In article <1110379406.019305.85500[at]z14g2000cwz.googlegroups.com> ,
FranksPlace2[at]gmail.com wrote:

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To be honest, I'd hardly consider that much of an advantage.
You still have to pay everything except the 10% penalty, and
you end up using your retirement money before you retire.
Every $1000 you take out at age 55 could be $10,000 at age
75. Plus, if you use up your money in your 50's, what do
you plan to use to buy food when you are in your 70's? I
am sure you don't want to be fighting the neighborhood stray
dogs and cats for first dibs on leftovers thrown out in
dumpsters in the back alley.

-john-

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John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
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John,

This web site: http://www.401khelpcenter.com/mpower...re_121902.html

lists a number of "72t Penalty Free" withdrawals. Layed off at age 55
is one of them.

Frank

John A. Weeks III wrote:
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Ask about a 72t distribution.

In article <1110233596.043711.118140[at]f14g2000cwb.googlegroups.com> ,
FranksPlace2[at]gmail.com wrote:

- quote -

Not that I am aware of, but then again, I learn new things
all the time. What you can do is annuitize your retirement
funds. You set them up for withdrawls in substantially
equal portions over your expected lifetime. You can then
start withdrawing without penalty prior to age 59-1/2.
There are a bunch of rules, so check with your planner
or broker. Be very careful doing this since you could
easily get into a situation where you live longer than
your money.

-john-

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John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

I understand (but I am not sure) a 401k provides an advantage if you
are layed off and over 55. Under these conditions, it is possible to
withdraw funds without a penalty.

You lose this benefit if you convert to an IRA.

Frank

Find an independent financial advisor and review your situation.

Then roll the entire 401k into an appropriate investment vehicle, probably
an IRA or maybe an annuity given your age and situation or if you are going
into business for yourself, a Solo 401k..

"newberry" <newberrya[at]gmail.com> wrote in message
news:1110208259.195473.154060[at]z14g2000cwz.googlegroups.com...
- quote -

In article <1110208259.195473.154060[at]z14g2000cwz.googlegroups.com> ,
"newberry" <newberrya[at]gmail.com> wrote:

- quote -

Find some other way than to cash out your 401K. There are two
very good reasons. First, you will give up about half of the
401K money to fees and taxes. That is very expensive money.
You would be better off with loan sharks. Second, this is
your retirment money. If you spend it now, what will you
use to buy food when you are too old to work? You certainly
don't want to be dumpster diving for left-overs when you are
90 years old.

-john-

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================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

newberry wrote:
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Contact a stockbroker to create an IRA, you can then make the transfer.

Once you have a stockbroker, you can invest the money as you see fit.

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Ron

The other day I was "let go" at my job. I was lucky enough to have
been contributing to my 401k for the last few years. It has been doing
very well about 18% last year. I now need to cash it out but i would
like to leave some in an IRA. I need some advise about IRA's. Putnam
Investments has not been any help at all. I feel like i'm getting the
runaround from them. So if someone could assist me I would be very
thankfull.

Newberry