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Asked 6/12/2011
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I am 64 years old, and am still working, so can I do a partial withdrawal from my 401k account without declaring a hardship? I want to withraw $12, 000 before taxes to do home repairs before I retire, so this way I won't have the expenses when I do retire. I also do not want to share my personal life with the people I work with. Do the company dministrators have to approve, and sign the withrawal request form? I know I will have to be taxed. |
Answer 1/3 - Submitted 6/12/2011
Answer 2/3 - Submitted 6/12/2011
The majority of plans allow for an in-service (Still working) distribution for those over 59 1/2, without a hardship. A few plans require that you be 65, and some have restrictions upon which funds you can withdraw. Most allow all vested funds, a few only what you personally have contributed. Each plan is unique and the only one with the correct answer will be the administrator of your plan. A simple phone call to them may begin and possibly complete this process. In all likelihood you can withdraw as you state you wish to, with no problem, just the 20% tax... penalty no longer applies to you.
Answer 3/3 - Submitted 6/15/2011
It is the answer I felt comfortable with. It made sense, and covered the most posibilities that could apply. When I went ahead with my withdrawal request I felt knowledgable. My request where I worked went through no questions asked. Not one question was asked. I just fillesd out my part, which was easy, and that was that. Got it done. Thanks.
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