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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4317
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I don't know what type lawyer to request, but I have 457

Customer Question

I don't know what type lawyer to request, but I have 457 plan (railroad employee) and am retired at 61 years of age. What % of my $150k can I take out each year?
Submitted: 6 months ago.
Category: Tax
Expert:  PDtax replied 6 months ago.

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Expert:  PDtax replied 6 months ago.

You are old enough (>59 1/2) to take withdrawals from your plan as you see fit (unless you rolled certain other tax deferred retirement money into this plan). The 10% early distribution penalty will not apply.

There is no fixed percentage you must withdraw. Since you have retired, you can take any amount you choose. There is income tax to pay, but many retirees pay very little in taxes.

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