Is there a limit of 401K withdrawal after the age of 60? In my case I am 60 and just lost my job. I have about $250,000 on 401K and will need to withdraw about $50,000 per year until my retirement. I am aware that withdrawal, which is my sole income, will be taxed with 15% (2011 brackets). Can I take out that amount?

There is no limit to how much you can take out (up to the vested value of the account, obviously), so no worries there. The actual taxes you owe will be dependent on your filing status and adjusted gross income. So if you have any other sources oif income - another job investment income, whatever - the actual taxes you owe may be higher than 15%. Also, depending on what state you live in you may have state or local income taxes.