I want to cash out my 401k.

  1. profile image48
    Smittlesposted 7 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?

  2. theinsurancequeen profile image67
    theinsurancequeenposted 7 years ago

    It's probably going to depend on how old you are.  If your under the age of 59 1/2 then you will have to pay a penalty fee to withdrawal your money out.  Sometimes they will allow you to take out loans against your money too.  I would just call your 401K Company and ask them what your options are.