Don’t let it remain under the Citi umbrella and count into the bragging rights about how much money they manage. Don’t let them manage a dime of it. Move it to another investment firm.
If they drag their feet on letting it transfer out OR try to intimidate you, if you can imagine that, into leaving it with Citi, then sue them into oblivion and retire early.
Did you have your birthday already? Rule of 55 applies if you turn 55 (or older) during the calendar year you lose or leave your job.
Hi experts,
I am 54 year old and got laid off, Can I rollover some amount from 401K to Trad IRA and withdraw some portion from 401K after 55?
The rule of 55 is an IRS guideline that allows you to avoid paying the 10% early withdrawal penalty on 401(k). The catch is that your balance has to stay in the Citi 401K to take advantage of it.
What rule of 55? There’s something for 60- age and yrs at Citi equal to or more than 60…
For those 55 and older, make sure you are familiar with the rule of 55.
Yes, roll in directly into an IRA (have the check written to the brokerage firm..not you.
Anyone who has had a job before should know to roll their 401k into their IRA so you can invest how you want
Agreed.
Something to think about.