If you withdraw money from your 401(k)accounts before you turn 59.5 years old,you will likely have to pay a 10% early withdrawal penalty.

Question

Quizplus · Accepted Answer

This is true. Withdrawing money from your 401(k) accounts before age 59.5 can result in a 10% penalty in addition to any taxes owed on the amount withdrawn. However, there may be certain exceptions, such as for certain medical expenses or first-time home purchases, where the penalty may be waived.

If You Withdraw Money from Your 401(k)accounts Before You Turn