Withdrawing money from retirement

[darkfrosty]

How long does it usually take to withdraw money from your retirement? Because my aunt is apparently withdrawing money from my uncles retirement to pay off a loan that I am a consigner on. My question is how long does it take to get the money? Because this has been going on for awhile and I don't trust her.

[thom02099]

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@darkfrosty wrote:
How long does it usually take to withdraw money from your retirement? Because my aunt is apparently withdrawing money from my uncles retirement to pay off a loan that I am a consigner on. My question is how long does it take to get the money? Because this has been going on for awhile and I don't trust her.

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Depends on what sort of a plan you're talking about.  "Withdraw money from your retirement" can mean a variety of different things.  Are you talking about a 401(k) or a pension plan, or some other type plan? 

How is your aunt able to do this if the plan is in your uncle's name?  Is your uncle deceased? Is your aunt the named beneficiary?  

If your uncle is deceased, is there probate or a will involved?  Is there an estate to be settled?

The actual  logistical withdrawal from a 401(k) account should not require much time at all.  From my own experience with impending retirement, all my plan needs is documentation that I'm no longer employed, and elligible to begin withdrawals.  Withdrawals should be available within a week from meeting withdrawal requirements. 

[darkfrosty]

Either 401k or pension. My uncle is alive and knows what she is doing. I am just trying to figure out how long it actually takes because they are always giving me the run around that they put in the request and it's happening which I think is bs

[Revelate]

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@darkfrosty wrote:
Either 401k or pension. My uncle is alive and knows what she is doing. I am just trying to figure out how long it actually takes because they are always giving me the run around that they put in the request and it's happening which I think is bs

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Could be a while then depending on the plan; one of my 401K's mandates everything in written forms processed by snail mail; another was a few mouse-clicks and done for a rollover.  Straight withdrawl is more complicated than a rollover as well, could be on the order of 2-3 weeks unfortunately when it's all said and done.

[IOBA]

I did a loan from a retirement account.  Had the money - the check - within two weeks and everything was done snail mail.  Applied snail mail.  Received the check snail mail.

You can ask for a copy of the applicaiton or a copy of correspondence from the administrator of the retirement account to see the "status" of the applicaiton.  Aunt and Uncle may not provide it though, especially if they are not being honest about it.

What did you cosign for?  (I know, you said loan - but how much and why did they need a co-signer on a loan or what was it for?)

If they are behind on their payments on the loan and won't provide proof the withdrawal has been done (or is in process) from the retirement account, you could sue them, get a judgement against them, and then put a levy/lein on the retirement account.

Just an observation - if they have been lying to you now, what confidence do you have that they would take the cash and actually apply it to the loan you co-signed?

[Repo-ed]

No more than 2 weeks.

[darkfrosty]

Alright thank you.