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Asked 8/19/2010
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How do i withdraw from my 401k now that im out of the military I was active duty in the military and seperated jan of this year, i was wondering if there are any fees and how long this process could take |
Answer 1/1 - Submitted 8/19/2010
If you are younger than 59 and a half, withdrawing money from your 401K will zap you with a huge tax penalty. All of the money you withdraw would be taxable, plus a 10% extra penalty for early withdrawal. If you need money, explore every other option of borrowing that you can. As a veteran, you may get a far better interest rate than someone who is a non-vet at most lending institutions. As a last resort, it is possible to borrow from your 401k, but withdrawing it completely will probably cost you more in taxes that you really want to pay.
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