After retirement is 401K money taxed?

Hi,

After retirement you only have to pay taxes on the money withdrawn from the 401k account and there will be no penalties.

Hi Fisher,

You can go through this page for more information on 401K plan and effective income tax consideration after a person retires.

This is the address of the page, please have a look: http://www.mortgagefit.com/401k.html

Thanks
Colin

hi,

Money taken from 401k account after retirement will be taxed at the time of withdrawal and there will be no penalty if you are 59 and 1/2 years of age or above.

thanks

I am working full time, my age is 66, with the economy is a bad state should I withdraw from my 401k?

Hi Roye Wright!

Welcome to Forums!

Yes you can withdraw money from the 401k plan. But as you are working this withdrawal will be taxed.

Feel free to ask if you have further queries.

Sussane

I am 65 and want to stop working full time at 66. Can I withdraw unlimited funds from my 401K account (and pay the taxes) to live on until I decide to apply for social security in a couple of years?

Hi Michael,

As you're 65 years of age, I think you will be able to take out as much amount as you need from your 401k account.

Thanks