 But luckily, if you notice the error and promptly correct it, the penalty may drop to as low as 10%. And also, if you're still working after you've turned 73 and you don't own 5% or more of the company that employs you, you're allowed to continue delaying 401k withdrawals from your current company until you officially retire. And a lot of people don't realize that either. But you have to be aware, though, that it doesn't apply to the IRA withdrawals.