What if you want to get money out of your 401k, but you don't want it to be a loan? Can you do that?
That depends mostly on whether or not you still work at the company. Most 401k plans restrict withdrawals until you are "separated from service," which is a fancy way of saying that you quit or got laid off. Otherwise, you may be able to get something called an in-service withdrawal, but that is plan specific and the options may be limited.
Either way, if you aren't 59 1/2, you'll pay a 10 percent penalty and you'll pay regular income taxes no matter how old you are.
by countrywomen 15 years ago
We were just following the news recently where Jon Stewart accused Jim Kramer (and others in the media) for there part in the 401k losses. Both myself and to a great extent my husband's 401k was lost. Recently when we saw the AIG top executives giving bonuses to themselves from our hard...
by Amelia Griggs 13 years ago
Should you keep 401K from previous employer, or rollover to Roth IRA or other investment?
by mjones96 13 years ago
how do I borrow money out of my 401k?
by xupe49dxb 13 years ago
Can I draw a lump sum payment from my 401k after my last day of employment when I retire?this is an employer profit sharing plan set up for guaranteed income 100% vested.
by Cheryl J. 11 years ago
How can we find the right Mutual Fund for investing our 401K?401K Investment.Mutual FundsSocial Security
by Smittles 13 years ago
I want to cash out my 401k.I want to cash out my 401k to purchase my retirement home. I am still working but want to cash out. I have about 10 years of work left with the same company. The cash out will purchase the retirement home free and clear. Is this do-able?
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