Author Topic: Pension to money market?  (Read 365 times)

Irishgolfer317

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Pension to money market?
« 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

KeithTax

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Re: Pension to money market?
« Reply #1 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).

Irishgolfer317

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Re: Pension to money market?
« Reply #2 on: March 26, 2017, 12:47:51 PM »
Thanks for clarifying Keith.