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Disabled Rail Worker With 401(k)
(Posted December 4, 2013)
Question 1081: I am 50 years old and do not have 30 years of service but I receive an Occupational Disability Annuity. When can I withdraw money from my 401(k) account? I would like to pay off my home.
Answer: Because of your disability, you can probably draw out your 401(k) without a federal tax penalty before reaching age 59-1/2. You need to contact the human resources department of your former employer so that you can determine the name of the "plan administrator" to whom you would make the request for a distribution.
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