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You should become familiar with the possible ramifications of distributions which may include a 10% premature distribution penalty tax if distributions are made before you reach the age of 59½.

There are certain questions you will need to answer.

• Can you borrow money from your retirement plan?
• Would it be better to receive your retirement money as a lump sum or as monthly payments?
• Can you roll your retirement plan balance into an IRA?
• What are the tax implications of naming more than one beneficiary, if you are allowed to do so?
• What are the required minimum distributions, if any, from the plan after you reach age 70½?

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