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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 ...
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 ...
How Can I Borrow Money From My 401(k) Without Penalty? Contact your plan administrator to find out if your plan allows loans. If it does, you might be able to borrow up to $50,000 or 50% of your ...
If you are able to do this, you can take premature distributions without paying the 10% penalty to pay for: The purchase of your first home (up to $10,000) Qualified higher education expenses
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 ...
“First-time homebuyers can withdraw from an IRA without penalty if the withdrawal is used to pay for qualified acquisition costs, such as closing costs and down payments,” said R.J. Weiss, CFP ...
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