Question by  justme38 (25)

When can you retire and start drawing from 401k plans?


Answer by  practicingjd (32)

Of course you can retire whenever you want. But 401k plans generally permit withdrawal without penalty only after you have reached 59 1/2 years of age. Prior to that there will be a penalty for withdrawals. By age 70 1/2, you are required start withdrawing money.

posted by Anonymous
You can withdraw funds and avoid penalties, if you roll a 401K into an IRA and then utilize a Substantially Equal Periodic Payment plan. But this strategy is only for those seeking a long-term withdrawal plan.  add a comment

Answer by  MelvinVanhorn (826)

You can actually withdraw from most 401k plans at any time, but there is a stiff penalty. The standard retirement age is 65.

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