When can you start drawing from 401k

Withdrawing From a 401 (K) During Retirement. If you are age 72, you must start taking annual distributions from the 401, commonly known as required minimum distributions . You must take the first distribution by April 1 of the year you turn 72, and thereafter, you will be required to take the annual withdrawals by December 31 each year.

After you reach the age of 59 1/2, you may begin taking withdrawals from your 401 (k). If you leave your job in the calendar year when you turn 55 or later, you can also begin taking penalty-free withdrawals from the 401 (k) you had with that …

At What Age Can I Withdraw Funds From My 401(k) Plan?

Official Site: https://www.thebalance.com/what-age-can-funds-be-withdrawn-from-401k-2388807

Withdrawing Funds Between Ages 55 and 59 1/2. Most 401 (k) plans allow for penalty-free withdrawals starting at age 55 . You must have left your job no earlier than the year in which you turn age 55 to use this option. You must leave your funds in the 401 (k) plan to access them penalty-free, but there are a few exceptions to this rule.

Withdrawing Funds From 401 After 55 But Before 59. If you are 55 or older and still working for the company managing your retirement savings, you cannot take a penalty-free distribution until you are 59 ½. However, you may still qualify to take a hardship withdrawal if you have a qualified expense.

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