Confidence votes 265. The question should say age 59 and 1/2 years. For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal.onfidence votes 265. The question should say age 59 and 1/2 years. For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal.
http://www.answers.com/Q/How_do_you_withdraw_from_your_401k_after_age_59
1. Understand 401(k) withdrawal after age 59.5. At the age of 59.5, you are to considered to have reached the minimum distribution age, and can therefore begin withdrawal from your 401(k) without being subject to a 10% penalty on early distributions.ontact your plan administrator. If you plan to withdraw before the age of 59.5 using any of the above methods, your administrator can guide you through the process of bringing funds from your 401(k) to your bank account.
http://www.wikihow.com/Withdraw-from-Your-401K
Withdrawing from your 401(k) before you reach retirement age can come with some IRS consequences. 1  If you withdraw any amount from your 401(k) before age 59.5, you will usually pay a 10% penalty to the IRS on top of ordinary taxes for the amount you're withdrawing.ontact your plan administrator. If you plan to withdraw before the age of 59.5 using any of the above methods, your administrator can guide you through the process of bringing funds from your 401(k) to your bank account.
http://www.wikihow.com/Withdraw-from-Your-401K
You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2. After 59-1/2 you will still have the penalty of it b … eing taxable income, but the early withdrawal penalty goes away.ow, with that advice out of the way, the answer is yes, you can withdraw funds from a 401k at age 55 if you are retired without any penalty. You WILL pay income tax on the amount as ordinary income. This is a provision under exceptions to the penalties for early withdrawal.
http://www.answers.com/Q/What_age_can_you_withdraw_401K
You can collect from a 401K at any age; however, there are withdrawal penalties as well as tax penalties until age 59-1/2. After 59-1/2 you will still have the penalty of it b … eing taxable income, but the early withdrawal penalty goes away.onfidence votes 265. The question should say age 59 and 1/2 years. For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal.
http://www.answers.com/Q/How_do_you_withdraw_from_your_401k_after_age_59
And if you take money out, you’ll have reduced its ability to grow. Once you take out the money it can’t be put back in. Early 401(k) distribution. If you retire or are fired from your job after you are 55, then you can withdraw from your 401(k) without having to pay the 10 percent penalty.But this rule only applies to your current employer’s 401(k) plan.nd if you take money out, you’ll have reduced its ability to grow. Once you take out the money it can’t be put back in. Early 401(k) distribution. If you retire or are fired from your job after you are 55, then you can withdraw from your 401(k) without having to pay the 10 percent penalty.
http://money.usnews.com/money/blogs/on-retirement/2013/01/24/401k-and-ira-withdrawal-options-for-early-retirees
Though you may take money out of your 401(k) to use as a down payment, expect to pay a 10 percent penalty. However, take the money from your IRA, and it's penalty-free. The penalty-free withdrawal is not limited to first-timers either. Homebuyers must not have owned a home in the previous two years, though.Further you can take more than one penalty-free withdrawal to buy a home, but there is a $10,000 limit.For example, says Rothstein, You can do two $5,000 withdrawals, but $10,000 is the lifetime limit.. Taking money out of a 401(k) for a down payment can be trickier.ll traditional IRA and 401(k) withdrawals require that you pay taxes at ordinary income rates. Contributions to a Roth IRA can be taken out at any time, and its earnings may be withdrawn penalty and tax-free after five years.
http://abcnews.go.com/Business/withdraw-penalty-free-ira-401k/story?id=21288737
  The question should say age 59 and 1/2 years. For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Befo … re 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal.ow, with that advice out of the way, the answer is yes, you can withdraw funds from a 401k at age 55 if you are retired without any penalty. You WILL pay income tax on the amount as ordinary income. This is a provision under exceptions to the penalties for early withdrawal.
http://www.answers.com/Q/What_age_can_you_withdraw_401K
If you want to retire before age 59½ and begin taking distributions from your 401k plan, you will generally be subject to a 10% early distribution penalty.The early distribution penalty is the cornerstone of the government's campaign to discourage us from plundering our savings before our golden years.eaving Your Job On or After Age 55. The age 59½ distribution rule says any 401k participant may begin to withdraw money from his or her plan after reaching the age of 59½ without having to pay a 10 percent early withdrawal penalty.
http://www.401khelpcenter.com/401k_education/Early_Dist_Options.html
Unfortunately, the government imposes a 10 percent penalty on any withdrawals before age 59 1/2. Some early distributions qualify for a waiver of that penalty -- for instance hardships, higher education expenses and buying a first home.nfortunately, the government imposes a 10 percent penalty on any withdrawals before age 59 1/2. Some early distributions qualify for a waiver of that penalty -- for instance hardships, higher education expenses and buying a first home.
http://www.bankrate.com/finance/retirement/penalty-free-401-k-ira-withdrawals-1.aspx
what age can i withdraw from 401k
After age 59.5 you can withdraw from 401k. You can withdraw from 401 k at the age after age 59.5.