Q:

How old must you be to take money out of your 401(k) without penalty for early withdrawal?

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Quick Answer

Generally, a person must be at least 59 years old to avoid a penalty for early withdrawal from a 401(k). However, each company is different so investors should check with their benefits representative for find out more information.

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Full Answer

Some people may qualify for early withdrawal if life circumstances fall into one of a number of categories. Those who have to pay for college for themselves or a dependent may qualify for a hardship withdrawal. People who need to pay unreimbursed medical expenses or who are facing foreclosure or eviction from their homes may also qualify for a hardship withdrawal. Many employers require proof of financial hardship before they allow a hardship withdrawal.

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