Ask Terry Questions 401K withdrawls

401K withdrawls

By Terry Savage on February 03, 2021 | Financial Planning / Retirement

I was looking into a withdrawl on my 401K . I just became aware that the Covid relief that didn’t charge a fee ended 12/31. Do you think another Covid plan will be put in place soon so I can avoid any of these withdrawl fees?

Terry Says

Please don’t withdraw — even if they do allow it without penalty (which is usually 105 under age 59-1/2). You’ll pay taxes on the money — and lose out on all the future tax-deferred growth! And you’ll really need the money when you’re older! Consider this a lucky thing that you didn’t take the money out now!

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