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Taking withdrawals

As retirement approaches, it’s important to understand your options for receiving your money. The payment/withdrawal options are similar for all plan types, with some age-related differences.

Receiving money in retirement

Check out the amounts you can request, the frequency of your retirement payments and how you go about doing it.

Withdrawals while still employed

If you’re still working but need to make a withdrawal, you may be able to take a loan from your retirement account.

Do you have to take your money out when you retire?

If you’re in a good financial position, you can let your money stay and potentially grow until you’re required to take a distribution at age 73. Investing involves market risk, including possible loss of the money invested. Your Retirement Specialist will help you understand and adjust for market risk through retirement.

Staying in your plan is an option

Keeping your retirement savings where it is, is not only an option, but may be a smart move based on your situation. Watch this video to hear why Pro Football Hall of Famer Peyton Manning believes sticking with your retirement plan can help you stay on track — no matter what’s next in your financial planning journey.

Get the help you need

Talk with one of our Account Executives if you have questions about receiving your money in retirement. Neither Nationwide nor its representatives may offer tax or legal advice. You should consult your own counsel before making any decisions about plan withdrawals.

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What you should know about Form 1099-R

Form 1099-R is an IRS tax document that the plan must distribute when there is a taxable event on your account. The form provides you and the federal government with information on benefits paid and amounts withheld for federal and state income tax.

Learn more about 1099-R