Expert: Allen - 10/15/2006

Question
I am 55 years old and am wanting to draw my 401-k at approximatly 59.5 years old.  I do not want to buy an annuity.  How do I draw cash out of the account?   
I am lost as to what to do at age 59.5 or even 62 years of age. I would like to take retirement at age 62. Now I have about 130K in my account and I think I can double it by the time I am 62.  

Answer
Each plan has its own rules on when you can withdraw from your account and when you can withdraw. If you want to find out your options you should read the Summary Plan Description which was given to you when you began participating in the plan. Or you can contact the Plan Administrator or your company's Human Resources Department