who says we are going to live that long. I mean it is your money
2006-11-13 08:18:48 · 5 answers · asked by tre_132mp 4 in Business & Finance ➔ Investing
you prolly can, but you will pay HUGE early withdrawl fees and taxes.
it is designed as a RETIREMENT ACCOUNT, the money is for your retirement, that is why early withdrawls out of a 401 {k} are highly troublesome
2006-11-13 08:53:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Most plans are written so you can take the money out after 55 if you are no longer working at the company. The money is then taxable. Once you are no longer working at the company and you are over 55 you can take the money whenever you want, it is just taxed.
2006-11-13 17:45:48 · answer #2 · answered by Jennifer G 2 · 0⤊ 0⤋
401K plans are intended for use as a retirement plan, not money to be spent prior to retirement. As such you can take your money out but you will pay substantial penalties for doing so as a way of discouraging you from risking your retirement fund.
2006-11-13 21:54:17 · answer #3 · answered by Phil O' Brien 3 · 0⤊ 0⤋
You can, but there are a lot of penalties and taxes.
2006-11-13 19:20:25 · answer #4 · answered by kny390 6 · 0⤊ 0⤋
you can but have to pay taxes.
2006-11-13 16:20:32 · answer #5 · answered by huckypeep2 5 · 0⤊ 0⤋