Once you turn 70½, you must begin withdrawals from your 401(k) unless you're still working. These required withdrawals are designed to ensure that you use the money in your account for the purpose it was intended: to provide retirement income. You may not be required to put money into a 401(k) plan. In fact, only a few employers have mandatory plans. But if you do contribute, you must eventually take required minimum distributions (RMDs) from your plan if you haven't made arrangements for moving the accumulated assets out of your account. Check your minimum required distribution using our calculator.
The reason the government requires withdrawals is that these tax-deferred savings plans were established to provide you with retirement income, not as a way for you to accumulate an estate to leave to your heirs-though if you die before you have withdrawn your assets you can pass them on to a beneficiary or beneficiaries you name.
Of course, you're free to begin withdrawing sooner than the law requires-which is when you reach 70½-if you retire or leave your job. You can also take more than the required minimum each year if your plan offers a flexible withdrawal arrangement. But if you take less for any reason, or if the required annual withdrawal isn't made before the end of the year, you face a 50 percent federal penalty on the amount you should have taken but didn't.
Try this website:http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
Contracom
You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Try this website:http://www.fundadvice.com/401k-help/401k-plans/401k-safeway.html
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
Contracom
You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Yes, You can lose Money in a 401k
The difference in a Roth 401K and a regular 401K retirement is perhaps the benefits that they bring out. They might also have different rates and requirements.
You can make a withdrawals with your 401K however you will have to be aware of the fees that are charged from the 401K.
i lost track of my 401k in 1997 and dont know the company that had the 401k plan
You own your 401k so when you leave your employer you still own your 401k. You can either leave it where it is or you can move it to which ever company manages the 401k investments for your new employer. how do i git access to my 401k from this company so i can transfer or cash it in.
Fidelty 401k is not the only one out there. Your local bank would be happy to set up a 401k for you, as well as the investment companies such as Charles Schwab and Scott Trade.
What is in the 401k account will determine what type of return you will get on it. How well the stocks, bond, mutual fund and other securities in the 401k is doing will determine the return in the 401k