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Old 03-13-2015, 08:44 AM
 
Location: Salisbury,NC
16,752 posts, read 8,113,940 times
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Quote:
Originally Posted by carolinadawg2 View Post
There are restrictions on that, its a not universally available.
I dont know what the restrictions are and have pulled interest out the last 2 years no penalty.
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Old 03-13-2015, 08:56 AM
 
Location: Southport
4,639 posts, read 6,331,801 times
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Quote:
Originally Posted by Boss View Post
I dont know what the restrictions are and have pulled interest out the last 2 years no penalty.
The main restriction is that you retire at age 55.
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Old 03-13-2015, 11:26 AM
 
52,433 posts, read 26,393,221 times
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Quote:
Originally Posted by carolinadawg2 View Post
The main restriction is that you retire at age 55.
No that isn't it.


The rule is that you are "separated from service" from the employer where the 401K was earned and are 55 when this happened. It includes being laid off from the company and/or you quit or terminated employment voluntarily. It does not require you to be "retired". Furthermore, I am pretty sure, though not exactly positive, that you have to leave that money in the employer's plan. If you roll it over into an IRA, then you have to wait until 59.5.

The rule does not apply to IRAs.
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