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    Kboo79's Avatar
    Kboo79 Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 28, 2006, 12:28 PM
    401k in two places
    Hi - I currently have 2 401k's roaming about from previous jobs. I don't have one set up with my current employer. I am in a position where I need to get a hold of that money quick, but I'm not sure what my best options are. Any and all help would be greatly appreciated! Thank you!! :confused:
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Jun 28, 2006, 01:09 PM
    I would check with the current employer and see if there is a loan provision on their plan. If there is, then I would request a rollover from one or both of the other plans into the new employer's plan and take a loan against the balance.

    In my opinion, the 10% penalty along with the tax liability makes it too onerous to take a withdrawal of those funds. Taking a loan is painless, since you are just paying yourself back. All the interest goes back into your own 401K.

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