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But you should also know that there may be a way to access your 401(k) penalty-free prior to age 59 1/2. ... your 401(k) penalty-free. But remember, the money in that account is supposed to be ...
6. First-time homebuyers. 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 minimum withdrawal age for a traditional 401 (k) is technically 59½. That’s the age that unlocks penalty-free withdrawals. You can withdraw money from your 401 (k) before 59½, but it’s ...
You can withdraw your contributions (that’s the original money you put into the account) tax- and penalty-free. But you’ll owe ordinary income tax and a 10% penalty if you withdraw earnings (i ...
So if they need the money for other hardship reasons (such as a principal residence, tuition or funeral expenses), account owners will still end up paying the 10 percent penalty tax. 4. Focus on ...
Fortunately, you don't have to specify what that need is, so you can essentially access up to $1,000 of your retirement funds for any reason without incurring the penalty that normally applies ...
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