Each Wednesday 401kBasics posts a new article in a weekly series called “Keep the Course”. This series is designed to give the average consumer information on how to keep their 401k plan on track! Your feedback or suggestions on future articles is welcome.
The age 59.5 is a magic number when it comes to retirement plans. Here are three reasons you should look forward to turning 59.5 years old:
- The 10% early withdrawal penalty no longer applies.
- Seeing that’s the penalty is waived, it’s often times the age that employers will allow you to process an in-service withdrawal.
- This is also the age that the your Roth money will become qualified, assuming you’ve had the account open for at least 5 years.
To learn about your specific plan’s provisions, review your plan’s SPD or consult your retirement plan provider.
This site is for entertainment purposes only. 401kBasics and it’s authors are not financial advisors and no information found on this site should be construed as financial advice.
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