401K withdrawal
Hola! I’m resigning from the railroad in about 4 months after 20 years of service. I’ll be 59 in August. My body can’t take it any longer. I had 398K in my 401K. Now 367K. I’m scared now. I want take it all out now. Or wait until I turn 59 1/2 and have even way less to take out because of the what is happening. It’s not going to stop. I need sound advice. Help.
Terry Says
Wait, wait. Until you actually retire, you are stuck with the investment choices inside your 40lk account. Taking the money OUT would be a bad move — you’d owe taxes, and lose all future tax-deferred growth of the account.
Ask your HR department or the advice department of your 40l(k) plan advisor how to move to the safest choice inside the fund.
Then when you retire, do a rollover to an IRA, where you can put some in a safe money market fund and sleep better at night. You really have a long time horizon. Your tired body is actuarily expected to live at least another 20 years!
