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401k Withdrawal Age: Planning Your Retirement Finances

There are different rules for different ages for accessing your 401(k) without penalties. The younger you are, the fewer options you have. This blog will explain at what age you should withdraw your 401(K) money.
401k Withdrawal Age: Planning Your Retirement Finances
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The IRS allows penalty-free withdrawals from retirement accounts after age 59 and requires withdrawals after age 72 these are called Required Minimum Distributions, or RMDs. Early withdrawals from an IRA or 401k account can be an expensive proposition because of the hefty penalties they carry under several circumstances. Check out Beem to file your federal and state taxes without any hidden charges and get the maximum refund.

Also Know about: How to Plan Your Finances

Benefits of a 401(K)

 The 401k can be a boon to your retirement plan. It gives you the flexibility to change jobs without losing your savings. But that all starts to fall apart if you use it as a bank account in the years preceding retirement. Your best bet is usually to consciously avoid tapping any retirement money until you’ve at least reached the age of 59.

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Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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