That all depends on your plan their plan document. The 59.5 withdraw can include many sources of money (EE only, EE and ER, etc). It's up to your company's plan document. It's best to reference the Summary Plan Description.
No. They can tax it if you withdraw from it, but borrow no.
The MAX amount you can draw is 300k.
If you withdraw from your 401k it might come with a penalty. It might be wise to leave your money in and ride the wave back up when the market rebounds. So is there any way to not be penalized to withdraw from 401k with out a medical reason?
Your 401K account is exempt from creditors when you file BK. So leave the account alone. If you withdraw money and transfer it to another type of account, then the BK trustee can seize that money. Because of that, it is NEVER advisable to withdraw from your 401K when a BK is possible in the future.
Contact Plan Administrator(where account is held) for forms.
No. They can tax it if you withdraw from it, but borrow no.
sorry but no it is almost impossible
The MAX amount you can draw is 300k.
You can, but you will be fined.
If you withdraw from your 401k it might come with a penalty. It might be wise to leave your money in and ride the wave back up when the market rebounds. So is there any way to not be penalized to withdraw from 401k with out a medical reason?
when you withdraw the money, yes.
Your 401K account is exempt from creditors when you file BK. So leave the account alone. If you withdraw money and transfer it to another type of account, then the BK trustee can seize that money. Because of that, it is NEVER advisable to withdraw from your 401K when a BK is possible in the future.
You can generally withdraw from a 401(k) penalty-free starting at age 59½.
No, you do not need to demonstrate a hardship to withdraw from your 401k after reaching 59 and a half years old. At this age, you are generally eligible to make penalty-free withdrawals from your 401k account, subject to any specific rules or restrictions imposed by your plan.
Contact Plan Administrator(where account is held) for forms.
A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.
If you are over 59 1/2 you can withdraw money from your 401k for any reason. If you are under 59 1/2 you can take a loan on the 401k in most cases. Ask your 401k administrator about this. Also, if you were thinking about taking a hardship withdraw to pay off your second mortgage, that isn't allowed. In terms of your house, hardship withdraws are only available to purchase a primary residence or to prevent eviction or foreclosure on your primary residence.