Liquidating 401 dating with no intention to marry
If you're counting on using 401(k) funds to pay for your next vacation or to buy a car, I hate to disappoint you, but it isn't allowed.
You can only take money out of one of these plans when you reach the age of 59½, qualify for a hardship, leave the job, become disabled, or die.
There is always the risk that one party will loot the community estate in anticipation of a family law proceeding, or that they may even act innocently but still wind up depriving the other spouse of their community interest in a pension asset.
If the spouse in whose name an IRA, 401k, or other pension device is held wants to access these monies and you object, or just want to make it impossible for them to do so without first securing your agreement, there are important steps that will work so long as you undertake them in time.
In this article I'll cover when you can take a withdrawal and why you should never take money out of a retirement plan if you can help it.
First, let me back up and briefly explain 401(k) and 403(b) retirement plans.
So by the time you actually enter retirement, you may have both taxable and tax-deferred resources.
You also may have earmarked certain taxable money for retirement, such as stock you inherited from a deceased relative.In other words, you want to have the highest amount of money left over after income taxes are paid.