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    Scott jones's Avatar
    Scott jones Posts: 1, Reputation: 1
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    #1

    Jul 25, 2012, 09:03 AM
    Terminated and need to tap into my 401(k)
    I was terminated after 22years of employment I have no way to feed shelter or clothe my family.how may I withdrawal from my 401 k?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jul 25, 2012, 09:09 AM
    You can contact the plan administrator about taking a withdrawal. Be aware that you wll have to pay income tax on it. And if you are under age 55 you have to pay the 10% early withdrawal penalty as well unless the money is used for medical expenses in excess of 7.5% of your adjusted gross income.
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