You can take money out of your 401k and the IRS will waive the 10 percent tax penalty on early distribution. (frontporchblog.com)
Be advised that funds in your IRA, like most retirement plans, can not be tapped before the age of 59 1/2 without triggering a 10 percent tax penalty for early withdrawal and ordinary tax income. (plannersearch.org)
More from Personal Finance: 6 retirement withdrawal missteps that could trigger a 50 percent tax penalty Married couples are missing out on this key way to save for retirement This rollover mistake can sink your retirement savings (cnbc.com)