Have you considered what to do about your 401(k)?
After you enter retirement, you have a significant choice to make about your 401(k) account. After all, one of the most critical aspects of your golden years is that you’re financially stable.
Whether or not you can take regular withdrawals out of your 401(k) when you retire depends on the rules of your employer’s plan. Many companies allow retired participants to withdraw money in regularly scheduled installments, monthly or quarterly.
Others allow retirees to take partial withdrawals whenever they want. You should check your 401(k)’s summary plan description, which lays it all out, or call your company’s human resources department.
And most importantly, remember to ask about transaction fees. But let’s go into the nitty-gritty and find out your options regarding that long-awaited 401(k)!