Fayeneicy
Jul 10, 2008, 05:22 PM
I'm hoping someone can give me some advice regarding my 401K.
I'm considering withdrawing my entire 401K in order to clear up some debt. (Not the wisest decision, I know, but my options are slim).
I've taken a loan out on my 401K twice previously and repayments for the 401K are drawn automatically from my paycheck.
My employer also matches my contributions to the 401K so I'm wondering how this would effect me if I do withdraw my 401K. Can you also tell me how much I would be penalized for withdrawing my 401K?
Any advice would be greatly appreciated!
I'm considering withdrawing my entire 401K in order to clear up some debt. (Not the wisest decision, I know, but my options are slim).
I've taken a loan out on my 401K twice previously and repayments for the 401K are drawn automatically from my paycheck.
My employer also matches my contributions to the 401K so I'm wondering how this would effect me if I do withdraw my 401K. Can you also tell me how much I would be penalized for withdrawing my 401K?
Any advice would be greatly appreciated!