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Asked 10/17/2009

Early retirement withdrawal

I'm not sure if my plan is a 401k. My employer contributes money each year, not me. I am having some serious job related problems. If I leave my job now, (I will be 59&1/2, in three weeks, is there a penalty for getting my money before I reach retirement age?

 
 
 
 
 
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Answer 1/1 - Submitted 10/17/2009

Age 59 1/2 *is* retirement age, at least as far as penalties on distributions from retirement plans. So if you can hold out another three weeks, and your plan allows the distribution (not all do), then you can get some $$ with only the regular income tax due, and not a penalty.

 
 
 
 
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