Where Can I Withdraw My 401K?

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   Jim Winkler

   CEO/Owner, Winkler Financial Group, Houston, Texas

   That is a great question! I'd need to know a little more information about why you want to withdraw or close it out, before I'd feel comfortable telling you to do it. There are very large penalties for early withdrawals from your 401k, and if you are counting on a certain amount, unless you are in your 60's, please count on that amount being reduced by about a third, after taxes and penalties. 401k money looks good, but taking it out for something other than its intended use is costly. If you would like to proceed anyway, contact your plan administrator, and they will give you the forms to fill out. I cannot say strongly enough to speak with an advisor before doing this, for any reason other than starting your retirement income. Thank you for asking!

   Answered on June 18, 2014

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