is there a certain age to take out all of 401k?

Answer 1

any withdrawal is taxable, plus a penalty if you are under 59 1/2

Answer 2

At age 59 1/2 you can start withdrawing from a 401k without penalty.

At age 70 1/2 you MUST start withdrawing from a 401k (or there WILL be a penalty). Further, you have to comply with a withdrawal schedule that specifies how much of your 401k you must withdraw per year.

I started somewhere in between those two ages.

Answer 3

it won;t matter, any time you take a 401(K) withdrawal it will be taxable

Answer 4

Read up on how it works.

Source(s): http://www.401khelpcenter.com/401k/how-does-a-401k...

Answer 5

You must take required minimum distributions (RMD) beginning April 1 of the year after when you turn 70 1/2. If you are still working, you can delay that until April 1 of the year after you retire.

Answer 6

Over age 59.5, there is no 10% penalty.

However, it is still subject to income tax. As such, it is rarely a good idea to take it all out at once.

Sit down with a tax person before you do anything.

For example: I knew someone who wanted to pay off his mortgage. He was in his 60s, so he withdrew $120.000 from his 401k to pay off the mortgage. He now is on a payment plan with the IRS for the almos $40,000 in income taxes he now owes.

Answer 7

how do go about taking out all your 401k, im retired

Answer 8

age 59

Answer 9

18