I’ll be cutting back on my 401K (or maybe eliminate) contributions.
As I see it, our 401K’s will be the likely next target in the coming year(s). What is the penalty of early withdrawal of the entire 401K?
I might as well get something then nothing later on.
I believe it's 10% plus the whole withdrawal is treated as regular taxable income, at your current marginal rate. If your entire withdraw was within the 15% bracket, for example, the total hit would be 25%.