How can I get my retirement distribution before I am 59 1/2?

Answer by  joantheresa (1421)

Just fill out an application or claim to the company holding your retirement money. You should have a contract or plan and on that there should be an address and instructions for filing. If you get a distribution before you are 59 1/2, you should be aware there will be a penalty and tax to pay.

Answer by  VanG (12)

Retirement distributions do not have to wait, but there are penalties. Tax deductions of 20 percent or more are added to early withdrawls of retirement distributions.

Answer by  joantheresa (1421)

You can always get your retirement distribution just by requesting it. But you will have to pay a penalty so try not to do it.

Answer by  Bronagh (666)

Early retirement disbursements are allowed if you develop a disability; pay to school yourself, spouse, or children; or buy a first home. Such withdrawals are considered taxable income.

Answer by  Latin4 (11170)

Retirement distribution can be taken after 30 years of service. Check with your employer to see if you qualify. Always read the fine print and talk to someone that has experience with this type of situation. Find out from the employer if you plan lets you work a second job and get retirement.

Answer by  PiperHaley (110)

You can request a total or partial distribution from your IRA or 401K, If you have a 401K you can take a loan instead of an early distribution. If you take an early distribution, it will be fully taxed as income, and unless you use the money for an IRS defined hardship, you will be accessed a ten percent penalty.

Answer by  dr84bhl (2789)

I have tried to get some retirement funds on my own and have been refused. If you go to a firm who are specialists in being able to release retirement funds then you might be successful but they do take their fee and sometimes it can work out to expensive from your pension fund you have worked your life for.

Answer by  deathhalo (11)

The only way you can get retirement distribution before 60 is to work for a company that allows you to retire before then. Generally any of the armed services allow you to retire after 20 to 25 years of service.

Answer by  Amom (701)

You can get your distribution by contacting the administrator of your funds. They'll make you fill out a bunch of papers. When you finally get your check the taxes and a 10% penalty for withdrawing early will be taken out. You can't avoid the penalty if you take it out before 59 ½.

Answer by  rmttyler (160)

Most distributions have "exceptions" to the rule of a penalty for witdrawals before age 59 1/2. The general advice is to leave the distribution alone; however, you may have a valid emergency for health or monetary issues that would qualify a wthdrawal without a penalty.

Answer by  YukioDan (21)

As far as i know there are only few special cases which let u retire before the appointed age. One of them is having a dangerous job, which continously damages your body(for example your hearing) and they let u retire much earlier. The other one is donating blood.