How to Withdraw Money From a Fidelity Retirement Account
Fidelity is one of the best known mutual funds and retirement planning companies, and many individuals, employers and institutions use their funds as part of their 401(k) plans and IRA accounts. But while putting money aside for retirement is important, knowing how to withdraw those funds the right way is just as critical. Making a mistake during the withdrawal phase could subject you to taxes and other penalties.
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Instructions
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Pull out a copy of your most recent Fidelity retirement plan statement and review the account balances. Keep in mind that the current value of your account could be more or less than that total, depending on how the stock and bond markets have performed in the interim.
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Understand how your age affects the availability of your retirement funds. While you can pull money out of your Fidelity retirement plans at any age, if you do so before age 59-1/2 you could be subject to up to a 20% penalty. You will also owe ordinary income taxes on the amount you withdraw.
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Contact a Fidelity representative at 1-800-343-3548. Navigate through the voice-mail system and ask to speak to a representative. Tell that representative that you wish to withdraw money from your retirement account. Give the representative your name, account number and any other identifying information he or she asks for. You will be asked several questions to verify your identity and help prevent fraudulent withdrawals.
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Complete the withdrawal forms to complete the process. This form is available on the Fidelity website. Complete the forms and mail them to the address shown on the form. Be sure to complete the section asking how the proceeds are to be distributed. You can have the money sent in a check, or you can choose to transfer the money electronically to your bank, brokerage firm or other institution.
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