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    skirchoff's Avatar
    skirchoff Posts: 1, Reputation: 1
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    #1

    Jul 31, 2009, 07:35 AM
    401 k early withdrawal without penality
    I was told that because I was involuntarily terminated from my last position and I have been unenployed for the last 7 months that I can pull my money out of the 401k and 457 associated with that job with out paying a penality ( I am 58 1/2 )
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jul 31, 2009, 08:21 AM

    Yes, that's true, at least as far as the 401(k) is concerned. Anyone who has been "separated" from a job in the year you turn age 55 or older can withdraw from a 401(k) plan associated with that job without penalty. It doesn't matter whether the separation is voluntary or involuntary. Of course, you will have to pay regular income tax on your withdrawal.

    I'm not familiar with 457 plans - but if it's a "qualified" retirement plan then the same rules apply. Let me see if I can dig something up on that.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jul 31, 2009, 08:26 AM
    Quote Originally Posted by ebaines View Post
    I'm not familiar with 457 plans - but if it's a "qualified" retirement plan then the same rules apply. Let me see if I can dig somthing up on that.
    OK, I found this:
    457 plan - Wikipedia, the free encyclopedia

    It appears from this that you don't even have to be 55 to withdraw from the 457 plan without penalty, so it looks like you do not need to worry about any early withdrawal penalties for either plan.
    Ocean23Four's Avatar
    Ocean23Four Posts: 2, Reputation: 1
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    #4

    Aug 8, 2009, 08:57 AM
    401k early withdrawal without penality and can I acess my account's without my account's number if its not my social security number.
    Ocean23Four's Avatar
    Ocean23Four Posts: 2, Reputation: 1
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    #5

    Aug 8, 2009, 09:00 AM

    Can I acess my accounts from 401k if I had several employers (3) and my accounts number not known but have my social security number only also going thr hardship.
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