Here’s how to get money out of your 401(k), including when it’s allowed and what to expect during the process.The options for taking a withdrawal of your 401(k) savings depend on whether or not you’re still working at your job and what options your employer offers. We’ll cover several situations: ☑️ While you’re still working ☑️ After you leave your job ☑️ How to take income ☑️ And more 🌞 Subscribe to this channel (it's free): More on 401(k) withdrawals: ❓ How much tax will you pay? ❓ Can you avoid or reduce taxes? After you leave your employer, it’s easy. Retiring or changing jobs provides an opportunity to take a distribution, typically whenever you feel like it. In some situations, like when you leave your job after age 55 (but before age 59.5), taking an immediate withdrawal might or might not be the right move. While you’re still working, you might also have options for taking money out of the plan. For example, you might be able to take a 401(k) loan, a
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)