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View Full Version : How to get money from 401k


buch1979
Mar 10, 2012, 04:24 AM
I need to get money out of my 401 k. Also, honest people and businesses that have experience in these kind of areas.

ScottGem
Mar 10, 2012, 04:49 AM
I'm befuddled by your honest people and businesses comment. It really has nothing to do with your question.

If you have money in a 401(k), they you can withdraw it ONLY if your plan permits in-service withdrawals or you have left the company. If you are under age 59 1/2, then there will be penalties for withdrawing. Whatever you withdraw, will be subject to a 10% penalty. In additional what you withdraw will be added to your taxable income for the year.

You might explore taking a loan from the plan if your plan permits. Whatever, you pay on the loan goes right back into your account, so you are, essentially paying yourself interest.

You need to talk to the plan administrator about either a withdrawal or a loan.

Sneh77
May 21, 2012, 12:45 AM
Ok I will try

ScottGem
May 21, 2012, 05:23 AM
Ok i will try

Huh? Are you the original poster under a different name or just in a similar situation?