2007-11-16 04:19:27 · 7 answers · asked by advance queen 1 in Business & Finance ➔ Personal Finance
You can be over 62. That probably doesn't apply.
I believe you can also use it as a down payment on buying a house. Other than that if you take the money out you will have to pay a 10% penalty plus pay taxes on the amount withdrawn.
2007-11-16 04:22:50 · answer #1 · answered by don_sv_az 7 · 0⤊ 1⤋
You can usually take money out of your 401k when you want to. Certain conditions will apply and you should check with your plan administrator. You will probably be hit with a 10% tax penalty along with your normal tax rate. Mostly it is not a wise move to take money out of what you have set aside for retirement. It's really hard to put it back. Good luck.
2007-11-16 12:43:59 · answer #2 · answered by Herb W 4 · 0⤊ 0⤋
You are also allowed to take out of your 401k to purchase or for a down payment on your first Home.
2007-11-16 13:34:47 · answer #3 · answered by 333 1 · 0⤊ 0⤋
pretty much only through a loan or quitting. Not all plans allow for loans and even fewer allow for inservice withdrawals and most rare is the one that allows for inservice withdrawals of employer contributions. I've been around hundreds of plans over the last 15 years and have never come across one.
2007-11-16 13:22:21 · answer #4 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
yes you can. If you quit or miss a payment then your 401K becomes taxable. Your HR rep, will require automatic payment from your pay check.
2007-11-16 12:29:42 · answer #5 · answered by Ken H 6 · 0⤊ 1⤋
You should talk to your 401k plan administrator because each plan has different rules as to when funds can be withdrawn.
2007-11-16 12:22:44 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You can take it out anytime if you're willing to pay the taxes and penalty. There are a few cases in which you can borrow from it. See. www.401k.org.
2007-11-16 12:23:00 · answer #7 · answered by npk 7 · 0⤊ 1⤋