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Strategies & Market Trends : Dividend investing for retirement

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To: JimisJim who wrote (6509)	11/17/2010 10:53:57 PM
From: chowder	Read Replies (1) of 34328

>>> Age doesn't enter that first part of the equation... anyone at any age who leaves a job can roll over their 401k to an IRA directly without penalty. <<< That isn't necessarily true! The Missus left a job 3 years ago, under the age of 55. She was allowed to transfer her portion of her 401K into a traditional IRA with Fidelity as she was fully vested. The 5% match that her company put in for all those years she was there, was not eligible to be touched. For some reason, her 401K was set up that you could only take the company portion at retirement or had to wait 5 years after she left the company. I checked with Merrill Lynch to confirm and that's exactly what they said. I couldn't even roll the ML administered 401K plan into a traditional IRA with ML. The money is still sitting there and we have no access to it without paying the huge tax loss.

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