Responses
Yes, the money is not needed for a long time.
Yes, the money is not needed for a long time.
Yes, the money was deducted pre-tax so there is more of it.
Yes, the money was deducted pre-tax so there is more of it.
No, early withdrawal of 401(k) money will incur a penalty.
No, early withdrawal of 401(k) money will incur a penalty.
No, since you will lose all your money earned.
oiuytre
which ONE is correct
dat is all
1 answer
The correct response is:
No, early withdrawal of 401(k) money will incur a penalty.
Withdrawing from a 401(k) before the age of 59½ typically results in a 10% early withdrawal penalty, along with income tax on the amount withdrawn. It's generally not advisable to use 401(k) funds for emergencies unless absolutely necessary.
