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What should I know before making pension withdrawals?

asked by liam (19)

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Tags:  finance  money  retirement

answers

Are you over 59 1/2? If not there may be a 10% penalty in addition to the tax. Money coming out of the pension will be taxable to both federal and state. Do you have adequate retirement funding from other sources if you take this money?

6 votes

First, determine how much of your withdrawal is taxable. Ask if you have any waiting period associated with a withdrawal. Then ask how much you can withdraw without penalties. Ask if you have a minimum required withdrawal amount. Determine your withdrawal options and select appropriate tax witholding.

reply
posted by Att4372 (851)
4 votes

Pension withdrawals before the retirement age may mean a lower pay out over your lifetime. Depending on your state, you may have to pay income tax on the pension payments.

4 votes

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