Are you wondering how to withdraw from your Voya Retirement Plan account? You’re not alone! Withdrawing funds from your retirement plan can be a complex process. Fortunately, this article will provide you with the steps you need to make sure the process goes smoothly.
For a complete understanding of the Voya Retirement Plan, it’s important to know about both its Types of Accounts and Eligibility for Withdrawal. We’ll provide insight into both. With this knowledge, you’ll be able to run your Voya Retirement Plan with ease.
To withdraw from Voya Retirement Plan, follow these steps:
Voya offers two types of withdrawals: partial and full withdrawals. Partial withdrawals allow you to withdraw a certain amount while leaving the rest of your account intact. Full withdrawals allow you to withdraw your entire account balance.
You can withdraw from your Voya Retirement Plan at any time, but there may be consequences depending on your age and the reason for the withdrawal. If you are under 59 1/2 years old, you may be subject to a 10% early withdrawal penalty, in addition to any taxes owed on the withdrawal amount.
The amount you can withdraw from your Voya Retirement Plan depends on your account balance and the reason for the withdrawal. Generally, you can withdraw up to 100% of your account balance, but certain restrictions may apply depending on the type of withdrawal you choose.
Withdrawals from Voya Retirement Plan are subject to income taxes. The taxes owed on the withdrawal amount will depend on your tax bracket and the amount withdrawn. Additionally, if you are under 59 1/2 years old, you may be subject to a 10% early withdrawal penalty, in addition to income taxes.
It may be possible to change or cancel your withdrawal request, but you should contact Voya customer service as soon as possible to do so. Once your request has been submitted, it cannot be undone, but you may be able to modify the details of the withdrawal.
