401k withdrawals

Question: are there any penalties for withdrawals from 401k after age 59 1/2 are we required to take a minimum each year

can you make more than one withdrawal a year
thank you

Answer

After age 59 1/2 you are able to withdraw money without paying a penalty, however you will still need to pay income tax on it.

You can take out as much money as you wish and however often you wish, but you are not required to take out any minimum amount until you reach age 70 1/2.

After age 70 1/2 a financial expert will calculate the minimum you are required to withdraw each year.

For more information check out the 401k withdrawal page.

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