Welcome! | Ask A Question

 
 
 
 
Question

Asked 6/12/2011

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.

 
 
 
 
 
Answers

Answer 1/3 - Submitted 6/12/2011

Because I am still working will I be allowed to withdraw from my 401K account without declaring the hardship, and just be able to withdraw due to my being over 59 1/2 years old.

 
 

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.

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
Non-hardship, in-service withdrawal from a 401k.

I wish to roll over my entire 401k account to a self-directed ira so that investment can be made in real estate (which the 401k plan does not allow). as long as the plan allows this type of withdrawal (a non-hardship, in-service withdrawal), can this withdrawal include all sources, including employee...

See Answers

 
Is it a crime to lie in taking out 401k hardship withdrawal

For instance my 401k states that i can take out a 401k hardship withdrawal for death, education and medical expenses. i need my money so it states that only an invoice needs to be sent to take out for a funeral expense. this is easy to make up, can they do anything if they found out i lie. do they research...

See Answers

 
401k hardship withdrawal

If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation) about 1/2 of my balance? i was told that because i only have interest left in my account ($50,000) i cannot withdraw any monies. is this one of irs rules for the 401k. i've called several other...

See Answers

 
Related Questions

Non-hardship, in-service withdrawal from a 401k.


I wish to roll over my entire 401k account to a self-directed ira so that investment can be...

 

Is it a crime to lie in taking out 401k hardship withdrawal


For instance my 401k states that i can take out a 401k hardship withdrawal for death, education...

 

401k hardship withdrawal


If i can only withdraw from my 401k because of a hardship, can i withdraw (with proper documentation)...

 

We need a hardship loan from my 401k account for medical expenses


What are the options without being penalized? we are wanting to take out $5,000 from a $90,000+...

 

Are legal fees reason for a 401k hardship withdrawal?


My grandchildren have been awarded to the custody of their father. based for the most part...

 

Hardship withdrawal


We had an emergency and needed to get a new septic costing appx $18,000. i am considering...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: