You should talk to you plan administrator. I think you can withdraw the money at 591/2 without a penalty. However, you still pay income taxes on it so you may want to take an amount that will not increase your income taxes or average your withdraws to make sure your have money left through retirement. You should probably talk to your broker, CPA, retirement specialist, and plan adminstrator. I hope this answers your question. Thank you.

You should be able to pull out your 401k without the 10% penalty. It just depends. You are 61 you should be okay. Like Andy said you will have to pay the income taxes on the money.

I am 61 years old. if i elect to make a total withdrawl from my 401 k plan, how long or can i re enroll back into the plan.