Knowing starts with understanding the rules of the specific employer-sponsored plan. Fidelity may administer the account, but the employer's 401(k) plan determines which withdrawal, loan, hardship, and distribution options are available. The available choices can also depend on whether the employee is still working for the employer, has left the job, has reached retirement age, or qualifies for a specific exception.
A Fidelity 401(k) withdrawal can provide access to retirement savings when the plan permits it, but taking money out can have tax consequences. A taxable distribution received before age 59½ will generally be subject to ordinary income tax and may also be subject to an additional 10% tax unless an exception applies.
How to Withdraw Money From Fidelity 401(k)
To , first determine whether the account is an active workplace 401(k), a former employer's plan, or another retirement account. The withdrawal choices can be different for each situation.
Generally, the process involves:
A Fidelity 401(k) withdrawal can provide access to retirement savings when the plan permits it, but taking money out can have tax consequences. A taxable distribution received before age 59½ will generally be subject to ordinary income tax and may also be subject to an additional 10% tax unless an exception applies.
How to Withdraw Money From Fidelity 401(k)
To , first determine whether the account is an active workplace 401(k), a former employer's plan, or another retirement account. The withdrawal choices can be different for each situation.
Generally, the process involves:
- Sign in to your Fidelity account.
- Open the workplace retirement or 401(k) account.
- Review the available distribution, withdrawal, or loan options.
- Check the plan's rules and eligibility requirements.
- Select the appropriate withdrawal or distribution option if available.
- Enter the requested amount and payment information.
- Review applicable taxes, withholding, fees, and penalties.
- Submit the request and retain the confirmation for your records.