Yes, the IRS says you can withdraw some or all of your 401-k for a few different reasons. One caveat though, your company plan may not allow it.
Just because the IRS says you can, ultimately it is the rules within your company plan.
Most plans will allow you to borrow some money or withdraw for hardships.
A rule of thumb is not to invest to much in your own company stock or contribute over your company match. Remember, you are not really saving any Taxes....You are just postponing the tax calculation and being a good steward for the IRS`s share.
If you convert to Roth and use the Collective Trust Strategy you will be FAR better off.
What you do is deposit money into the 401k during your entire working career. Then, when you retire, the money is there for you to live on (provided that you don't withdraw any money). Social security and any pension you get is not enough to live on in this economy. With the 401k, you can have extra funds when you aren't working.
One can legally draw a 401K at any time. The only things to consider are that if you draw your 401 K too early, you would have to pay hefty taxes on the funds. It is best to consult an attorney to determine whether any taxes would apply in you particular situation.
No. They can tax it if you withdraw from it, but borrow no.
You can withdraw beginning at age 59 1/2.
yes
Ask your 401k provider. I go thru John Hancock and they do not penalize
sorry but no it is almost impossible
The MAX amount you can draw is 300k.
You can, but you will be fined.
If you withdraw from your 401k it might come with a penalty. It might be wise to leave your money in and ride the wave back up when the market rebounds. So is there any way to not be penalized to withdraw from 401k with out a medical reason?
only if your plan allows in-service withdrawals....ask your HR or payroll dept.
when you withdraw the money, yes.