Money Watch: Avoid tax penalty with 401k withdrawals

Source: USA Today

Q: I am age 71 and I have a 401(k) plan with $500,000. I have ample funds for living expenses from Social Security and a pension. But now I will have a required minimum withdrawal of about $21,000 a year from my 401(k) plan. What are the arguments for taking out the money every January? Or is there any reason to wait to take out the money in late December every year?

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money management, financial


 
 

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