platt (plural platts) Obsolete spelling of (material made by interweaving, especially material made by interweaving straw, used to make hats).
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 â¦ eing taxable income, but the early withdrawal penalty goes away.
You cannot take a cash 401(k) withdrawal while you are currently working for the employer that sponsors the 401(k) unless you have a major hardship. You can cash out your 401(k) before age 59 Â½ without paying the 10 percent penalty if: 1  You become completely and permanently disabled.ashing out early will cost you huge in penalties and lost growth over the next few decades. Itâs a basic but all-too common question posed on financial blogs like this one: âI just left my job. I have like $1,000 sitting in my old 401(k) and Iâm short on cash.