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    Withdrawing 401k

    Asked May 29, 2009, 07:58 AM 1 Answer
    I would like to know if I should take my 401K out? I am 62 years old and it is dropping badly. I don't have much in there but where should I put it? Will there be a penalty?
    Can I put it in CD's or should I just put it in a savings account?

    Will there be an answer to my question? I asked about taking out my 401K. I am 62 yers old. Can I take it out without penalty?

    Last edited by ScottGem; Jun 1, 2009 at 01:13 PM.
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    ebaines's Avatar
    ebaines Posts: 12,099, Reputation: 1303

    Jun 1, 2009, 12:40 PM

    Yes, you can take withdrawals from your 401(k) without penalty. You'll have to pay income tax on it, of course.

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