/ Ask Terry Questions / 401 withdrawal at 67 years old

401 withdrawal at 67 years old

By Terry Savage on January 22, 2023 | Investments

Terry, if I withdraw old 401k from previous employer do I have 6 months before to decide where to direct it?? Bonds? Is a $250,000 CD eligible?? For no penalty? Appreciate all you do!! Thanks.

Terry Says

Wait — you’ve asked a lot of contradictory questions.
First, please read this recent article: https://www.terrysavage.com/rollover-now

That will show you the best way to do a rollover.
If you want to put it all into a CD, then do the rollover to a bank for your IRA.
But at some point, now age 73, you’ll need liquidity to take RMDs, so keep that in mind when you choose CD maturities.



a personal
finance question