In certain circumstances, the plan administrator must obtain your consent before making a distribution. You can withdraw money from your IRA at any time.The short answer is that yes, you can withdraw money from your 401(k) before age 59 ½. In an effort to encourage savings for retirement, certain penalties are charged against early withdrawals or distributions from a qualified plan. You can take money out before you reach that age. Withdrawals may be subject to early withdrawal charges and taxes where applicable. • Reinstatement provisions are not available. Depending on the type of plan you have, taxes may also be due, further decreasing the benefits.