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Hey thump,
You might want to check with some tax folks. We went through a similar thing with our company in 2002 and they have changed the laws on 401K in certain circumstances. I was 57 and I was able to draw from mine without a penalty. Still have to pay income tax just like on other income but if you are 55 or older there is not a penalty. Like I said, I was 57, but one of my buds was 55 and he did the same thing I did.
I was fortunate that I was able to keep my insurance at a very reasonable rate.
Good luck and go fishing.
SeaRay
Mark 1:17 ...I will make you fishers of men
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It would be hard not to talk about them. I can't imagine looking for another job at this point in my life. I've been at the same place for 31 years & will turn 51 in August. I was told the same thing about the 401K. after 55 I could draw without penalty. Hope you find something if that's what you want... Good Luck
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good info guys . I will check on that but I sure don't want it to run out either . I plan on living to be a hundred or so .lol thanks
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