More About 401k Withdrawal • Can I cash out my 401k at age 62?... ( read more )
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As retirement approaches, many people begin to wonder how they can access the funds they've saved over the years. For those with 401(k) plans, the question often arises: Can I cash out my 401(k) at age 62? The short answer is yes, you can cash out your 401(k) at age 62. However, there are important considerations to keep in mind. First, if you withdraw funds from your 401(k) before age 59 ½, you will typically face an early withdrawal penalty of 10% on top of any income taxes owed. This penalty can be significant and can greatly reduce the amount of money you receive when you cash out your 401(k). If you wait until age 59 ½, you can avoid the early withdrawal penalty. However, you will still owe income tax on t...
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