From age 50, if you have left service, you can pull out 25% of your funds and then the next amount up to 500k is taxed at 20%?
So if u have 3 DC plans that were never consolidated, is it 25% of the total value of all 3 plans only at one point or can you withdraw 25%of each plan at 3 different points in time?
And for the amounts taxed at 20%, does this have to be taken in one lump sum or is it 20%tax for all withdrawals up to 500k?
Thanks
So if u have 3 DC plans that were never consolidated, is it 25% of the total value of all 3 plans only at one point or can you withdraw 25%of each plan at 3 different points in time?
And for the amounts taxed at 20%, does this have to be taken in one lump sum or is it 20%tax for all withdrawals up to 500k?
Thanks