03
02/12
06:18
All You Need to Know About 401k Penalties
When my wife asked me about the 401k penalties, I had no idea what to respond. I decided to find out more about it. With the help of the internet, I was able to find out exactly what to look out for. The most important one is that if I decide to withdraw my funds before the age of 59 and a half I will be liable for a penalty of 10 %. This made me realise that trying to cash out before my retirement date was not a very viable option. I also learnt that if I do request an early withdrawal the amount paid out to me would be taxed. Learning more about the 401k penalties allowed me to be better prepared if I do decide to take an early retirement and to make sure that all my affairs are in order. I doubt that I will make an early withdrawal.
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