How distributions work
As you approach retirement, part of your planning will be to decide how you wish to receive distributions from your retirement plan account. When considering this, keep in mind that, for some employer-sponsored plans like 401(k)s and 403(b)s, you must wait until age 59½ before you can take distributions penalty-free (there are a few exceptions to this, such as withdrawals for certain medical/health expenses or if you are disabled).
The early withdrawal penalty does not apply to 457 plans.
