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By age 59.5 (and in some cases, age 55), you will be eligible to begin withdrawing money from your 401(k) without having to pay a penalty tax. Youll simply need to contact your plan administrator or log into your account online and request a withdrawal.
To request a distribution/withdrawal: Log in to your account. Choose Manage investments then Distributions from the menu. On the distributions page, select Request a new distribution. Follow the prompts.
Contact Your Former Employer: Reach out to your previous employers human resources department for details about your retirement account or guidance on locating your funds. Review Old Account Statements: Check past account statements for contact information regarding the institution managing your funds.
When you take a distribution from your 401(k), your retirement plan will send you a Form 1099-R. This tax form shows how much you withdrew overall and the federal and state taxes withheld from the distribution if applicable.
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