Also, some plans allow a non-hardship withdrawal, but all plans are different, so check with your employer for details. Pros: You're not required to pay back withdrawals of the 401(k) assets. Cons: Hardship withdrawals from 401(k) accounts are generally taxed as ordinary income. Also, a...
401(k) withdrawal rules The federal government imposes some restrictions on when you can withdraw money from your 401(k). Generally, you must wait until you're at least age 59½ to access the money without paying a penalty. If you take a withdrawal earlier than that, you may owe a 10...
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59 1/2, disability, and more. For a full list of triggering events see the One-Time Withdrawal —Defined Contribution Retirement Plan form (PDF). A 10% early withdrawal penalty may apply if you are under age 59 1/2 and taking a withdrawal. Required minimum distributions start at age 73...