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Life Planning Center > Getting Ready To Retire / Retired
Distributions from Your Retirement Plan
  • Introduction
  • What Initiates a Distribution?
  • Five Dates You Should Know
  • Selecting a Distribution Option
  • Deciding on a Payout Option
  • Annuity Form of Payout
  • Advantages and Disadvantages of Taking an Annuity
  • Taking a Lump-Sum Distribution: Know Your Options
  • Annuity vs. Managing Your Own Retirement Assets
  • Advantages and Disadvantages of a Lump-Sum Distribution
  • The Roth IRA–How Does It Fit In?
  • Making the Decision: Annuity or Lump-Sum?
  • Taxation of Distribution Options
  • Rollover into a Traditional IRA
  • Advantages and Disadvantages of Rollover to a Traditional IRA
  • Annuity Payouts
  • Early Distributions
  • Should You Defer Your Retirement Plan Distribution as Long as Possible?
  • Distributions Following Death

What Initiates a Distribution?

Certain events, including retirement, will permit or trigger your retirement funds to be distributed. When one of these events occurs, you must then make your choice (if one is available) as to the distribution method to be used. Events permitting or requiring a distribution must be specified in your qualified retirement plan document. Typical distribution events are:

  • Connect with a Financial Consultant
  • Retirement on or after attaining the plan's normal retirement age
  • Financial hardship
  • Death
  • Attainment of normal retirement age
  • Disability
  • Attainment of age 72 (70½ if you reached age 70 1/2 by January 1,2020) unless still employed. If you own more than 5% of the entity that sponsors the plan, you must begin taking minimum distributions at age 72 (70½ if you reached age 70 1/2 by January 1,2020), even if you continue to work.

IMPORTANT NOTE: Distributions from a traditional IRA must begin at age 72, even if you are still working.

  • Other termination of employment, including early retirement
  • Plan termination
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

Not NCUA Insuredor Any Other Government Agency No Credit Union Guarantee Not Credit Union Deposits May Lose Value

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.



Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.

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