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Personal Finance and Investing

JenniferJuniper

(4,555 posts)

5. I'm pretty sure the 10% penalty is waived,

Reply to calguy (Reply #3)

Wed Aug 19, 2020, 05:00 PM

Aug 2020

at least temporaily due to Covid.

Also, you can access 401k funds without the penalty the year you turn 55 if the money is left with the fund of the company you left that year or later. It's referred to as the Rule of 55 sometimes. Absent one of these scenarios, the penality is in play until 59 1/2.

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Question regarding 401k [View all] Talitha Aug 2020 OP

They should be getting quarterly statements on the account balance MichMan Aug 2020 #1

Have him customerserviceguy Aug 2020 #2

Any early withdraws results in a penalty calguy Aug 2020 #3

CARES act eliminated that during pandemic Skittles Aug 2020 #4

One has to meet certain Covid - related criteria though progree Aug 2020 #6

I'm pretty sure the 10% penalty is waived, JenniferJuniper Aug 2020 #5

Ok thanks, I'll give him a call and let him know what all of your advice is. Talitha Aug 2020 #7

Good suggestions above, here's my two seas..... A HERETIC I AM Aug 2020 #8

I agree! lastlib Aug 2020 #9

Agreed. A HERETIC I AM Aug 2020 #10

Thanks for the additional advice. Talitha Aug 2020 #11

Employer doesn't provide quarterly 401k statements? Sounds extremely very fishy progree Aug 2020 #12

Thanks for all of the info everyone, it's a lot for him to chew on. Talitha Aug 2020 #13