When can i withdraw money from my 401k?
The best time is when you retire and/or at age 59-1/2. Anything short of that will penalize you with taxes and a 10% penalty. There are hardship clauses that will let you take out the money sooner but then what will you have at retirement (the reason for the 401K in the first place). Even a loan against a 401K plan is not advised. I can’t criticize because I’ve done it twice in the past. What I thought was a sane idea has left now with nothing for retirement. There is a difference between wanting the money and needing the money. Once you think about withdrawing the money, do yourself a favor and think again. I speak from experience but only you can and will do the right thing.
