Keyword Analysis & Research: mandatory 401 k withdrawals

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Frequently Asked Questions

What are the penalties for withdrawal from a 401k?

Unfortunately, the government imposes a 10 percent penalty on any withdrawals before age 59 1/2. Some early distributions qualify for a waiver of that penalty -- for instance hardships, higher education expenses and buying a first home.

What is the minimum age for 401k withdrawal?

The minimum age for 401K withdrawal without any penalty is 59 ½ and 55 if you leave your place of employment. When you begin taking distributions you will be taxed according to the tax rate of your combined taxable income from all sources.

What are rules for withdrawing from a 401k after age 60?

Owners of 401(k) accounts can make penalty-free withdrawals any time after age 59 1/2, although they must pay income taxes on the distributions unless they roll the money into other retirement accounts within 60 days.

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