My 401 K is ready for rollover. I am currently unemployed and need cash ASAP to pay mortgage, credit card debt, utilities, etc.

Can I cash it in without paying any penalties for early withdrawl? I do not plan on rolling it over. I am 58 years old and live in New Hampshire.

Thank you.

401k "no penalty withdrawls" are permitted for the following reasons:

When separation from service occurs during or after the calendar year the participant reaches age 55

Upon reaching age 59 ½

Selecting a life expectancy distribution, regardless of age

Total disability

Upon rollover of funds.