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Based on 401 (k) withdrawal rules, if you withdraw money from a traditional 401 (k) before age 59½, you will face — in addition to the standard taxes — a 10% early withdrawal penalty.
Your money grows tax-deferred until the tax code allows you to begin making penalty-free withdrawals after age 59 ½.
The 4% rule says to take out 4% of your tax-deferred accounts — like your 401 (k) — in your first year of retirement. Then every year after that, you increase your retirement withdrawals by ...
Early 401 (k) withdrawals if you retire at 55 or later. Whether you quit, retire, or are fired, you can withdraw penalty-free money from your 401 (k) if you are at least 55 when you leave the job.
At What Age Is 401 (k) Withdrawal Tax Free? The minimum age for penalty-free withdrawals from your 401 (k) account is 59 ½, and the IRS requires retirees to start making withdrawals by age 73.
“The IRS charges a 10% penalty tax for early 401 (k) withdrawals. That’s on top of the taxes you pay for making any 401 (k) withdrawal,” said Todd Stearn of The Money Manua l.
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