This tip from the IRS about retirement plan early withdrawals gives points of what will happen when you do take early money out before 59 1/2:

http://content.govdelivery.com/accounts/USIRS/bulletins/ab9ff0?reqfrom=share

Now remember that rules and exceptions for Qualified Retirement Plans (401Ks, Defined Benefit Plans, 403Bs and Keogh plans) are different from IRAs and SEP IRAs – they have a whole different set of rules and exceptions. Just make sure you know the rules before taking money out before 59 1/2, as the taxes and penalties on early withdrawals can make your head spin (that is why it is set up like this; Congress and the IRS don’t want you to take the money out early!)

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