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457 withdrawal advice
Posted on 6/19/14 at 10:13 pm
Posted on 6/19/14 at 10:13 pm
Have about $15,000 from when I began my job in a MM account earning not much. I have other retirement investments. Looking to move homes, and was thinking about pulling it out to use. Wife is a teacher and will be on sabbatical, so this shouldn't put us ina new tax bracket because of her decrease in pay during that time. from my understanding, 457 withdrawals aren't penalized, but seen as taxable income. Anything I'm missing?
Posted on 6/20/14 at 12:52 am to Scooby
quote:
457 withdrawals aren't penalized
If you're under the age of 59-1/2 there will be a 10% penalty in addition to being taxed as ordinary income, same as a 401K. The money can be withdrawn without the penalty to use for the first-time purchase of a home.
Posted on 6/21/14 at 8:52 am to Layabout
You are correct. There is no penalty on early 457 withdrawals, just have to pay the taxes.
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