrawal from your 401k, again, your most recent statement should have contact information on it. Most plans have an online portal where you can request a distribution.

If you are making a withdrawal from your 401k or your IRA, remember there are penalties for withdrawing funds.

Generally, early distributions received from a 401k before reaching age 59½ receive a 10% early distribution penalty.

However, it is possible to withdraw the funds without penalty under certain circumstances: - Distributions made to you after you separated from service from an employer (layed off or retired) if the separation occurred in or after the year you reached age 55 - Distributions made because you are totally and permanently disabled. - Distributions made as part of a series of substantially equal periodic payments over your life expectancy or the life expectancies of you and your designated beneficiary. - Distributions to the extent you have deductible medical expenses that exceed 10% of your adjusted gross income (7.5% if you or your spouse is age 65 or over)

I hope this helps you navigate your options. I can be reached at 908-821-9764 if you would like to discuss your situation in more detail.

Comment   |  Flag   |  Aug 28, 2016 from BASKING RIDGE, NJ

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