In article , "frank says...
I see you are in Oz. Our 401k savings can be held without taxing
interest. You cannot take it out without penalty until you are 70+ and
then withdrawals are taxed as income. We also have retirement cd's with
same rules. There is a required minimum withdrawal each year of about 4+%.



Frank, the age to withdraw without penalty is 59 1/2 if you are talking
about the US 401k.

I started taking mine out at age 65 and there is no penalty.

It may be that you are thinking about the hit on social security.