Can I withdraw all of my Solo 401(k) savings as a lump sum?

I have a very good pension plan through my employer. If I start a Solo 401(k) account on the side, could I withdraw the money as a lump sum when I retire? I will be able to live off my pension plan, so this would be a secondary source of money in retirement. What are the advantages and disadvantages of withdrawing all of my Solo 401(k) savings as a lump sum?  

Financial Planning, Retirement, Pensions, 401(k)
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July 2017
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A Solo 401(k) account is available to business owners that do not have employees, or the only employee is an immediate family member (parent, spouse, child).  Do you own a business?  If you do not, a Solo 401(k) account is not available to you.  However, depending on your income, you might be eligible to start a Roth IRA.  Depending on your age, you can maximize the contribution at either $5,500 or $6,500 if you are 50 or over.

A Roth IRA is funded with after tax money, but tax free when you withdraw it.  The rules to get the tax free withdrawal status are the withdrawals happen after age 59 1/2 and you've had the Roth account for a minimum of 5 years.  Provided you meet the tax free criteria, you can withdraw as a lump sum (or periodic distributions) tax free.

July 2017
July 2017
July 2017
July 2017