As a general rule, 401(k) savings are not eligible for withdrawal before the participant turns 59 ½, leaves employment, becomes disabled, or passes away. When funds are available to a participant before age 59 ½, it often comes with a 10% early withdrawal penalty for accessing the funds prior to retirement. 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 ...