Remember, the money in your 401K represents deferred income, not tax-free income. However, if you want to withdraw from your plan before that age, you will be subject to a 10% excise tax - along with owing income taxes on the money, of course. In short, they allow a worker to save for retirement, having the savings invested while deferring current income taxes on that saved money until later withdrawal. There is a maximum payback period of five years and payment amounts must be equal and evenly spread out (e.g., quarterly). Account owners are required by law to start withdrawing from their accounts by April 1 of the calendar year after turning 70 1/2 (or by April 1 of the calendar year after retiring, whichever comes later). Such reasons include: the employee's death, the employee's total and permanent disability, separation from service in or after the year the employee reached age 55, a qualified domestic relations order, and for deductible medical expenses (exceeding the 7.5%
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