i want to take my 401k money before i retire?

is this possible?..i have 60,000 dollars as my 401K..if i need to take 30,000 out before i retire as i need to pay some bills off..is there any penalty..by the way i am 62 and plan to retire at age 65..thanks

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4. As you are over 59 1/2, there is no penalty, but you will pay ordinary income taxes on the amount that you withdraw (assume at least 25% plus state taxes, if applicable). Also, generally, you can not withdraw your 401k while you still work for the company. Check with your 401k administrator first.