This is a really bad idea, even if your employer allows an in-service withdrawal (which is unlikely). Go to a future value calculator. Put in the amount of money you have in your 401(k), the number of years until you turn 65, and an 8% annual return (which is conservative), and see how much that withdrawal will cost you. Find another way.
You'll probably have to do a 401k loan. Most of the time you can't withdraw from a 401k unless you quit your job.
Possible? Yes. You'll just have to quit your job, pay a 10% penalty, and pay your prevailing Income tax rate (based on your TOTAL Income for the year you take the money)...
But undoubtedly that would be a VERY dumb move, because you'll end up with less than half what you have saved and NO JOB...
If you really need the money the taxes aren't so bad. It is possible. I have done it. You are young enough where it doesn't really matter. Once you start making more money you can start it up again. Early in our careers we do not earn a lot of money and therefore cannot save very much. Take it out this time but save more when you are earning more money next time. That is fair! That is what I did.
Maybe. some plans simply do not allow withdrawals if one is still employed; you MUST do a loan.
Normally you pay a 10% penalty and you have to pay taxes on all the money in one go.
It is usually NOT possible. Read the plan provisions for your employer's specific plan.
Yes.
