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401 K Retirement Plan Questions

A 401 K plan is a type of retirement savings plan. Both the employer and the employee make equal contributions towards this plan. There are various rules and regulations that govern these plans and one has to be aware of these rules so that they don’t lose the funds from these accounts. Given below are some important questions about 401 K plans that have been answered by the thousands of Experts.

Can the stock of a company be used as an investment option when creating a solo 401 (K) plan?

It may be possible to use the stock of a company while creating a 401 (K) plan. However, this may depend on the provisions of the document. If the plan document allows the person to purchase the employer stock, then it may be used to create the plan.

Can a person who is 70 years old wait to take distributions from their 401 (K) plan till they quit their job?

If the 401 (K) plan allows the individual to wait till they quit their job to start taking the money from the account, the individual may wait till the employment is terminated. The provisions of the plan may be explained in the Summary Plan Description which will be given to all the employees.

What is the process to convert a 401 (K) into gold or silver?

If an individual is over 59 years of age and no longer employed with the company that sponsors the 401 (K) account, the individual may take the money from the account anytime and roll it over into an Individual Retirement Account (IRA). Once this is done, the person may be able to buy gold and silver as investments from the IRA.

Can a person withdraw money from their 401 (K) account who has not reached the age of 59 even though their spouse is 62?

The distribution from a 401 K may depend on the age of the participant. Hence, an individual may not be able to withdraw money from their 401 K without having to pay a penalty if they are not 59 years old and is still employed even though their spouse is 62.

Under what circumstances can employees withdraw money from their 401 K plans without facing any penalties?

There may be two circumstances under which employees will be able to withdraw money from their 401 K plans without facing a penalty. The first option is if the employer permits the employees to take a loan on the 401 K. This will help the individual avoid the early withdrawal penalties. The second circumstance may be a hardship withdrawal from the account. In order to be qualified for this kind of withdrawal, the individual may have to meet certain criteria. These are given below:
If the employee has to buy a primary residence
In order to prevent a foreclosure of his/her house
To pay college tuition fees for oneself or a dependant.
For unreimbursed medical expenses for oneself or a dependant

Can the funds from a 401 K account be rolled over into an IRA account?

In some situations, it may be possible to roll over the funds from a 401 K account into an IRA account without any tax implications since the rollover may not be considered to be a taxable distribution.

It may not always be easy to understand the rules and regulations governing the 401 K plans for individuals. You must know how these plans work and when you can or cannot withdraw funds from these accounts. Violating these rules may sometimes have legal implications. You may ask an Expert if you have doubts or have any questions about 401 K plans.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2137
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
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Recent 401 K Questions

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    If my mother in law forms an LLC and deeds her home property of many years over to the LLC, then gives me and my wife 49% of the LLC and we build a new home on the property and sell it, is it still long term capital gains for the partners and can my mother in law still get her 250 K exemption?
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