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401K Withdrawal
There are specific IRS
rules
for a 401k withdrawal.
401k
withdrawal rules state that if you are
under 59 1/2 years of age, you will incur a 10% penalty for early
withdrawal.
If are are 59 1/2 years of age, or older, then you
can withdraw
from your 401k without penalty. There is 20% IRS
withholding tax for your annual income however.
Generally speaking, there are IRS allowed exceptions given for a 401k
early withdrawal which are for "immediate and heavy financial
need"...
Further
Options
There could be further
options, such as putting
your funds into an annuity...
An annuity
has significant
benefts to your retirement financial planning.
You can get a deferred
annuity that grows
and grows into a large retirement base...
Or, you can get an immediate
annuity that begins providing steady monthly income
in the
near future...
But, each scenario has to be carefully reviewed against the
available options...
Get a good annuity
quote
- let us help guide you
through
the options to make the best choices for you!
Or, get a free consultation from a Certified
Financial Planner to go
over your plans to help you make the best decision for
your needs.
You'll be glad
you did the right
thing.
Return
to
Annuities
Financial Planning
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