Quote:
Yermom
If you are over 55, you can roll your PRAP (401k), into an IRA or some other qualified investment account. Once there, I believe the IRS has exemptions for pre-retirement disbursements without penalty. Also, as much as I dislike annuities, you could also roll the 401(k) into a variable annuity which could begin to pay out monthly.Originally Posted by Yermom
Since this thread has touched on monetary issues, I have a questions about our PRAP. This is a hypothetical, worst-case scenario, so please understand I'm not running to the bank as I type this. Just wondering if it's even possible to tap into PRAP retirement savings? I understand all the penalties and implications of early withdrawal. I just don't know if the PRAP is different than a standard 401K, and if we do, or do not, have the ability to make early withdrawals. Thanks to anyone who responds.Yermom