What If.....

Haychica

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What happens when you retire, and there's only the employers matching contribution left in your 401k?
Iow...employee has withdrawn all or most of his or her contributions.
Thanks for any help.
 

Haychica

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If there are no outstanding TSP loans than the money is yours. Employer matching or not.
Thank you..that helps
I was hoping that they didn't make you wait until 59 1/2....
Asking for a friend of course.
 
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Altoonaflyer

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Thank you..that helps
I was hoping that they didn't make you wait until 59 1/2....
Withdrawn how is what makes a difference...balance that is there will be the employee’s as stated above, but there can be substantial penalties and taxes withheld depending on age and type of withdrawal. Make sure of the rules.
 

Gotrope

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What happens when you retire, and there's only the employers matching contribution left in your 401k?
Iow...employee has withdrawn all or most of his or her contributions.
Thanks for any help.
Like others said, depending upon why that money was withdrawn is the real factor. If a loan is still outstanding you will be issued a 1099 as taxable income on the remaining loan.
 

eomr

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I'm sorry, but why would you do that? Didn't you see retirement coming? If there were health issues or other pressing needs, I could be more understanding.
 
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Lady Carrier

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Haychica

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I'm sorry, but why would you do that? Didn't you see retirement coming? If there were health issues or other pressing needs, I could be more understanding.
Don't be sorry..it's a hypothetical question..why would you assume I did anything
Fwiw...someone asked me about it and I said I would try to find out..i had heard that some employers don't allow you to touch it until 59 1/2 but that's been debunked. I never judged, assumed or criticized the person because I was raised to respect a persons privacy...
 
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jtcrapper

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What happens when you retire, and there's only the employers matching contribution left in your 401k?
Iow...employee has withdrawn all or most of his or her contributions.
Thanks for any help.
why would anyone want to retire from a job and organization that is as highly respectful to employees as this 3 years 7 months 23 days 13 hours 31 minutes 21 seconds and I am gone
 

FEDUP Amazombie

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Can anyone give me a reason not to retire? Any help on the way from the next contract? I put in for retirement date 8/14/2020. I haven't heard from them, only to say that the request had been received. Do not try to contact until you get a departure number! I forgot to put in marriage certificate, will that void the application? I have vacation time for last 2 weeks, so I am thinking only about 3 weeks left. :)
Form says you can change your mind up until last day! Any reason to?
 

Voglio-il mio

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Can anyone give me a reason not to retire? Any help on the way from the next contract? I put in for retirement date 8/14/2020. I haven't heard from them, only to say that the request had been received. Do not try to contact until you get a departure number! I forgot to put in marriage certificate, will that void the application? I have vacation time for last 2 weeks, so I am thinking only about 3 weeks left. :)
Form says you can change your mind up until last day! Any reason to?
Savior the time you have remaining and take the time to rub it in with your coworkers! I can't think of a reason, if its time than make it happen! When did you put in your paperwork? Isn't it recommended to be done 6 months in advance so that everything goes smooth?:cool:
 
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