Ask Terry Questions 401K at age 78 and still working

401K at age 78 and still working

By Terry Savage on March 14, 2024 | Wild Card

I started my 401K very late in my career. I only have about $700.00 in it and I tried to withdraw the funds due to increased cost of living. I am 78 years old and know I am supposed to start taking money out however when I contacted the company I got all kinds of requirements that leaves me gobsmacked. I still work part time for the company that I started the 401K and the lady told me that I would have to quit that job in order to cash out.
Obviously i cannot afford to quit that job and really need the cash.

Terry Says

How nasty. Companies can have rules against withdrawals if you are still working there, but this is ridiculous.

Ask her if you can take a LOAN under the plan rules.
And if you run into a dead end, please reply to the email you will receive saying your answer has been posted. Give me your phone number. I’d welcome the chance to get on the phone with you and the company to sort this out!!!



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