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by Anonymous on September 10th, 2005

Anonymous

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Is it illegal to withdraw money from my 401k, even if I can pay the penalties?

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  • by John Wilson on September 16th, 2005

    John Wilson

    No. It's your money. Keep in mind that in addition to a 10% penalty for early withdrawal, you will also pay income tax since it is "qualified" pre-tax contribution.

    Comments

    • I've read elsewere that it is federal law that you must be 59 or qualify for a hardship exemption, which I don't

      Anonymous

      by Anonymous on September 19th, 2005

    • Some plans offer withdrawals when in service, or for hardship, or at 59 1/2 you can always move money when you leavetheplan

      straubby

      by straubby on December 9th, 2005

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