Ask Experts Questions for FREE Help !
Ask
    HCFinance02215's Avatar
    HCFinance02215 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 15, 2008, 05:49 AM
    401K Withdrawal
    Is it ever a good idea to withdraw monies from a 401K?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Jan 15, 2008, 04:26 PM
    Yes - after you are 59-1/2, or establish a "substantially equal" withdrawal plan that allows you to avoid any penalty for early withdrawal. One reason to take withdrawals would be to allow you to retire early without relying on any social security paymets until age 66 (or whatever the age for full retirement is for social security).

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401k withdrawal [ 3 Answers ]

How much income tax would I have to pay on $5000.00

401K withdrawal [ 1 Answers ]

I'm wondering what the penalties are for withdrawing from a 401k early? :( :confused:

Hardship withdrawal for early withdrawal of 401K [ 0 Answers ]

I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K ($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also...

401k WITHdrawal [ 18 Answers ]

Hi, I'd really appreciate some help. :) I lost my job a couple months ago, and took a withdrawal out of my 401k to help survive. Can anyone tell me exactly how bad the taxes will be on it? I will have some deductions to use, but honestly don't know how much that will help, or hurt me? Thanks...

401K Withdrawal [ 1 Answers ]

Ok I'm in a place I need money but have no job and don't know what I am doing in trying to get some money to put on a apartment with a friend and I need to know how to do a draw from the 401k for a start to a new life.


View more questions Search