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However, you may have to pay taxes and penalties depending on your age and other circumstances.
When Is There a Penalty for Withdrawing From Your 401(k)?
That penalty is 10% of the money you take out.
For example, if you plan to withdraw $15,000, your penalty is $1,500.00.
For public safety employees, that age limit goes down to 50.
What Should You Do With Your 401(k) After a Lay Off?
However, you should check the terms of your plan because you might be charged maintenance fees.
There are multiple types of IRAs to choose from, includingtraditional IRAswith tax-deductible contributions andRoth IRAswith after-tax contributions.
Withdraw Your Money
This option does come with tax and penalty charges if you dont meet certain criteria.
verify you understand the costs before you take out a loan.
You also wont be able to get a401(k) loan.
Since every state and situation differs, consult a financial planning professional before deciding on a course of action.
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