how do i get my money out of my 401k if i still work for the company. times as we all know is hard and i need that money. i was told i would have to be evicted before i could receive my money. i need help fast.

twinkiedooter

You can take money out of your 401K but it is not like a quick bank transaction where you walk into the bank and get your money. There is paperwork to fill out and you could wait as long as a month to get your money. And you will be paying a penalty for withdrawing it prior to retirement but it's your money and you can withdraw it. And you don't have to be evicted before taking it out either. Whoever told you that does not know what they are talking about. Speak to whoever you have to at your company and get your money now before you are evicted!

ebaines

Most 401(k) plans do not allow withdrawals by active employees, unless you are using the funds for a particular "hardship" purpose. The various hardships under which your plan must allow you to withdraw funds are:

1. Un-reimbursed medical expenses for you, your spouse, or dependents.
2. Purchase of an employee's principal residence.
3. Payment of college tuition and related educational fees and expense such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
4. Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
5. Funeral expenses
6. Repair of a primary residence.

If you need funds for other purpses, you may be able to borrow up to half the value of your account. This is probably a better approach than taking a withdrawal, as there are no income tax or early withdrawal penalties involved. Talk to your plan administrator and see if your plan has this option.