Some 401(k) plans allow you to take a withdrawal from your account while employed for any reason, often beginning at age 59 ½. This in-service distribution can be rolled over to an IRA or another qualified plan, or cashed out. Participants may opt to use this distribution type to cover a current need, or diversify the tax and investment options they’re looking to use.
Your Summary Plan Description (SPD) can provide more information on what types of withdrawals your plan allows, and you can see more information about distributions you may be eligible for by selecting your 401(k) account in the withdrawal menu here.
It is important to consult IRS guidelines or a financial professional prior to initiating an in-service distribution.