Can I Withdraw From 401k Without Severe Loss?
In Colorado, I am 57 years old lost my job due to an injury,did not get unemployment nor workmans comp. Benefits due to unscrupulous employer and have used up savings after 8 months and cannot seem to find a job.I have a 401k and need to know how to rollover or withdraw with the least amount of penalty and tax.401 k is 36,000.thank you
Answers
Since you are separated from service you can withdraw any amount of money you want, buth there will be a 20% penalty since you are only 57. My choice would be to take a hardship withdrawal. You will have to prove hardship, but that doesn't seem difficult. If you call the carrier who manages your Plan, they will be able to tell you the qualifying reasons for the hardship withdrawal, and there are no penalties.
answered 5 months ago
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