Scott jones
Jul 25, 2012, 09:03 AM
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
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.