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Can you receive your retirement early under hardship

Customer Question
Can you receive your...

Can you receive your retirement early under hardship situation for settlement of divorcing my wife

Lawyer's Assistant: Have you documented this or discussed it with HR?

No

Lawyer's Assistant: Is the employment agreement "at will," union, full time or part time?

Im not sure what yiu mean

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

How long does it take to receive money from my stocks to convert them into cash value to the woman im divorcing.

Submitted: 6 months ago.Category: Employment Law
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Customer reply replied 6 months ago
Want to pay lump sum in divorce, stocks would be my only option. Paying monthly payments would be impossible financially . But if can use how long would it take to convert stocks to usable money for spouse
Customer reply replied 6 months ago
I no longer work for the company. I was fired in 2006 and was allowed to keep stocks to have access to when I retire at retirement age I do not know for sure what that age is exactly. Dont know if that makes a difference
Customer reply replied 6 months ago
Sorry I forgot to tell you that sooner. I was full time for almost 13 years
Answered in 4 hours by:
12/8/2017
Employment Lawyer: Gerald, Esq, Attorney replied 6 months ago
Gerald, Esq
Gerald, Esq, Attorney
Category: Employment Law
Satisfied Customers: 5,238
Experience: Over 30 years of experience
Verified
Retirement age for the purposes of withdrawing funds from a qualified retirement plan or account without tax penalties is age 59 and 1/2. But there are ways to withdraw funds earlier without penalty. The primary way is to annuitize the funds. This means taking amounts in portions in a certain formula so it is taken each year based on your life expectancy.
You would want to consult a financial adviser for this. Another way is to roll the funds into an annuity.
Kind regards,
Gerald
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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