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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Oh, one more thing, the money you take out will be subject to regular income tax.
After 59 1/2 years of age, there is no penalty. But of course talk face to face with your tax person.
Oh, one more thing, the money you take out will be subject to regular income tax.
After 59 1/2 years of age, there is no penalty. But of course talk face to face with your tax person.