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Asked 10/19/2009
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Can i withdraw from a 401k at 59 1/2 even if I am still employed full time? Is there another way to borrow from my 401k? |
Answer 1/5 - Submitted 10/19/2009
Answer 2/5 - Submitted 10/19/2009
Probably. It is called an In service withdrawal since you are still "inservice: with the employer... However it is not mandatory that the employer allow it.
Some do. (most) some do not allow until 65-- some require so many years of service..
The administrator will know the for sure, as they can access the plan document which states exactly what is allowed... The employer also states Where you withdraw from, just what you have put in or your entire vested account balance...
You will have 20% automatically withheld for federal taxes, and possibly state (depends on if you state mandates withholding)
But the 10% penalty will no longer apply to you!
Answer 3/5 - Submitted 10/19/2009
Answer 4/5 - Submitted 10/19/2009
Answer 5/5 - Submitted 10/19/2009
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