Letter Payoff Loan With 401k In Washington
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The DCP is a 457(b) deferred compensation plan. Your contribution can be made pre-tax and/or Roth, and you get to choose your investment funds from the Washington State Investment Board's menu of options. Your investments grow until you're ready to withdraw them at retirement.
If you're considering a withdrawal from your 401(k) plan account1 keep in mind that you may be subject to federal and state income taxes on the amount you take out, as well as an additional 10% federal income tax if you are under age 59½, unless an exception applies, Walker notes.
401(k) withdrawals are considered taxable income, so they're taxed at your ordinary income tax rate. Having a diverse mix of assets to work with in retirement can help you make strategic decisions that can help to minimize the impact of taxes.
