Anyone request to get their 410k money paid out to them?
1 reply
401K money is your money, if you're under 59.5 yrs old there is a 10% penalty the IRS will access on that withdrawal although there are exceptions. You will also have to pay income tax on the money withdrawn as it was tax deferred when it went in...unless you have a Roth. If you have a Roth and under 59.5 you will have to pay income tax on any earnings your money has gained.
Everyone has to make their own decisions but taking money out now may seriously affect your retirement.
There are many rules around withdrawing that are dependent upon your personal situation. If you're serious about it I would call Fidelity or talk to a financial advisor so they can inform you how those rules affect you. Good luck!