Wondering when I can get out of here with that amount
5 replies (most recent on top)
OP: If you want the part that is vested, then you have to stay there 3 years. If you leave before that, then Ford keeps their portion of it.
If you are less than 59.5 years old, then don't cash out your SSIP 401k. If you take the pension lump sum, then you should roll it over to you IRA account.
Have a good financial manager manage your IRA.
Read up on 401K rule of 55 and 72T conversions..
You really need some funds in your 401K until your 59.5th birthday.
If you retire or get let go in the year you turn 55 you have unlimited access to your 401K funds without 10% early penalty. You still have to pay tax on it though.
If you roll it to an IRA then you need to do a 72T conversion which has a 5 yr minimum life or till your reach 59.5 years. You can also do a 72T if you are under 55.
Roll contributory to a Roth...
If under 55 you can also roll the 401K to your new employer and wait till your turn 55 and retire to get at the money.
But don't get impatient and roll it to an IRA without knowing all the facts.
You can roll it over to your new job’s 401k without penalty.
Anytime you want, with penalties. One exception if you still have it in the Ford plan, you can borrow up to 100,000 without early withdrawal penalty once you turn 55.
You can start making normal withdrawals at age 59 1/2.