At 591/2 can I withdraw all of my 401K savings and pay off bills, reinvest etc?
not sure what you mean by 591/2> However, you can usually apply to liquidate your 401k but there are usually restrictions - normally they are hardship releated and you have to prove this hardship. Note that if you do this, your company willhold back taxes and also a 10% penalty for early withdrawal.
A better option is to take out a loan on your 401k which you then pay back to your 401k over time....
by jimmyb627 years ago
i have $125000 in my 401k. i want to withdraw $30000 to get debt free.after paying penelties and taxes how will this effect me on this year income taxes.
by Edward Zhang6 years ago
What are things that I should consider when choosing a savings account?It's about time I should make myself a savings account. What are some factors I should think about when choosing the bank to open my account at?
by Jtdfree5 years ago
The IRA / 401K / 403b scam of course!! Corporate America and politicians in the pocket of Corporate America stole the reasonable, comfortable retirement pensions that many enjoyed and replaced it with "the...
by Special Kay6 years ago
It is better to save money or pay off all your bills?
by luckygyrl10058 years ago
If you get laid off from your job, how do catch up on all of your bills once you find work, and how do you juggle all of the past due bills?
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