I accepted an early retirement package at age 53. I have a sizable 401k and company retirement account at the company which I worked at. Is there any way I can make a one time withdrawal from the 401k, or from an ira if I roll this monet over, before age 59 1/2 without a tax penalty?

Quote:

---

Originally Posted by NYSE575

I accepted an early retirement package at age 53. I have a sizable 401k and company retirement account at the company which I worked at. Is there any way I can make a one time withdrawal from the 401k, or from an ira if I roll this monet over, before age 59 1/2 without a tax penalty?

---

For IRA's the minimum age to take a withdrawal without penalties is 59-1/2. For 401(k)'s it depends on the specifics of your plan - contact your plan sponsor. Some allow withdrawals at age 55, but that may be an option only if you separated from service at age 55 (or older). You may also be able to take a loan from your 401(k), but that may only be available to active employees. So ask your plan sponsor.