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- To withdraw money from your 401(k), you need to123:
- Be at least 59.5 years old, or 55 in some cases, to avoid a penalty tax13.
- Contact your plan administrator or log into your account online and request a withdrawal1.
- Pay income taxes on the amount you withdraw, and possibly a 10% penalty if you take a hardship distribution2.
- Take required minimum distributions (RMDs) after age 73 or 75, depending on your birth year3.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.By age 59.5 (and in some cases, age 55), you will be eligible to begin withdrawing money from your 401(k) without having to pay a penalty tax. You’ll simply need to contact your plan administrator or log into your account online and request a withdrawal.smartasset.com/retirement/how-to-withdraw-from-4…You usually can withdraw your 401 (k) contributions and maybe any matching contributions your employer has made, but not normally the gains on the contributions (check your plan). You may have to pay income taxes on a hardship distribution, and you may be subject to the 10% penalty mentioned earlier.
www.nerdwallet.com/article/investing/early-withdra…Withdrawals from a 401 (k) are mandated after age 73 or 75, depending on the year you were born, and are called required minimum distributions, or RMDs. 3 If you retire after age 59½, you can start taking withdrawals without paying an early withdrawal penalty.
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