I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?
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1 Answer

Answer :

A lot of the answer depends on your age. If you are younger than 59 1/2 you will have a 10 % penalty on the amount you withdraw from your 401K and the amount will be regarded as income in your income tax return. If you are older than 59 1/2 you can start to make withdrawals from your 401K but there are regulations the IRS has on how much you can withdraw each year depending on your age.
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