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What are the Withdrawal Rules From My 457 Plan?
457 plans are the only retirement plan that does not require you to wait until a certain age to avoid an IRS penalty on withdrawals.
Unlike 401(k)s and 403(b)s, you are allowed to take money out of a 457 Plan before the age of 59½ without a 10% early withdrawal penalty, but only if you’ve separated from service. Separation from service can mean retiring or just leaving to take a job elsewhere.
Roth IRAs allow you to withdraw your principal amount early without penalty, but you will incur taxes and penalties if the gains are withdrawn. 457 plans do not have such stipulations. All other retirement accounts require certain exception criteria to be met for the IRS not to penalize you for early withdrawals.
Of course, when you withdraw, you’ll still be subject to income taxes on the money if it is not rolled into a qualified account. If your 457 plan was not at a state or local government entity, you do not have the option to roll plan assets into an IRA.
Where Can I Get Help With My IRA Investments?
For more help on managing your investments in your IRA, check out more articles, definitions, and FAQs here at Tickeron
How Do I Invest Money in My 457 Plan?
Investments are funded through payroll deductions and go into investment options chosen by the sponsoring employer
What is Bitcoin?
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B/B2 — credit rating
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What is Appraisal?
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What is a penny stock?
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What is index investing?
The main idea behind index investing is that markets are efficient, and with the low fees, it can be a winning strategy
What is a Dividend?
What is a naked put?
A naked put is when a put option contract writer or short-seller does not have the resources on hand to cover the position