How to Calculate Early Withdrawal Penalties on a 401(k) Account (Step-by-Step Guide)

Early withdrawals can shrink your 401(k) savings. See how to calculate the IRS 10% penalty, and learn about exceptions, SECURE 2.0 updates, and penalty‑free alternatives.

I was laid off from a high-paying job and I can’t find another at my age. With over $1M in my 401(k), should I withdraw the funds early?

A 401 (k) is designed for retirement, not short-term emergencies. The baseline rule is this: withdraw money before age 59½, ...
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Here's Why Early 401(k) Withdrawals Are Almost Never Worth It

Early 401(k) withdrawals are those you make under age 59 1/2 without a qualifying reason. You'll pay a 10% early withdrawal penalty on top of ordinary income taxes. Consider early 401(k) withdrawals ...
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What to Do With Your 401(k) When You Retire

Whether you have millions of dollars in your 401(k) or just a few thousand, once you leave your job, you have to make a decision on what to do with that money. For some retirees, it makes sense to ...
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Retirement savings loans: Do the rewards outweigh the risks?

More than one in three U.S. workers have taken loans, early withdrawals, or hardship withdrawals from their retirement savings, according to new data from the Transamerica Institute. Personal finance ...