The Wealthy Accountant Forum

General Category => Investing => Topic started by: Irishgolfer317 on March 24, 2017, 09:14:11 PM

Title: Pension to money market?
Post by: Irishgolfer317 on March 24, 2017, 09:14:11 PM
I have a state pension account with about $7,000 vested in it. The money is in a 2055 retirement fund. I have the option to roll it over to a money market fund. My question is if I roll it to a money market account, can I withdraw it without paying taxes? Or is the same as withdrawing early from a 401k account? (Taxed to death).

Thanks
Title: Re: Pension to money market?
Post by: KeithTax on March 25, 2017, 08:27:24 AM
Rolling to a MM fund will change nothing if you withdraw the money. You will still be taxed (and penalized if under 59 1/2).
Title: Re: Pension to money market?
Post by: Irishgolfer317 on March 26, 2017, 12:47:51 PM
Thanks for clarifying Keith.