What Are Rules for Withdrawing From a 401k After Age 60?

Owners of 401(k) accounts can make penalty-free withdrawals any time after age 59 1/2, although they must pay income taxes on the distributions unless they roll the money into other retirement accounts within 60 days. Most account owners must start taking minimum distributions by April 1 of the year after they turn 70 1/2, according to the Internal Revenue Service. Some accounts postpone the minimum distribution requirement for current employees, and the requirement begins once they retire.