QUESTION

How can I get my retirement money if I am quitting my job?

Asked on Dec 25th, 2012 on Labor and Employment - Oregon
More details to this question:
I'm 54 and I am teacher's aide job of 22 years. I'd like to withdraw the entire sum now. Thank you very much.
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7 ANSWERS

Bruce A. Coane
You would have to read the terms of the retirement plan itself to see what the withdrawal rules are. Also, watch out for penalties and taxes if you withdraw. You may be able to "transfer" it to a new retirement plan or IRA with no penalties or taxes, as well.
Answered on Jan 04th, 2013 at 3:57 PM

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Contact the retirement system and ask them. You should also consult with a financial planner to see what are the tax consequences. This likely will be taxed at ordinary income, since you are under age 59 1/2 You may want to spread it over a few years. However, if this is your only income this year, this may be the year to take it all and pay taxes at a lower rate, depending on your other income.
Answered on Jan 04th, 2013 at 3:55 PM

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Elder Law Attorney serving Hollister, CA at Charles R. Perry
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Your rights to withdraw your retirement are governed by the terms of the pension fund. You need to consult with someone connected to that fund to discuss your withdrawal rights. Someone in the personnel department of your school should be able to give you contact information for the fund.
Answered on Jan 04th, 2013 at 3:54 PM

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Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC at Love and Dillenbeck Law
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Contact your HR department for instructions.
Answered on Jan 04th, 2013 at 3:11 PM

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Commercial Contracts Attorney serving Boise, ID at Peters Law, PLLC
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Contact the administrator of the plan and they will provide you with guidance.
Answered on Jan 04th, 2013 at 3:10 PM

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Steven Lee Miller
You have to request the rolling over of the money first into a regular ira. not sure if you have a 401k or 403b. you should ask the company/ school (not sure if it is a public or private school) If you are 54 and you take money now, you more than likely will have an exposure to penalties, since most plans you cannot withdraw until you are 59 1/2 minimum. I would suggest the following: 1. go to a brokerage firm like fidelity or schwab. 2. open up an ira, and that you want to roll over your money to them (they know how to do it, and the rolling over will not cause a taxable event) 3. once the money is rolled over, or when they are in process, ask the financial advisor, will you have to pay penalties if you withdraw now? If he says yes, then you will have to figure our if that is what you want to do, or if it is better to defer that withdraw a few years and get another job. Best of luck.
Answered on Jan 04th, 2013 at 3:07 PM

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Theodore M. Roe
Questions like this depend entirely on your retirement plan and when you vest. If you work for a public school there is a retirement account department that can answer these questions for you and if you work for a private school, I recommend you contact your HR department.
Answered on Jan 04th, 2013 at 2:24 PM

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