Ask Experts Questions for FREE Help !
Ask
    holdsy53's Avatar
    holdsy53 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 7, 2012, 04:11 PM
    When can I withdraw money from 401k without penalty at 591/2 if I
    Can I withdraw money from my 401 K at age 59 1/2 if I am not yet retired?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Jun 8, 2012, 06:58 AM
    Quote Originally Posted by holdsy53 View Post
    Can I withdraw money from my 401 K at age 59 1/2 if I am not yet retired?
    Maybe, maybe not. Some employers have plans that allow active employees who have reached age 59-1/2 to withdraw from their account without having to meet the "hardship" cases specified by the IRS, but many do not. Only way to know is for you to ask either your company HR department or the 401(k) plan administrator what the rules are. If they do allow you to make a withdrawal you will have to pay taxes on it but there would be no early withdrawal penalty.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Age 591/2 can I take my 401k money [ 12 Answers ]

Without being taxed

How is th 10% penalty withheld on a 401K early withdraw reported on 1099 [ 2 Answers ]

I am trying to figure out the taz implications for an early withdraw from a 401K. The company withheld thirty percent 20% for taxes and 10% penalty. How are the withholdings reported on 401K

Taxes - 401k early withdraw penalty - unemployed premiums [ 1 Answers ]

Thanks for reading... I am unemployed and using a portion of a 401k early withdraw to pay for health insurance? What are the limits involved? I took the withdraw in 2010 but I have been paying out of pocket for health care coverage since July of 2009 up until today.

Is the 10% penalty on a 401K withdraw on the gain or entire amount? [ 2 Answers ]

Hello, I may be leaving my current employer to another one. I have realized my 401K of 16 years is barely over the principle invested. The taxes on the gain would be very small compared to the total (I may even be at a loss). The question is, if I take a full distribution is the 10% penalty on...

Withdraw all my money fron 401k [ 1 Answers ]

I am 56 yrs old I have about $14000 in my 401k at my present employer, I donot intend to quit but I need my money. My question is how much will I loose?

View more questions Search