2 years ago i retired from a company where i had worked for the past 30 years. I retired in the same year that i turned 55 so i was able to make withdrawls from my 401k with that company without penalty.
Now, they have contacted my with a temporary job offer at a substantial salary for a 6 month period.
I'm afraid that if i take this temporary job it will close the door on my ability to withdraw from my 401K
Any help is greatly appreciated
It is great that your former employer has reached out to you with a nice job offer. You indicated that you have been making withdrawals from your 401(k) without penalties since you turned 55. That indicates that your plan offers an in-service withdrawal option. If that is the case, accepting the temporary position should not impact your ability to withdraw. The key factor is what is outlined in the Summary Plan Description (SPD). Your (former) employer should be able to confirm. The salary is irrelevant but the employment status is what impacts the ability to withdraw.
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Call your company's plan administrator. Every plan has different intricacies and the only way to be 100% sure is to check with your plan administrator. You could start with your HR department and they should be able to point you in the correct direction. If the new job will be 1099'ed instead of w-2 wages than I would make sure you tell your HR people in case there are different rules. Good luck!
Are you going to be contracted through your own company? If so then it shouldn't impact your ability to make withdrawals. I would consider rolling the funds into an IRA and then continuing to take withdrawals as necessary.
Let us know if this helps. You'd be surprised by the number of people with situations like your own.