Accessing your money before retirement
Your plan was established to encourage long term savings, so in-service withdrawals are not permitted from this plan. You must begin taking distributions once you reach age 72 (age 70½ if born before July 1, 1949) or you retire, whichever is later.
Your distribution options include:
- Transferring your vested account balance over to an IRA or another tax-advantaged plan that accepts rollovers
- Choosing one of the many annuity options
- Deferring distributions until a later date, allowing your account to continue to grow tax deferred
Generally, income taxes must be paid on all amounts you withdraw from your plan. Consult your financial professional for more specific information.