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ishmael brana
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0.10 Dollars($)
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Post subject: taking my 403b when im 60 years of age |
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| what happens when i take out my money from my 403b would i get the full amount or no when im 60 years of age |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi ishmael,
You can take out your money from 403b account without penalty when you are 59.5 years of age. You will also be able to take out money from your account if you retire before 55 years of age. You can also get your money if you become disabled as defined by IRS code 72(m) (7). You can also take money as a loan from your 403b account.
Thanks |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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Post subject: |
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ishmael brana
Since 403b plans were created to help you save for retirement, there may be stiff penalties for withdrawing money early. If you do, you’ll owe:
Income taxes on the total withdrawal
A 10% penalty if you’re younger than 59½
20% federal income tax withholding unless the entire amount is rolled over to another qualified retirement plan or IRA |
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a Texas Teacher
Guest
0.10 Dollars($)
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Post subject: 403B accounts |
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| I have a 403B account with $25000 in it. I am 60 years 8 month old. Fo I have the right to withdraw $5000? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
You can withdraw the assets from your 403B account when you are 59.5 years of age. As you're more than 60 years old, I don't think you would face issues in withdrawing the money.
Feel free to ask if you've further queries.
Sussane |
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Michroise
Guest
0.10 Dollars($)
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Post subject: 401K withdrawal |
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| I have a 401K account valued currently at around $250,000. I won't be 59 1/2 until January of next year. I've filed for divorce - is it wise to borrow against my 401K, I would use the money as a down payment on a condo. My current husband and I have a home valued at %500,000+on a beautiful lake in MI, but it is not selling. What would you do? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Michroise!
Welcome to forums!
If you withdraw the money from your 401(k) account now, you may have to pay a penalty. You'll have to pay 10% additional tax for an "early distribution". If you can afford to pay the taxes, then you can go for a 401k withdrawal.
However, you can go for a hardship withdrawal if you are in an immediate and severe financial crisis.
Feel free to ask if you've further queries.
Sussane |
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donnabellee
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Post subject: no job need $ |
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| i lost my job and only have about $4000 in my account. Is there a way to borrow that money? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi donnabellee,
Borrowing money from your 401k account should be your last resort. I can understand that it could be tempting to borrow money from your 401k account after you lost your job but you would have to pay penalties for any withdrawal before you are 59 and 1/2 years of age.
Thanks |
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karen3221
Guest
0.10 Dollars($)
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Post subject: |
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If i pay back a 401k loan when can I borrow against it again?  |
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Kemp
Guest
0.10 Dollars($)
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Post subject: |
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| There is no time limit for borrowing from the 401k. However, if you borrow money before 59 and 1/2 years of age, then you'll have to pay penalties. |
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kat19
Guest
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Post subject: Retirement Loan |
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| I took out a loan against my retirement over 7 years ago. I had to file bankruptcy and was not able to pay it back. My total balance now is $17,000 but my loan balance is now $12,000. What will happen if I don't pay it back? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi kat,
If you have taken a loan against your 401k and quit your job, you will be asked to repay the loan within 60 days of termination of job. If you cannot pay off the loan, a 10% penalty will be charged on the balance of the funds, if you are under 59 and 1/2 years. You will also have to pay income taxes. Depending on your employer, you might not be allowed to contribute to your funds until you pay off the outstanding loan. Your employer can also deduct payments from your paycheck.
Thanks,
Jerry |
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Blue561
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Post subject: 403b default |
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| I took out all the money in my 403b mutual fund account to help pay for tuition. I was unable to continue school and I'm not able to go back to work due to a leave of abscence. Can the repayment of a 403b loan and taxes be considered as undue hardship (along with student loan payments, forclosure payments and other depts) I'm 20 thousand leagues under the sea! |
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Guest
0.10 Dollars($)
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Post subject: |
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| I don't think it will be considered as a hardship discharge. However, you can speak to an attorney and he'll let you know your options. |
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