Question

 Can I take money from my 401(k) at age 55?

Answer You can take money out of your 401k if you permanently leave your job for any reason after turning 55. If you are still working, you must wait until age 59 1/2 to take a qualified withdrawal from a... Read More »
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Top Q&A For: Can I take money from my 401(k) at age 55

When do I take money from my 401k account?

On One Hand: Mandatory DistributionsTaking money out of a qualified retirement plan, such as a 401(k), requires a few careful considerations before doing so. Generally, if taken out before age 59.5... Read More »
http://www.answerbag.com/q_view/1953885

Can the IRS take money in a 401k for tax debt?

Yes, the IRS can seize garnish funds from a 401k retirement account to cover an unpaid tax debt. However, the IRS must first send a Notice and Demand for Payment letter stating the exact amount ow... Read More »
http://www.answerbag.com/q_view/2249703

Can you take 401k money to use for a down payment?

The Internal Revenue Service allows loans from 401k plans. If the loan is for a home down payment, the repayment period can be 10 years, rather than the usual five-year repayment period, according ... Read More »
http://www.answerbag.com/q_view/2229960

Should I borrow money from my 401k?

On One Hand: Don't Tap Your Nest EggYour 401k plan represents your retirement savings. If you take a loan, you hamper your ability to continue to contribute money to your 401k plan. If you fail to ... Read More »
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