I’m 68 and want to help my son buy a house. But will taking $100,000 from my 401(k) hit me with a huge tax bill?

Fix My Portfolio

A 68-year-old Florida man wants to be generous with his $1 million savings, but is worried about the taxes

Last Updated: July 11, 2025 at 11:55 a.m. ET
First Published: July 10, 2025 at 10:00 a.m. ET

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Dear Fix My Portfolio, 

I’m 68 and have over $1 million in my pretax 401(k). With Social Security, odd jobs and pensions, my total annual income is around $76,000 per year. I live in Florida, so I have no state income tax. My son is 25 and attempting to buy his first house.