What Penalties Will I Pay to Take Out My 401K Money? – Karen

I am 59.5 years old, have about 50,000.00 in 40K. I do have a retirement plan with my company that will pay about $900.00 a month when I retire at the age of 62. I usually get back around $2000.00 when filing taxes as I have a large amt taken out of my check.

I want to take $20000.00 out of my 401K to pay off existing bills, leaving me with just a mortgage payment of $650.00 per month. I owe $30000.00 on my house. What penalties will I incur taking this money out of 401K?

Karen




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