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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: LTBH who wrote (6508)	11/17/2010 9:40:11 PM
From: JimisJim	Read Replies (2) \| Respond to 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. If you take the 60-day route and get a check, the IRS will take 20% until/unless you file your next income tax even if you do rollover within 60 days. So the best bet for people of any age, if you want to rollover your 401k, open the IRA account first and have it rolled directly over into that account and the only thing you have to do is file a 1099-R, and the IRS doesn't withhold anything. I did that when I left my old, old employer when I was a younger man. Nope, I've been focusing on what to do with an underperforming 401K all along. The "Rule of 55" however, only applies to 401Ks and other "qualified" plans and excludes all IRAs regardless of form or ROTH, etc. Jim