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Originally Posted by Matt322 Ok im in a place i need money but have no job and don't know what i am doing in trying to get some money to put on a apartment with a friend and i need to know how to do a draw from the 401k for a start to a new life. |
call the administrator of your 401K plan and ask them how to get your money. My 401K is invested in stock so my deal is that I call and tell them to sell off what ever number of shares and disburse the cash to me - they will withhold tax is you are under 65 or 72 or whatever age it is these days and will tell you if there is a penalty for early withdrawal. The shares will sell at whatever the price is when you tell them to do a sell order on the shares.
It;s not a hard thing to do as it is your money but you do have to call to make it happen.
Rate my answer, if you please.