I read someplace about 59 1/2, is that the earliest one can cash out the Ira’s or 401k’s?
You can cash out before 59 1/2, but you have a 10% penalty.
It’s the earliest age you can pull out without a 10% penalty. There are reasons you can withdraw funds without paying it as well. Google cashing out ira without penalty.
180 days after your 59th birthday.
There is a hardship/disability clause.
I am having some nerve isssues where I am having some problems walking and performing my job and qualify for LTD through my insurance (not SSI). LTD pays 80% of my salary and is not attached to SSI.
According to my CPA, I am 56 and I should be able to get my 401K and IRAs with out penalty, just taxes due.
You can do it earlier, but in addition to the regular taxes owed, you'll get hit with an additional 10% penalty for, uh, premature withdrawal.
Yes you have to be 59 as for me right now I’m 49 so I would have to wait another 10 years. Knowing how the Democrap work I would not be surprised they will confiscate 401Ks before I reach that age. Currently I got laid off a month ago and looking for work, I did get a severance pay but living cost like Rent, Utilities, Car Insurance etc. is eating it up. So my only last resource is my 401K which I have about $8000 and take the penalty and tax.
If I don’t find a job soon I don’t know what happen I would like to start a business but not here in California.