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I am not sure where it is coming from either but my husband is 63 and still working and he cannot access his 401K AT ALL including loans. He can not touch that money until he leaves the company. Those are the terms of THIS companies 401K. So I would say it depends on the terms of the plan you are under.
Tell your husband not to believe all the BS his company tells him.
At my last place of employment, while attending a mandatory 401K meeting, I asked about drawing out my 401k if I leave and am over 55.
The company 401K representative called me a liar, accused me of spreading rumors, and stated..." our company rules don't allow it "
I pressed on and got kicked out of the meeting.
When I did quit............at age 58............I got the options listed and one of them was I could draw out my 401K WITH OUT PENALTY.
Yet company man called me a liar earlier for stating so !
My company uses Fidelity. On the website there is a Summary Plan Description (SPD) which specifically mentions that withdrawals may be made while still actively employed. There will be no penalty but you will have to pay normal income taxes on it.
Why I got kicked out of the meeting was the moron 401k representative tried to say it was up to the company whether you could draw your money out at age 55 w/o paying a penalty.
The penalty gets paid to the FEDERAL GOVT and the IRS is not going to allow companies deciding who has to pay a FEDERAL penalty and who does not.
I listened to a newscast last night and
they claim at age 59 men and women
no longer care about their appearance.
The fish has been caught and lures
are no longer needed. .
I think that's true to some extent.
Sometimes I pick up the nearest item
and throw it on.
Do you?
If you look at sells of targeted items it tells a different tale. Some have always let themselves go but sells to look good and younger are off the charts compared to the past.
I don't know what happens at age 59 specifically but I know when my husband turned 60 a friend of his said, "You've ended the last good decade." So far we're holding strong at 63/66 but I know it's not going to get better from here healthwise.
True or not, but it's not going to be a Sonny Bono crashing downhill, either, hopefully. Mom still walks a mile a day and cuts her own grass at 72. Her chiropractor's mom does, too, and she's 81.
I am not sure where it is coming from either but my husband is 63 and still working and he cannot access his 401K AT ALL including loans. He can not touch that money until he leaves the company. Those are the terms of THIS companies 401K. So I would say it depends on the terms of the plan you are under.
I'm not sure thats legal. The 401K plans do have a set of guidelines they must follow. Whether the company likes them or not.
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