Talk of The Villages Florida - View Single Post - Who feels it necessary to keep their securities distributed among several brokerages?
Thread: Who feels it necessary to keep their securities distributed among several brokerages?
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Old 09-14-2023, 06:52 AM
retiredguy123 retiredguy123 is offline
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Originally Posted by Janie123 View Post
there is a feature in most 401s that allow you to pull money out after age 55 if you meet certain criteria (leave company after turning 55, 401k supports a 55+ withdrawal).We do have friends in TV that left and are at age 56 and are using their 401k $$$ to live off of.

https://money.usnews.com/money/retir...1k-withdrawals

Also, if you have Roth 401k and have not opened up and contributed to a Roth IRA, the growth of the money in the Roth IRA will not be able to withdrawn for 5 years without penalty.
My 401K was the Federal Government's Thrift Savings Plan (TSP). Congress has been borrowing money from that fund. I transferred my entire balance into an IRA within a few days after my retirement. I don't know what the rules are for a private employer to tap into a 401K fund, but I like having control of my own money.