I was recently let go from my employment after 36 years. I am currently 57 years old and, and am considering withdrawing $100K from my 401K to pay off my home. If I am reading the associated documents correctly, I would not have to pay the 10% penalty if I do this given my age at the time of termination. Can anyone confirm this for me?
Also, I am receiving severance pay and will continue to receive those payment until January 2025. The termination has hit me quite hard, and I am struggling with daily life at the moment. I realize withdrawing this amount of money from my 401k would not be the best financial move, but I think it would give me piece of mind, and the breathing room to decide what I want to do from here.
