Question by  Hassan (68)

Is there a mandatory withdrawal from a 401K when you reach the age of 70?

I will soon be seventy years old and want to know if I will be required to withdraw my money from my 401K.


Answer by  Gus22 (14)

Mandatory withdrawals from 401Ks begin April 1st following the year you turn 70 1/2. In 2009 mandatory withdrawals were suspended but they are back in effect for 2010. See IRS Publication 590 or contact your pension supervisor. The amount required to be withdrawn is subject to change each year.


Answer by  happytimes63 (865)

The best thing to do is read your information on your 401K program. There shoud be a phone number to call so you can find out for sure.


Answer by  dwmarkel (142)

For Traditional 401(k) plans there it is premitted to begin withdrawals by age 59 1/2 and it is mandatory to begin withdrawals by age 70 1/2. For Roth 401(k) plans it is also premitted to begin withdrawals by age 69 1/2 but there is no mandatory withdrawal. The reason for the difference is that Roth plans are after taxes.


Answer by  timeismoney (994)

Yes. You are required to begin making distributions from IRA's, 401K's and other tax-deferred accounts once you reach the age of 70 1/2.

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