Second question if the day but retirement is getting close (5 months). I have a private 457b account and here are the rules that I’m aware of:
OPTION A - Receive a lump sum payment 60 days following separation date
OPTION B - Receive a lump sum payment at a later date but not later than 65th birthdate
OPTION C - Receive annual installments paid over 2-5 years; first installment must start before 65th birthdate
Does this mean I can’t simply roll the 457b into an IRA and then ignore the rules and keep it tax deferred til I’m ready to use it. Thanks.
OPTION A - Receive a lump sum payment 60 days following separation date
OPTION B - Receive a lump sum payment at a later date but not later than 65th birthdate
OPTION C - Receive annual installments paid over 2-5 years; first installment must start before 65th birthdate
Does this mean I can’t simply roll the 457b into an IRA and then ignore the rules and keep it tax deferred til I’m ready to use it. Thanks.
Statistics: Posted by chitownguy — Mon Jan 08, 2024 3:56 pm — Replies 1 — Views 18