How Do I Withdraw My 401K Funds?
No matter what you do for a living, it is never too early to start saving and investing for a comfortable retirement. The earlier you start investing, the larger your portfolio can grow, giving you more money to live on when you stop working. If you have reached the age of retirement and want to tap the money that has accumulated in your 401(k), you have a number of options. Understand the tax rules governing withdrawals from retirement plans like 401(k)s and IRAs. If you withdraw your money before age 59 1/2, you will be subject to a substantial tax penalty and ordinary income tax on the funds you withdraw. Find your most recent 401(k) statement, and review your available balance. Keep in mind that the amount of money in the fund has probably changed since the statement was issued. This is particularly true if the 401(k) is invested in the stock market, but even bonds and other fixed income investments can fluctuate in value. Log on to the website of the 401(k) plan administrator if o
