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When it comes to dipping into your retirement savings, the order you withdraw from your accounts matters. Why? Because each type of retirement savings comes with its own set of withdrawal rules ...
And you also don't necessarily need to panic if your 401 (k) balance is less than the average worker's your age if you have other retirement income sources lined up.
Learn the ins and outs of 401(k) withdrawals and potential penalties before making any moves with your retirement money.
Comparison of 401 (k) and IRA accounts This is a comparison between 401 (k), Roth 401 (k), and Traditional Individual Retirement Account and Roth Individual Retirement Account accounts, four different types of retirement savings vehicles that are common in the United States.
Roth 401 (k) The Roth 401 (k) is a type of retirement savings plan. It was authorized by the United States Congress under the Internal Revenue Code, section 402A, [1] and represents a unique combination of features of the Roth IRA and a traditional 401 (k) plan.
But for workers who have an employer-sponsored 401 (k) plan, the IRS allows anyone over the age of 55 who decides to leave the workforce to start drawing penalty-free distributions from that plan.
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