Understanding In-Service Withdrawals in Retirement Plans

Understanding In-Service Withdrawals in Retirement Plans | Income Lab Tutorial - YouTube

Transcripts:
(00:02) Hello everyone and welcome to a quick tutorial on accounts that allow inservice withdrawals. Some retirement plans may allow participants to access their funds even while they're still working and even when they have not reached the age of 59 and a half, without incurring an early withdrawal penalty. In order to turn on these inservice withdrawals, you will have to access the additional settings of the account by clicking on the gear icon located here.

(00:25) Once here, you will click on the account and distribution settings located here. And this will allow you to then select the inservice withdrawal option. Please note, in order for the inservice withdrawal option to appear, you will have to first declare that you are still working for the employer as inservice withdrawals are allowed while you're still working.
(00:47)  In this case, if the toggle is set to no, you will need to enable the toggle and select the date when you are stopping to work for the employer. Once you select yes, you will see that the plan does give you the option to allow inservice withdrawals for which you will also click yes to. Once you are done, press save and press save in the bottom right corner in order to make the change. And that's it.

(01:12) Thank